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Bitcoin-btcusd

Would You Like to Get Financial Independence From Trading?Let's make this post for discussion and sharing your ideas, thoughts, and experience if you have, how to get financial independence from trading. Please, be active and take part in the discussion. Several days ago I posted polls in my social media to see, what do you think about financial independence. The main question was: "Would you like to get financial independence from trading?" with two options "YES" and "NO". And I was a little bit surprised by results. One audience replied like this: 87% - YES 13% - NO Another audience replied like this: 84% - YES 16% - NO So, I was surprised by 13% and 16% numbers. From my point of view, financial independence = Freedom. You can do what you want, spend your time as you want and be independent. You want to spend more time with your family - you can do this having financial independence! You want to travel - you can do it! You want to focus on your hobby - why not! Trading in the financial market allows to get financial independence much faster and with fewer efforts if compare it with real business - mainly. I respect all opinions, and if you think that you don't want to get financial independence, I will be very interested in understanding your position. Why don't you need this? Let's discuss it and also let's consider what do you need to do for reaching financial independence from your point of view. Please, share your ideas in comments!
BITSTAMP:BTCUSDEducation
by DLavrov
44
Bitcoin (XBT) Cup & Handle Pattern (Learning)"The Cup with Handle is a bullish continuation pattern that marks a consolidation period followed by a breakout. It was developed by William O'Neil and introduced in his 1988 book, How to Make Money in Stocks." If this pattern breaks to the upside we can expect a move up from Bitcoin (XBT) soon. This is an educational post covering some of the basics. This can be entertaining as well as profitable to learn those patterns. Hit LIKE for more.. And Thanks a lot for the continued support. Namaste.
BITMEX:XBTEducation
by AlanSantana
12
Using Chart Patterns: When is a pattern a 'pattern'?Bitcoin is going to be used as an example today to explore a couple of strategies for using chart patterns. First, let me personally dismiss the idea that a pattern can only be traded once it's complete. A pattern is just that, something that repeats itself in the endlessly fluid price action and nothing more. Any given part of a pattern can be broken down , and in the explanations people draw up for why these patterns exist often convey this as well. Luckily, BTC was kind enough to generate a potential inverse 'Head & Shoulders' , a 'complex' pattern with three distinct phases. The upside down twin of the H&S functions the same way, the market finds a level and staggers, then falls pushes through without much follow up. Then, after a relatively short bit of ranging at the lower level the price curves back to where it came from; ultimately completing when it goes past the highest price in the range of the pattern (typically made when the support is first encountered). Each one of these events is tradeable in itself, regardless of whether or not you're "trading" the iH&S. For example the first phase, when the price finds a barrier of some sort it's a simple support/resistance trade. Given that the H&S is a reversal pattern, simply trading with the trend initially would be profitable. As the trend weakened with Phase 2 of the iH&S, that would be a signal to take profit to some extent. Even if the trader stays in the trade, Phase 3 would take them back to break even range as the reversal began. As well, the Head 'n Shoulders is, in my opinion just an overhyped rounded top or bottom. Price weakens, consolidates/accumulates a little bit, and then gradually turns around and walks back home. Volume is an important aspect of the H&S pattern, essentially forming a divergence as it reaches Phase 3; and then increasing with a breakout. Which is another example of how entries and setups can exist intra-pattern, this could be simplified and traded as a divergence alone when only 2/3rd's of the pattern is complete. A complex pattern like the H&S or the Adam & Eve, or the Cup & Handle is almost like a living thing that 'grows' to completion. However, just like anything in Nature there are underlying routines that create the foundation for more emergent, complex patterns that manifest. As a trader, (much like anything else alive) risk is a necessity for success, and while it may feel safer to wait for a pattern to 'complete', the completion of that complex pattern is the completion of several other patterns that are all just as tradeable as the complex. This however, is where it comes down to strategy and personality; the main point that's being made here is thus: Fuck the boutique pattern bullshit and just trade what you see.
