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Bitcoin ( BTC ) KEY Support Level : 8215 Bitcoin ( BTC ) has a key support area at 8215. This Fib is started all the way from ATH's down to when we reached 3k. If you are short on a swing trade, you don't have anything to worry about. If you are scalping, I would recommend selling your stack here, to prevent losing any off of a potential bounce. Just to add on to reassure bears though, we have dipped below the 200 EMA on the daily, and of course we still had rejection on the 200 MA. Things are still looking great for the gains!!! Happy Trading!
BYBIT:BTCUSD.PShort
by w0tisl1fe
Bitcoin - Seizing a BreakoutThe healthy retrace in Crypto markets clearly over. Crypto buyers leaping forward, this time rather than with that distinctive youthful arrogance and energetic flow we have a far more gentle and modest approach. To avoid any room for misunderstanding, we absolutely must dig deeper into the importance of flanking . In this position, note how sellers would be loading to their positions in disaster territory while smart money notices that they get caught out of position in rough terrain: Once buyers stepped in (we are with smart money flanking price out from the lows), this leaves total control over the channel in play. Our opponents (in this case sellers) should never have given us the chance to seize the momentum, thus with a decisive breakout over the Christmas Holidays I began " Marching Troops to the Border " ... The theory of our opposition is totally caught off balance with just a simple technical break; previous sellers fighting for role as leader of the channel flows by using offers into resistance areas are forced into covering. Notice how the advance has taken place from a position where sellers have not been able to mount strong barriers. The bear is condemned to die for the common good. Well done all those riding the pig, a very clean and straight forward swing so far. The entries are going to start becoming more complex as we advance into no-mans land. Another example of the break would be as follows in LTC: Secondly (EOS): We shall wrap this up on the demonstrated accumulation and breakout strategy. Good luck all those in Longs across the main Cryptos. Thanks as usual for keeping the support coming with likes, comments and etc.
BITMEX:BTCUSD.PLong
by ridethepig
1
Clean $btc break out, target $23kThe path of bitcoin is almost to clean to be accurate. From the $3.3k it moved up in 5 waves and then retraced to just beyond 61.8%. Now it has broken out of the retracement channel and it seems to have started with it’s next momentum wave which will be even wilder than the move from $3.3k to $14k. My first target for this move is around $23k (1.618 multiple of the first 5 waves up momentum move). Yet, this can also be a wave within an continous retracement (wave b). So still apply risk management: - stoploss if the price returns into the declining channel. - position sizing, btc position max 2% of trading account. Result: Trading without sleepless nights.
COINBASE:BTCUSDLong
by Ralphho
Identifying The Enviroment With Weekly RSI ZonesWhile looking at your weekly chart, we can find a pattern to work with. Our YELLOW zone is what i like to just call the "Bull Market Zone". While in the bull market zone we can easily see that RSI is constantly oversold and stay right above the fifty-eight (58) on the RSI. Next, we come to find our "Sell-Off Zone" which is the PURPLE area. This typically falls into fifty-eight (58) and all the way down to thirty-six (36). While in this stage, we begin to enter the confirmed bear market, which is right about when we pass down through the Two Hundred (200) MA. The last zone to highlight is the "Mass Capitulation Zone", which is the RED area. In this instance, we are selling off extremely hard, as hodlers are not ready to let their Bitcoin drop to such a low point. This area can be found with thirty-six (36) through twenty-one (21). In the mass capitulation zone... BUY!!!!
COINBASE:BTCUSD
by w0tisl1fe
BITCOIN: KEEPING IT SIMPLEThe channel displayed above is one of the most pre-historic channels in Bitcoin's history. It's first intersection was back in Nov, of 2011 with a second touch in Aug, 2015 which conceived the channel. IF someone would have used this channel back in the 2017 rally, they would have been able to successfully call the top of 20k. For almost a decade now, this channel has served as major support and resistance. The midpoint has time and time again served as a major level. Just recently, the midpoint served as major resistance level during the 2019 rally. Successfully stopping Bitcoin in its path. That being said, every cryptocurrency trader should have this channel saved somewhere. Over the last near decade it has proven to be valuable time and time again. As for my current prediction on market, I believe BTC will likely range sideways towards channel support while staying in the long term pennant. Once Bitcoin either hits and shows support or breaks the major downward trendline, we may once again continue up to new highs.
