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Another BATTLE as BITCOIN reaches APEX area on 1hr chart...Bulls need to step up soon with some decent volume or we are going to loose this bullish impulse wave and drift down to another $7K retest which would not be good for a bullish retest of upper resistance areas. Lots of liquidation into buying strength as shown by “big” red candles, the “big” green candle could turn out to be a chart oversold indicator DCB (dead cat bounce) which is getting sold into and could be confirmed if we are unable to break higher in the very near future...
BITFINEX:BTCUSDShort
by BigChonis
2
Fell into a burning ring of fire, I Went down down down #gfyThe blue and green lines are based off of regression lines drawn from LLs and LHs. its interesting that they almost perfectly parallel and perpendicular. Purple is my best prediction of whats going to happen. Orange Line is regression line from ATH to today, which runs parallel to the need trend line that emerged after this last local high. I think that red trendline breaks this next go around, everyone everywhere is going to be charting about the impending apocalypse, then capitulation will be like never before. The bear market will then be over. I havent been doing this long, but the shakeouts are obvious. I dont think enough people have been broken, and the MMs want more people rekt. I dont know what metrics theyre using to track this ded plebs (crypto twitter and r/crypto activity would be a good bet), and/or if there is just quantity thresholds they havent reach yet, but they havent gotten what they wanted yet. Bullets: (1) Going to red trendline, will probably hover around for a bit, get a daily close or two under it. Everyone will say "Were safe, bull run, time to break 10k, 11.8k, w/e" (2) Weak DCB up to 8k (3) We go under the redline, shit is gonna get uggggly quick because thats been our "life line" (remember its just an imaginary line, not the Berlin Wall) (4) Capitulation to god knows where ( $3k is too low IMO, but somewhere in the 4-5k range if I had to guess) (5) Start building steam for a new ATH by EOY or beginning of next year
BITFINEX:BTCUSDShort
by CPA4PAY
1
The Bullish SideFirst off, this is only one side of the coin here; there's some bearish signs medium term as well that I don't talk about (possible hidden bearish divergence. Here I'd like to talk about reasons to be at the very least short term bullish. I've drawn two bull flags; the larger, purple, one has an uglier look but for a larger formation it's at least plausible. On the other hand, both it and the blue flag would break up on the same movement so maybe concentrate on that one first. The blue one still isn't perfect, but it's definitely more reliable looking compared to the purple one if smaller. The more convenient thing about these flags is where their normal targets would lay. The band I've drawn is the 7800-8200 region, which has consistently acted as a barrier to price movement more or less ever since the 11.8k double top. The main takeaway from the circles is to show how the price tends to be reluctant to enter these zones, with their edges acting as a resistance/support. In two cases, most notably immediately before the current crash, the price has been stuck in the area between the flag targets (sometimes it has gone right through though). The confluence there though coupled with it being a psychological resistance makes me think the price should be somewhat magnetized there to test how strong those two resistances are, in particular the bottom 7.8k zone, to at least confirm it. 7.8k is also the area of the 38.2% retracement of the 9900 DCB and the 50% retracement of the 9000 bounce: imgur.com and imgur.com It seems like such a significant level that the market should magnetize towards to test before continuing downward. Also pictured is the 4 hr RSI bullish failure swing that preceded this move.
BITFINEX:BTCUSDLong
by adammand
My Last (BTC) Charts Were From The Future. Bitcoin! =DHi friends! Welcome to this analysis of the four hour BTC chart. Let's jump right in. Looking at the chart, we can see that Bitcoin has just confirmed the 50% retrace as overhead resistance, and is now heading lower. If you recall, this is exactly what I said was likely to happen, a few BTC posts ago. We can see that BTC broke below the critical 50% retrace, formed a bear flag, and traded right back up into the resistance level. BTC was able to get above the 50 EMA (in orange,) only to test the heavy resistance level and quickly retreat. So, what is this telling us? It's telling us that the 50% retrace once acted as support, then BTC broke that support, and then later, confirmed it as resistance. Moves like this are continuation patterns. Do you remember my "Dead Cat Bounce" post from a few days ago? I basically told you that this would happen, and that BTC was likely forming a dead cat bounce. Since the DCB is a continuation pattern, we can expect it to continue. That means the pattern should now form a lower low, which would send BTC below the low made on the 17th. Oh look, that's perfectly inline with my bear flag target on the bottom of the chart. Huh. Funny how those things work. Anyway, we can see that the MACD is crossing over bearish, and is back below the zero line, which is a short-term sell signal. All-in-all, the ceiling has been defined, and it's not to far above us. The floor, on the other hand, is much much lower. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone! ***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*** -MPC loves you- -JD-
COINBASE:BTCUSD
by MagicPoopCannon
54