Education
by OhAndArr
BTC manipulation. Big boys game vs Bakkt delays. What's next? Hi everyone, I am looking to Bitcoin from another perspektive. Why this drop happens in this strong months? Why Bakkt delays Bitcoin futures launch? Why is drop start one day before Bakkt info public? Big players play with us and with hodlers, they want to BTC cheap, Institutions buy bitcoin cheap for your futures interest. Is Bitcoin for 3-4000usd cheap enough? I think that this players after 20. November just accumulate Bitcoins, new wallets with big transactions open after drop, this can be last chance catch this price. Wallets: bitinfocharts.com Look at second wallets or another. If you have some idea about this or futures for price BTC or another perspective please leave in comment. Dont forget likes or follow :) Thank you
BITSTAMP:BTCUSDEducation
by crypTouche
Trading Entry and Exit ChecklistsSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Trading Entry and Exit checklists Over the past 18 years of trading, it has been a crucial step in my development to constantly critique myself and my trading strategy. I constantly monitor my performance on a daily, weekly,monthly,quartley and yearly timeframe. Listed below is a small simple example of some of the checklists that i have used in the past prior to entering and exiting a trade. Entry Rules 1. Is the stop loss placed past the strongest support or resistance line? 2. Am i following my trading rules? 3. The risk/reward is acceptable 4. Have i double checked my entry/stop loss and target position? 5. No news announcements that will affect my trade? 6. Bid/ask spread - Is it in normal range for this pair, this session, this time? 7. AM i risking more then my agreed 1%? 8. Correlation - AM i trading against myself with already open trading trades? Exit Rules 1. Has the market behaved as predicted? If so stay on track 2. Has the trade reached the support or resistance line? 3. Has the stop been placed too far away? or to close? 4. Am i exiting to early? 5. If unsure of trade exit immediately? 6. If i was impatient and entered trade exit immediately? 7. Is there an upcoming news event that will affect my trade? 8. Is the trade changing directions? 9. Don't take profits to early!! Are you exiting before your target line? How has yours differed? is it similar?
BITFINEX:BTCUSDEducation
by SMPTrader
Head and ShouldersA Head and Shoulders Pattern is a chart formation that resembles a baseline with three peaks,the outside two are close in height and the middle is highest In TA this pattern it s essential to predict when a bullish trend will be changed to bearish This Head and shoulders pattern appear when: After long term bullish trend the price rises to a peak and after declined to form a trough The price will rise again to form a second high peak and declines again And third time the price rises also but only to the level of the first beak before declining once more The first and third peaks are shoulders and the second peak which is upper(heighest) will form the head,in this case head and shoulders will appear
Education
by CryptoRomaniaTD
2
Stop-Losses, useful, mandatory or just nice to have? - Part 1Hi guys! Last chart I posted my first video chart format and that was new for me. Last week I also held a webinar, and that was also new. The topic was STOP LOSSE, and I explained many things about this subject. I will share some points with you that you can use in your trading. 1. What is a stop loss order and how can I use it? The stop loss order is without a doubt the most important tool in your trading arsenal. It is basically the order you place when you enter a trade to be protected if the market goes against your position. For example if you are long BTC/USD from 6400 then a selling stop loss order can be placed under at 5XXX. Furthermore, if you are short BTC/USD from 6400 then a buying stop order can be placed at 6600. Basically your stop order for a long position is a sell order placed lower than your entry point and a stop order for a short position is a buy order placed higher than your entry point. Until I show you more example of how you should place your stop loss orders in another post please remember that a good practice is to use strategies of money management where you risk at most 5% of your capital if you trade aggressively (and have a really good strategy) or even lower like 1-2% for a more conservative approach. I use conservative approaches most of the time. It keeps my capital safe and I like keeping my money, not losing them in a silly way. This percentage of your trade is what you