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Bitcoin Analysis - Stay Focused On The Here And Now TradersIt's fun and exciting to get caught up in massive projections and run-ups, but it's impractical as traders . Click the +1 like button if you agree . Let's get back to reality and focus on the here and the now so that we can stay profitable and make consistent gains with our trades. I have been guilty of doing that sort of post when I was first on here, but will work to focus on more quality posts so that I can help you to become better traders and make more consistent profits. Bitcoin has been following a pattern of rejection on the 100MA on the daily chart and currently, we are facing the same resistance level. It is currently following the same exact resistance level and the 100MA is following the down trend resistance. The question is, will we break the 100MA and the downtrend resistance or will we retest the lower support zone one more time? I am partially long from the $6200 range with closed out trades in the $6400-$6450 range and will be hedging short in the $6550-$6600 range due to the potential of a pull back from this rising wedge. One thing to watch for to determine which way our trend will move is the RSI levels. Since August, we haven't seen the RSI break above 65 or below 35 . This is a strong indication of a sideways trend and indecision between buyers and sellers. A break of the 100MA will give us a very comfortable bullish outlook and a potential run to the 200MA around $7000. This outcome is less likely due to the points I mentioned before however. Thanks for reading and hopefully you like the video. Let me know in the comments if you want too see more videos like this.
BITFINEX:BTCUSDShort
by jacobcanfield
6
Bitcoin Bears Backhanded And Why A Second May Be ComingToday Bitcoin exploded higher up over 10% at multiple points throughout the day. As I'm writing this it's off it's highs by a little, currently trading at around 8.31%. With a little room before the next major area of resistance, I think we may see another 4-6% move in BTC before things start to get dicey. Around 7800 we have the confluence of Fibonacci Extension, a long-term downtrend couple with moving average resistance...it's where the rubber meets the road. It's the first time in a while that it look like the bear market may finally be coming to an end, but I think it's a little too early to tell. Using USDTBTC as a great inverse indicator, you can see it too looks like it has 4-6% lower before it finds support. Another crypto market internal I've been using lately is BNB which has been slowly selling off for nearly the entirety of the recent rally in Bitcoin , Ethereum and the rest of the crypto market. There are a lot of good signs popping up for the next bull run, but I'm not ready to dive back in head first just yet
BITMEX:XBTLong
0
by TheCryptosaurusRex
3
BITCOIN - Bearish pennant pattern nearing breakout pointBitcoin has been forming a bearish pennant pattern since early 2018. When looking at the pennant we generally make our bias whatever price was doing going into the start of the pattern. In this case the pennant began shortly after a very strong selloff in bitcoin that saw 50% of it's value disappear. That would make this pennant bearishly biased and we would be watching for opportunities to short, especially on a downside break of this large pennant pattern. If price does break down the nearest major support is 5900-6000 and if that were not to hold the next support range is 4900-5000.
BITFINEX:BTCUSDShort
by krugman87
11