BITSTAMP:BTCUSDLong
by oh92
16
ridethepig | BTC Destroying The DefenceA quick update here to dissect the possible motives behind the exchange and cast some light over the possible technical targets in the sequence. In order to dig deeper into the pursuit of position exchange, we shall in what follows highlight the occupation of zones for strategical importance and the apparent desire to exchange sides will fall into our lap like a ripe fruit. The simplest example would be as in the following diagram - The Waiting Game: Bears wish to occupy the zone, in order to deliver a breakdown on the lows; but as they tried the move from an overextended and crowded position, buyers had time to prevent them doing so. The correct move in the lows was always to get long, leaving sellers no time to protect against the squeeze, because he will have to overcome the psychological feeling of retreat and recapture. In the latest chart indicated via " Marching Troops Towards The Border " you will see the exchange: We also now destroy the sellers because we recognise the importance of geopolitical risk entering back into the room. In the simplest case it is a technical defence of material value; every defender can be seen handsomely rewarded. From the Bakkt lows, we have come to recognise various resistance above preventing the momentum; these following levels will aid to an impulsive leg and trigger a breakout etc: 7500 => 8400 => 13600 . It is worth striving to destroy these levels in any case, but the concept of "risk" via US-Iran goes much further. You can also defend a hedge against governments (e.g People vs Establishment narrative) or defend yourself against risk-off flows on the approach. See attached Gold and JPY ideas for "Protection" the plays as follows: Gold: JPY: Because of the current themes, the macro protects and secures a wide stretch of the flows and territory. Your urge to destroy the resistance above in BTC should extend with Geo-political risk, in the narrower or broader sense. Eyes on the momentum breakout coming in 2020. Good luck all those buying dips in BTC.
BITMEX:BTCUSD.PLong
by ridethepig
2
Bitcoin CME Positional PlayBTC once again in the headlights with CME options launching 🚦. Has the Santa rally got more room to run, or is real money already comfortably positioned and happy to stand aside? The recent rally flushed a lot of late sellers out and I would be surprised to see the illiquid move lower seen in 2019 completely reinstated. Internal data here shows that clients have picked up an appetite for BTC. With risk markets on the front foot I would be surprised to see BTC not benefit more from CME opening, so there is no need to panic here. The bias is still to keep long while above 7500, while adding on dips. Medium term the 8500 level is key to unlock 13600. This diagram illustrates the strategy of a central breakout against a retrace defence: Bulls now have the attacking position in the crosshairs. That is a definitive advantage, but here the weakness of bears (we shall soon see why offers are "weak") will soon lead to the surrender of the channel i.e Buyers are obliged to equalise by playing the breakout. To comfortably lean on the Long-term Macro flows. Since the breakout of 6,213 is necessary for bulls, an exchange was the only way to prove the defence against sellers ... You should memorise this motive of forcing an opponent to make up its mind, we will dig deeper into this motive with the next few charts. With this move and the next one a "impulsive" wave is introduced, which should be considered siding with considering the spirit of the yearly opening. Correct play consisted of buying breaks of resistance and the doubling of sizes on the next channel break, exploiting at the same time the somewhat uncomfortable position of sellers in the retrace. Because of the current themes, the macro protects and secures a wide stretch of the flows and territory. Your urge to destroy the resistance above in BTC should extend with CME and Geo-political risk, in the narrower or broader sense. Eyes on the momentum breakout coming in 2020. Good luck all those buying dips in BTC and as usual thanks for all your support with likes, comments, questions, charts and etc.
BITMEX:BTCUSD.PLong
by ridethepig
ridethepig | BTC Market Commentary 2020.01.10It is important now for us to take a retrospective view here on the lows that we have been discussing. After the early stages in the swing, as you shall soon see, my dear reader, it is frequently very difficult to chase breakouts as they force into action. In our sense, you can see our opponents (bears in this case) are fleeing, so we should inflict double the sizings. After the moves: Bulls are fully aware of the dynamic in the structure and where weakness becomes complex (below 6213). So the play was to let bears hang themselves as much as possible on the $7,000 handle or at worst a test inside $6,000. Look at the sharp spike back out, we traded it live here, it was smart money pinging the price; it fits with the circumstances brought about by the long-term wave configuration. Good luck all those tracking the breakout and as usual thanks for keeping the support coming with likes and comments. Jump into the comments with your charts and we can open the conversation for all.
BITMEX:BTCUSD.PLong
by ridethepig
Bottom confirmed but not a bull market yet!BTC finally broke out of the descending triangle it was stuck in for the last 6 months. The recent price movement also broke the 200 EMA which is a good sign that we might have finally hit the bottom on 18. December at € 5.8k. Still that doesn't mean that we are in a bull market yet. The incoming retrace will confirm or disprove a bull market. If we can find support at a higher low than recent lows (say € 7k) this would be a strong sign that we're entering a bull market. If we fail to hold 7k I would expect a rather long sideways move or even a continued bear market for at least another month or two.
Short
by substance90
ridethepig | BTC Market Commentary 2019.12.20BTC volumes are impressive and longs starting to follow through notably more aggressive ahead of CME. Even if the Global reflation theme materialises next year, as many are outguessing, while this artificial USD devaluation would help support growth in the short-term, the erosion of confidence in the establishment and monetary system will have significant consequences. When markets realise the Fed has been funding the Whitehouse BTC will effectively become a hedge against governments. Look to buy on dips towards 7100, while a break of 7500 would trigger momentum and further encourage the view. Overall, I see the case for meaningful BTC strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance. Thanks all for keeping the support coming with likes, comments, questions, charts and etc. As usual jump into the comments with your ideas and views to open the discussion for all!
BITMEX:BTCUSD.PLong
by ridethepig
7