risk, and this is represented by how much you will lose if your trade gets stopped. That is actually that risk we are talking about when we enter trades. Remember that all trades pose a risk of loss. 2. Should we use stop losses and are they really that important? Short answer YES (please notice the caps). But let me tell you more about this. If you are serious about trading them you must understand that no trader has a 100% reliable trades. In every strategy there will be losses but keep in mind that these losses should be kept under control. This is the purpose of a stop loss to manage how much money you lose and to avoid the situation in which you have no capital left. Because with 0 capital there is a 0% chance to recuperate your money or make any profit. In the end any market will give results if you control your risk and protect your capital. Here are some a few things to keep in mind when using stop losses some GOLDEN RULES if you want: - Do not widen you stop loss ; - Do not move your stop loss (just treat it like an immovable object); - Placing stop order should be done in accordance to a trading plan but a bit more on that latter; 3. So where to place stop losses? There are many variants of placing stop losses depending on your strategy and style of trading. Only you can decide which is the best for you. I will show you one in this chart, and one in another post later on. Here are some rules for placing a stop loss: - there must be a «barrier» between an entry level and a SL level (a support/resistence, an indicator, a historical high/low etc) - SL size have to allow the market to «breath» - Use a buffer to protect yourself from random movements (market noise) Example: Stop Loss Order using swing highs/lows For this type of SL remember: - We can use previous swing highs and lows - Use a buffer to protect yourself from random movements (noise) My next live stream will be October 24. Follow me on here on TradingView to see more details.
BITFINEX:BTCUSDEducation
by DLavrov
12
A conversation about bitcoin and tether What's up my faithful readers, I am back from a few day hiatus. They are infrequent so don't get used to them :) I have a few things I want to talk with you about. As you can see from the chart, on Bitfinex, the price reached around $7,700. It was at a $1,000 premium compared to other exchanges. As this was happened, the price of Tether fell drastically to $ .85 on Kraken. Why is this? Well, Tether fell simply due to people speculating that it is not actually a dollar-backed currency. This is very likely - I would never recommend using an exchange that has tether, but not any fiats. That said, those exchanges exist and so what happens when you are afraid Tether's value will drop but you can't convert to fiat? You convert to Bitcoin. This is why a drop in Tether causes the price of bitcoin to rise. Every time you make a purchase, you are selling something. When you buy a sandwich, you are selling the baker fiat. When you go to work, you sell your time to buy dollars. You are a buyer AND a seller in EVERY transaction you ever make. The same logic that applies to potential insolvency in Tether applies to exchanges. If people fear exchanges are insolvent, they will buy coins and get them the hell off of the exchange, thereby pumping the price. With this said, I want to make a recommendation to you: do not keep more than you are willing to lose on an exchange . If any of you reading this are successful traders wanting to take your game to the next level, I'll make that same recommendation in a different form: lock in some of your profits and keep them safe in storage where YOU control YOUR keys on a regular basis . The last thing I want to say is that I will not be using Bitfinex for charting anymore as it is crazy and does not accurately reflect the market at the moment. I would recommend you use charting from a different data point as well. Hope you learned something. -YoungShkreli
BITFINEX:BTCUSDEducation
by CantorTechnologies
2
Daily crypto hate: the old models have to be updated.Hi :) I love doing those. Crypto is different, "true believers" are right, so we must adapt the wall street cheat sheet to it. Here is how it looks like adapted to crypto. Keep a good eye on this trendline, that dates back to MtGox: It will be at 6000-7000$ by the end of the year, so sooner or later we will have to test it. Bitcoin cannot stay stuck in complacency in the same area forever. I got the idea for this post in wallstreetbets discord, with this picture someone posted: cdn.discordapp.com This is it for today's dose of "hate" towards crypto.
