GlenGoodman

GlenGoodman

BTC plunged and took nearly every other crypto down with it. At this time, it has recovered some of those losses, but it has formed a clear Head & Shoulders pattern, which is potentially bearish....but there is good news.... The good news is that Bitcoin remains in the bullish trend that began in March. Only a fall below about $9000 would cancel that upward...

GlenGoodman

Polkadot (DOT) is the so-called 'Ethereum Killer' invented by Ethereum's brilliant former CTO. Since listing on Binance, the price has soared. It is now consolidating in a tight symmetrical triangle. This situation has a BULLISH bias. BUT remember symmetrical triangles are not reliable breakout patterns. They have a tendency to morph into new, larger patterns,...

GlenGoodman

ETH has been taking a month-long rest in its bull run. A head-and-shoulders pattern ended in a rejection at the support line, and a breakout at the level of the second shoulder. This is textbook stuff. Bullish.

GlenGoodman Updated 

BTC has repeatedly tested its support line in recent weeks. If it finally breaks down, there is minor support at the horizontal line below and major support at the dashed line that marks the breakout from the two-year downward trend. The problem for anyone (such as me) who bought near that major support line is that a hard retest of the line could actually take...

GlenGoodman

After rising more than 6x in a month, and then falling back, many traders think OXT is done. But all good trend followers know this could be the beginning. OXT tried to take out the all-time-high but failed. If it makes another attempt, and succeeds, there will be nothing but clear blue sky above the price, and that means no more unpleasant selling pressure from...

GlenGoodman Updated 

Wondering why BTC is rising today? Simple, it's following stocks upwards. Bitcoin has been tracking the movements of the S&P 500 since the crash in February. In recent weeks, they have moved even closer together. But now a divergence has opened up, as stocks climb higher, and Bitcoin is starting to catch up. Remember, this doesn't mean Bitcoin will continue to...

GlenGoodman Updated 

If you want to know where Bitcoin's heading next, you should watch the stock market. Bitcoin and the S&P 500 have been moving together since the crash began in late February. The correlation is not perfect, but it's pretty strong, and it still shows no sign of going away. Today, both markets have been falling heavily, moving in lockstep once again. If you believe...

GlenGoodman Updated 

Bitcoin's crash is more than just a short or medium-term problem. The price has smashed down through the long-term growth curve we've been following since 2012. This is a major bear market signal, and the only thing that can salvage it now is a massive rally by the end of the day, which would turn it into a mere 'worrying spike'. The technical bull case is gone...

GlenGoodman

Iran had little or no effect on the Bitcoin price, which was already in a strong uptrend when the missiles hit. I'm long Bitcoin but I bought the breakout at 7523, two days ago. People like to pretend Bitcoin is the new 'safe haven asset - like gold - that people run to during scary political events. Hopefully one day it will be, but we're not there yet. As you...

GlenGoodman Updated 

Total Market Cap of all Cryptos is at a key point. This could be a great opportunity to buy or go short, depending on which way the breakout goes. The chart can be interpreted as a triangle squeezing the price to a pinch point, which is usually followed by a strong breakout. Or it can be viewed as a big head & shoulders pattern, which comprises two smaller heads...

GlenGoodman

I bought (a lot of) Bitcoins on the breakout from the dotted line. Sorry, I did announce it on Twitter at the time, but not on TradingView, so please follow me on Twitter to make sure you get future signals. The difficult question now is how do I keep that profit but also stay open to possible future profit, if Bitcoin continues to soar? The answer, as ever, is...

GlenGoodman Updated 

A head & shoulders continuation pattern has formed on the hourly chart, offering a possible opportunity to buy if BTC breaks through the blue dotted neckline, or to go short if the price is rejected by the neckline. This is a continuation pattern because it is contained with the larger bull flag pattern (shown by the two long sloping horizontal lines). It is a...

GlenGoodman Updated 

This is why I prefer trading cryptos. Look what just happened to one of the stocks I own! No warning. No chance to get out before the disaster because stock markets don't trade 24/7 like crypto markets do. They close at one price. Then the company announces a surprise fall in profits, and when the market reopens, it's down almost 30%. At least when BTC falls 30%,...

GlenGoodman

This is it - the big decider! Only one head & shoulders can win! Will it be the big inverse head & shoulders, setting up for a massive bullish move towards 14,000? Or will it be the new kid on the block - the little head & shoulders setting up for a downside move that threatens to extend the correction down below 9600? A move upwards through the long dotted line...

GlenGoodman Updated 

**UPDATE** - It's already broken the support line and I've gone short. Everything written below is now just background information. The line I identified in my previous idea has now been conquered by the bears. This is the new support line, and it's firm enough to offer possible low-risk entries to the long or short sides. I've extended the pattern, showing how...

GlenGoodman Updated 

This line tells us all we need to know about the battle between bulls and bears over the future trend of Bitcoin. The line was established as resistance which was overcome when BTC made its final run up from 11,500 to 14,000. That line then became the crucial support level during the correction. You can see from the spikes that the support level was tested a few...

GlenGoodman Updated 

Using my incredible drawing skills ;-) I have shown BTC forming a Head & Shoulders top pattern. I am not 100% happy with the H&S interpretation, as the pattern is messy and unclear, but it is the most probable interpretation of where we are now. The Head & Shoulders pattern tends to result in a strong move down once it penetrates the support line, OR a strong...

GlenGoodman

Here's how I knew where to buy Bitcoin's latest breakout. BTC formed a very clear ascending triangle over the past two weeks. The breakout point at around 8200 was unmistakable. In my previous post five days ago, I identified a slightly higher entry point, because the pattern was not yet 100% clear. By today, the shape of the triangle was very clear, with a...