BITFINEX:BTCUSDEducation
by MrRenev
9
Bitcoin's engineered liquidity and removal of weak handsGood morning, traders. Hope y'all stayed safe during the move yesterday. There's a lot going on in this chart, but I wanted everyone to be aware of how we are watching price action play out. As I discussed in yesterday's chart, and then expounded upon during the morning's live stream, there would be an attempt to push through the descending resistance line toward the horizontal channel's high but if that failed (if there wasn't any real follow through on the retail traders' side after C.O. started pushing price) then we would see C.O. put in a large sell order and remove their support to put a spring into action. This would test the available supply. A drop down on low volume would suggest that the market is ready to move up. However, a drop down on high volume would suggest the need for more accumulation. We saw relatively high volume on that drop, so the expectation is to see more accumulation before another move up now and that's what appears to be happening at this time on a much smaller scale. Price's current position lines up with the bottom of the ascending yellow channel. If this holds and price continues higher, then we can expect a conservative target of the upper grey box at around $8900, though we could potentially see price reaching the top of the channel a few hundred dollars higher. As always, price does not have to remain within the channel. A strong bullish push often sees an extension beyond the top of the channel. We can see price has printed a descending channel as denoted by the green lines with a descending broadening wedge inside of it denoted by the dashed red lines, and is being supported at the bottom of the previously drawn orange box within our grey box. This is creating a potential Swing Failure Point (similar to the Wyckoff Spring) within the smaller descending broadening wedge denoted by the black lines. A successful SFP will see price closing above that swing low (which it has done twice now). This should see price then pushing upward once it pushes through the top of the orange box. The red box (order block) above price is resistance, but a successful breach of the top of that box should see price rising back toward $8300. The only caveat is the mitigation block in green. Failure of price to breach the top of this block will see it dropping toward the next block at $7400/$7500. HTF is bullish, so the expectation is for price to continue higher rather than lower right now. But even if we see that drop toward the next block below, the expectation remains that we will head higher as it is another strong area and each of these blocks are full of long orders that didn't get filled the last time around just waiting to go long, so they are sucking up all of the orders that drop into them. Our final block becomes the $6800 area. Ultimately, failure of that area to hold is not good news for the bulls and we should expect to see price fall further at that point. In terms of accumulation, the recent large white candle could be seen as a spring. That means we could see price potentially drop back down toward the dashed line around $7850/60 to test the spring's result before getting serious about moving upward. That successful test of the spring should then see price pushing up toward that red box at the top of the accumulation zone. This would potentially create an IHS which is a good indicator of completed accumulation especially as all this is happening in a support zone. The target on that IHS would be the top of the green mitigation box. At that point, a successful push through it indicates that demand is outpacing supply and price will rise higher. RSI looks great on most times frames as it is near/at oversold and printing potential bullish divergence.
BITFINEX:BTCUSDEducation
by Chris_Inks
8
Tron (TRX) Prepares floor (Bottom?!)Tron (TRX) is preparing to form its bottom. - We have gone oversold on RSI daily timeframe. - And we have many EARLY signals of a coming bottom. I will keep track here and update as necessary if this trade idea receives enough attention. This is a friendly reminder so that you can keep and eye, opportunity to buy available. Note: This is for your learning and entertainment. This is not a trade. Thanks a lot for reading. Appreciate your support. Namaste.
Education
by AlanSantana
25
Bitcoin: 3 Ways To Spot Resistance (4 Beginners)Let me show you a quick way to find resistance levels, which are also known as targets when you are looking to sell for profits when trading a coin. Above you have the Bitcoin chart with 1 candle per 24 hours; Daily time frame. Bitcoin price is likely to stop at the next resistance point. Note the word "likely", because there is always the chance of the price going higher and breaking more than one resistance. This is of course an example based on an up move. Let's get to it: 1) Indicator TD Sequential: My indicator is telling me that there is resistance at the $7958 price. 2) EMA indicator: EMA200 shows resistance at $7862. 3) Fibonacci Tool: Based on the April bull move, Fib numbers show resistance at $7901. If you go by what these indicators are telling you, you could easily say that Bitcoin will face resistance in the $7850 - $8000 range. There are many more ways to find resistance points and also tools that can be used for this same purpose, but these are very easy to work with and can help you become better at making the right choices when trading. The same tools can be used to find support levels. Once you have resistance and support levels, it becomes a lot easier to trade or try and figure out what might come next. I hope you enjoy this post... My deepest love and gratitude to you... Namaste.
BITFINEX:BTCUSDEducation
by AlanSantana
74
Can Bitcoin really target $8400/$8500+ from here?Good Friday morning, traders. We made it through the week and now, with the weekend upon us, absolutely anything is possible in this market. At this point, we still have the $7900 target from the IHS and price continues to hover around $7400/$7500. The TFs don't get overbought until the 4H, which means that there's room for price to break and run a bit. Speaking of the 4H, it has remained overbought for four days now. We know a pullback is needed, the question is when will we see it? Price continues to sit just under the daily cloud and appears to be printing a bullish pennant. During last night's TA video, I discussed the possibility of price making a very large move up from this area based on the height of the flagpole leading up to that pennant. If it starts around $6200, then that sets up a target of around $8900/$9000. I just don't see price having that much juice behind it at the moment after the previous movement up. However, if the overhead supply zone fails to contain price, then as I have continued to mention, there are a ton of shorts that would likely rush to cover as that zone is significant and its breach should see price ultimately targeting $10K+. This would also put price above the large descending wedge's resistance line as well as the daily cloud (the latter not having been seen since January 2018). So, a narrative could be carved that would support such a move. If, instead, we just take the flagpole from the previous start of the most recent large movement up which is the $6700/$6800 area, then price should target $8400/$8500. This is the area where I have previously said I could see price reaching during Wave 5 because it lines up pretty well with the daily pivot from two periods ago which sits at $8470. Personally, I prefer this movement as it allows price to then correct back toward the supply zone it pushed through to get there, which should become a demand zone, as well as the top of the daily cloud and the descending resistance line which should become support. In other words, that move would turn the current area of confluence of resistance into a confluence of support. It would also better fit what should be happening in terms of a Wyckoff accumulation period as I outlined a while ago. The final possibility on a move up lies in the pennant, itself. If the pattern is nothing more than a symmetrical triangle (due to the fact that it doesn't actually start with the flagpole), then price should be targeting the height of the triangle upon breakout. In this case, that should see price only targeting the $7800/$7900 area which would complete the subwave 5 of the Wave 3 as I outlined the other day. Failure of price to breach the recent high of $7600 on July 18th should result in a retracement (Wave 4), possibly as far as the $7100 area. This of course would be a positive step as price recoups and prepares for that aforementioned push through the strong confluence of resistance. The longer this drags out at the current level, however, the less inclined I am to believe we will have that particular retracement prior to the push through. Alts have continued to slowly bleed while BTC dominance has increased during this time as well. This often portends a legitimate bull run. I have been mentioning for a few months now that I wanted to see BTC dominance breach 46% as doing so would give us a higher low and higher high since January 2018 which would denote a bullish trend in that dominance. Currently, it is sitting at 45.2%.
BITFINEX:BTCUSDEducation
by Chris_Inks
6
Bitcoin continues to appear very bullish but...Good morning, traders. Yesterday proved to be very profitable for Bitcoin bulls, but what should we expect now? It seems that we still have some energy left in the bullish momentum as price hovers around $7400-$7500. Ultimately, we expect to see a retracement after that big move yesterday. The previous supply zone between $6750 and $6900 should contain extensive downward movement. If it fails to hold then we could likely be headed toward $6000. Prior to completing that retracement, however, we may see price make one more attempt higher. Currently, we can see that price is printing a symmetrical triangle on the 1H chart. If price breaches resistance, then we expect it to target the $7700 area before finally beginning the retracement toward the expected target area of $7150-$7250. As mentioned above, if we see retracement beyond that area then, as long as that previous supply zone (lower large green box) holds, we should be fine. That retracement should complete wave 4 and set the wheels in motion for wave 5 which should see price targeting the top of the upper large green box, between $7720 and $7930, and then the 2.618 extension at $8553.50. Just like the previous supply zone, a breach of this level will likely see large moves up as the market FOMOs in. Additionally, breaching this level sets all shorts in the past month-and-a-half, or so, into negative territory which will result in liquidations and covering, and it will likely see price breaching the resistance of the large descending wedge price has been in since February thereby providing even more buyers via FOMO. The daily chart continues to look absolutely amazing at this time and we can see price finding resistance at the R3 pivot which is also the bottom of the daily cloud. However, just because this appears very bullish doesn't mean traders can begin operating emotionally again. Emotion, whether depressive or euphoric, will always end up destroying your capital. Rule #1 is to always protect your capital and Rule #2 is, then, to grow your capital. We can see that the Kijun line is currently sitting on the $7200 level which should help support price on a retracement. Volume and spread has continued to rise overall which is another sign of bullish momentum as it shows us that volume is in agreement with price. Daily RSI is at 67.6 while most lower TF RSIs still remain in overbought territory.
BITFINEX:BTCUSDEducation
by Chris_Inks
8
Bitcoin's bullishness and a needed retracementGood morning, traders. As discussed on last night's live stream, Bitcoin is starting to show some retracement which it needs in order to continue further appreciation. The more controlled the retracement, the more bullish it is. Remember, even though we've had some great bullishness recently, it could potentially be a corrective sequence before a continued bearish movement. Even though I don't believe that is the case at this time, we don't trade on opinions, but instead trade on the charts. So risk management remains key. The thick fib lines are from the entire bullish movement's low at $5755 to its high at $6839.40. The thin fib lines are from the recent movement's low at $6079.30 to its high at $6770.30. On the 6H chart, we can see that RSI remains overbought and the current support is at the R1 area from two periods ago. OBV continues to print higher highs and lows in agreement with price. This is an indication of a trend. As a matter of fact, OBV has not been this high since June 14th. Last night I said that I would like to see Bitcoin retrace to the dashed line at $6450, but I wasn't sure if it would make it that far. That would put it right around the 50% retracement of the entire bullish movement. My expectation is that we may only see Bitcoin retrace as far as the dotted horizontal line/yellow box at the $6622.40-$6575 level thereby giving it a shallow retracement. When considering this, we can see that Bitcoin had a large, sharp retracement for wave 2 (beyond 78.6%). As such, as long as this wave 4 takes a bit longer to complete, then we may be able to get away with such a short retracement. What we need is for RSI to reset enough so that price can continue pushing once it meets any resistance. My concern is the large green box right above price. This supply zone should give way to price momentum with the next push up, but we need to make sure that Bitcoin has enough pressure behind it while attempting to push through, hence the RSI reset via retracement. Once through the zone, I believe we will see price target $7134.40-$7200. This puts it at a good extension and the next resistance area. The current R2 pivot is at $7155 so that may keep price from reaching the full 1.618. Once this general area is hit, it should lead to a retracement back toward the large green box just breached before further appreciation. What we don't want to see during any of this is a daily close below the lower large green box at $6320. If that happens, I believe we will be headed back down. Traders shouldn't be getting anxious that price isn't moving fast enough for them. That's an emotional response and will cause more pain than profit in the long run. The fact that Bitcoin hasn't just dropped, so far, during this retracement is a good sign. Traders who are feeling anxious likely have too much money in the market. Emotional responses, negative or positive, are dangerous in the market because they often result in a trader's lack of follow through with their trading plan.
BITFINEX:BTCUSDEducation
by Chris_Inks
11
I said I wouldn't want to be short after the shakeout Friday...Good Monday morning, traders. Last Friday I warned, after the shakeout, that I wouldn't want to be short as it appeared the larger interests were filling longs. Fast forward to today and here we stand this morning at about $300, on average, higher than that shakeout. So what does this mean for our current situation? Are we going up or down? After this morning's move, most RSIs below the 12H are topped out having either went well into oversold or at least hit it. It also appears we are transitioning from lower lows and highs to higher lows and highs which would insinuate a trend reversal. In terms of the IHS that everyone is watching, we do see expanding volume as the right shoulder is being completed. A close above $6900 would set retail FOMO into motion. This is what I am expecting to see happen. I do believe we are bullish at this time. That doesn't mean we will definitely set an ATH from this point, just that we should expect more upward momentum rather than downward for now. We can see that price hit resistance at the 78.6 retracement of the move up from $5780-$6839.40. As I mentioned last week during our live streams, a break to the upside of the DBW should find resistance at the top of the wedge, and if price pushed through that then we would see a push to the previous period's pivot. The waiting supply zone is noted between $6750 and $6900. It's been hit multiple times already which I stated would likely see it not withstand another attempt at it. At this time, OBV is also preparing for a push through its immediate resistance on the 1H. A push through would set up price's push through the aforementioned SZ. Although the chart does appear bullish at this time, a failure to continue this bullish momentum would likely result in a retest of the corrective cycle's low. Price needs to close above $6900 to fuel the movement with further momentum. The last time the 1H RSI was this high was during the April 12th short squeeze. Retracement is needed, but current bullishness could see price attempting to head higher before any meaningful retracement happens. If we do see retracement, then we want to make sure that $6400 holds. As long as it does, we should expect to see price ready itself for a push through the SZ. A close above this SZ should have price targeting $7800-$7900. Don't forget, you can always click on the "share" button at the lower right under the chart and then click on "Make it Mine" to bring up the live chart so that you can explore it as you would like to.
BITFINEX:BTCUSDEducation
by Chris_Inks
10
Potential do or die for Bitcoin at 61.8.Good morning, traders. The week is winding down but Bitcoin appears to be heating up. Overnight we saw price dip down to around $6128 on Bitfinex. As mentioned in the live streams, this has been a possibility and it took price to the 61.8% fib area which is perfect for getting the most bang for your buck out of a retracement. Taking a look at the 1H chart, we can see that volume picked up as price neared the apex of the consolidation within the trading range (TR). As mentioned during the live stream, this current area of price movement is very risky with little reward and if I were to trade it then I would've waited for a breach of the top or bottom of that TR before going long or short. The latter would've had me watching for price to reach the 61.8% retracement level. Remember, there are no guarantees in trading but as long as the blue box holds up, we are good to go for continued price appreciation. As we can see on this chart, there is clear bullish divergence between MACD's negative histogram and price, and this is also noticeable in RSI's general movement. The latter has seen continual overall higher lows since June 22nd, which was prior to price actually reversing, and is usually a good indicator of that price reversal. OBV is also bouncing from its own support area. Price is printing a bull flag at the moment which has us expecting a breach of its resistance and some upward momentum. The same areas we have been watching for support and resistance remain relevant at this time and are highlighted in the chart. The 1D chart gives us a better look at the overall price action. Possible price movement is shown with the wave count. I noticed that this potential Wave 2 appears to be composed of 5 waves. If so, and it isn't a complex correction as would need to be verified by detailed analysis at much smaller time frames, then it would be just the A wave of a possible ABC correction. This means we should only expect limited upward movement in order to complete Wave B and then one more trip down to complete Wave C before, finally, continuing up with Wave 3. Of course, two more possible ideas are that 1) this last set of 5 waves up could've been the C wave of a bearish correction and this movement down could be the start of another series of waves lower or 2) this movement down is the B wave of that correction with one more move up for the C wave before another series of waves lower. These are always the kinds of possibilities that occur at potential reversal areas, however, which is what makes them risky to trade and results in most traders losing money. The IHS is still in play at this time, though I believe there are other things more important to consider as we watch price action.
BITFINEX:BTCUSDEducation
by Chris_Inks
2
Calls for a failed Bitcoin rally are increasing. (1H and 1D)Good Wednesday morning, traders. Bitcoin has managed to hold support at the S1 overnight, as I mentioned yesterday it was likely to do, and appears to be attempting to push higher. A bounce from this level has the potential to be quite bullish with everyone calling for a failed rally already, but it hasn't failed...yet...which means it bears (no pun intended) paying attention to. Considering the strong drop but continued support in the red box, it may turn out that the move was a bear trap orchestrated to fill longs before a push upward. At this point, price has exited the bull flag and we are now watching for it to move through the yellow boxes on the 1H chart. Traders should remain aware that rejection is likeliest to happen at either box, however a push above the blue pivot line should set up a move beyond $7000. The red box has become the most important to watch at this time which means a breach of $6450 has a good chance of giving price the boost it needs to move beyond the pivot. RSI is currently testing resistance while MACD and OBV are curled upward. A break below the recent swing low of $6260.10 should set up a move toward the 61.8 retracement at $6169.20. I'd like to see a stronger move up on the 1D prior to the close, so I will be watching that as well. Currently, the daily is sitting on support and setting up as a pause/potential reversal. After the large move yesterday the expectation should be for at least a temporary reprieve and move up. The key, as mentioned above, is how high price moves in doing so. Either way, trading right now is extremely risky and the reward is very little in comparison to that risk. Traders should always be patient and wait for good entries, rather than attempt to force trades just because they're out of the market and their trigger finger is itchy.
BITFINEX:BTCUSDEducation
by Chris_Inks
Patience is a virtue - wait for the market to moveWe can easily see that Bitcoin is consolidating. The 3 red zones are all potential reversal zones for the next movement up. If one breaks, we move onto the next one. Anybody going for longs can long a percentage at each red zone. Another method is the inside bar trade .. looking at the daily chart we can see that if we break 6700 we can see further upwards movement. Therefore, longs can be triggered at 6720 with targets of 6.9k-7.1k. Anybody wanting to short the market can wait for us to break 6420 and then you can short to the next red zone. This is how you trade Bitcoin. Ignore all of the nonsense/noise that is being spread. What happened last time we were at this price range? We got a bear trap and then we shot up from 6.7-8.1k in a day. I'm expecting something of the same sort to happen now. This is not a market to go short in until we break 5.8k with conviction. Otherwise I will only be setting up long trades. Use two leverage trading accounts, one to short on day trades and one to build a long position on.
COINBASE:BTCUSDEducation
by Wowmuhcharts
1
Daily pivot cleared as a bullish indicatorGood morning, traders. I hope you had a relaxing weekend. Apparently Bitcoin has no chill which has traders quite confused, but we've actually received a lot of information over the past few days if we've been paying attention. Bitcoin closed the July 7th daily candle above the daily pivot. A breach of the pivot from below, and subsequent close above, is considered bullish. In breaching that pivot, price also broke out of the diamond pattern, which means we should expect it to target the extended ascending red line which served as the pattern's resistance. Yesterday's candle is known as an inside bar which should just be a pause for consolidation before resuming further upward movement. Today's candle is also currently representing a pause as it stands. At this point, it appears that we could potentially see a retest of the pivot at $6640, but ultimately we should see price rising toward R1 at $7530 before we get a correction. A close above above the mother bar's high of $6839.40 sets up this further price appreciation. However, a close below the mother bar's low at $6511 signals a test of the $6300 area at least. Volume has been dropping, but a breach of that mother bar's high should result in increased volume. If price manages to hit R1 before correcting, then we will most likely see price retracing to the pivot before bouncing higher and targeting the descending wedge's resistance line around $8100-$8200, depending how long it takes price to get there. Finally, we can see that price is consolidating right on/below the resistance line of a descending broadening wedge, suggesting further price appreciation. The weekly close, yesterday, looked great, however we need to see this week's candle close above $6899. Failure to do so may be a precursor to a retest of recent lows. We really need to see a weekly close above $7779. This doesn't mean it has to be this week or next week's candle, just that price needs to follow through from its current position. The sooner we get there the greater the FOMO though.
BITFINEX:BTCUSDEducation
by Chris_Inks
1