blloyd

blloyd

The price is still holding on to the lower edge of the parallel channel of an uptrend. The four-hour Senkou span B cloud support also kicking in here. The Fibonacci channel 1 level of support has now switched to resistance. I would not be surprised to see a pump to 8100 before the whole thing rolls over again primarily due to the number of shorts in play as...

blloyd

A higher low and a higher high would confirm that the bottom is in. Nasdaq just made a higher daily high and the S&P 500 is back above the 200MA.

blloyd

There is heavy resistance in the high $8000s to low $9000s. There may be a path above those levels with a bounce off the bottom of the (as of yet incomplete) uptrend channel. Currently, the uptrend channel (blue lines) needs to form a higher low. In the scenario above the purple dotted line shows a possible support level around $7600. If BTCUSD fails to stay in...

blloyd

Bitcoin appears to be consolidating before the next leg down. It could bounce but I believe that is unlikely due to the extent of this run from $3100 to $9100 and also where it ultimately was rejeted. The rejection level also happens to be cloud resistance on the weekly Ichimoku Cloud, and the 1.618 line of a downtrend fib channel, as well as the top of the...

blloyd

BTCUSD found cloud resistance on the weekly Ichimoku Cloud. These cloud settings are based on the 656-hour Sidereal month. The last time Bitcoin made a parabolic run like this off the bottom of the bear market lows it saw a 40% correction: 30% correction takes the price to $6350 33% correction takes the price to $6100 40% correction takes the price to $5450

blloyd

The rejection level also happens to be cloud resistance on the weekly Ichimoku Cloud (chart to follow.) Temporary support will likely be found on these channel trend lines all the way down. 30% correction takes the price to $6350 33% correction takes the price to $6100 40% correction takes the price to $5450

blloyd

Patrick Byrne's stock sale to cover personal obligations induced capitulation in the stock price. Subsequent insider stock purchases have made it clear that this was not a sale induced by anything other than debt obligations. As seen in the chart, mean reversion is overdue and probably being held back by a continued downtrend in the entire market. With the S&P...

blloyd

A correction will come because although in the long term the price is set by adoption, in the short term, it is set by traders who take profits. The top may be found here around $9000, at $9400 or much higher at $12000. The correction from that high will likely be around %30 to %40 and take two to four weeks to get there. During and after the reversal, the...

blloyd

OSTK has seen capitulation many times over the past 15 years. The small float makes it an easy target for mid-tier short sellers who can help it maintain a downtrend relatively easily compared to higher float stocks. These long downtrends usually end in capitulation, well below the estimated valuation of the company. It is common for there to be a shallow (in...

blloyd

Parabolic bitcoin runs typically see 30% to 40% corrections eventually. Such a run also happened in 2015 I believe this historic run is over, a lot of talk of this run going to 10K has made traders very bullish . The balance of longs vs. shorts has now flipped. The Bitmex Funding and Premium clearly show the flip. A recent breach of the local high proved that...

blloyd

Parabolic bitcoin runs typically see 30% to 40% corrections eventually. Such a run also happened in 2015 I believe this historic run is over, a lot of talk of this run going to 10K has made traders very bullish. The balance of longs vs. shorts has now flipped. The Bitmex Funding and Premium clearly show the flip. A recent breach of the local high proved that...

blloyd

The current move is similar in nature.

blloyd

There will be a pullback from the highs. I estimate a pullback from here would take it to $5100. This scenario would probably see bitcoin end the year between $12,000 and $10,000 There will probably not be an additional short squeeze/FOMO pump to $8500. Shorts and longs are coming into balance. If it stays around the $7000 level until closer to the end of May...

blloyd

An additional short squeeze could take the price all the way to $8500, it is also a possibility that $7650 will be the top at the 1.618 fib line of the pitchfork. The 1.5 fib line of the pitchfork displayed above-provided resistance yesterday. Any close above this pitchfork would invalidate it. Either way, there will be a pullback from the highs. I estimate a...

blloyd

The premium on Bitfinex reached as high as $400 initially. This was a result of people needing to buy BTC in order to exit both Tether and Bitfinex in a hurry. The lower premium means that this exodus is tapering off along with the additional BTC buying pressure that that provides by means of arbitrage with other exchanges. The weekly Stochastic RSI, Bearish RSI...

blloyd

The weekly Stochastic RSI , Bearish RSI Divergence, horizontal resistance, and weekly Bollinger Band all indicate that we are coming up on a tradable top (at least.) While it is impressive that the price pierced through the center of this Bollinger Band I would be surprised if that were to hold. If it breaks through I would not be surprised to see $7400 to $8000...

blloyd

This is the level of the highest BTCUSD trading volume in Bitcoin's history when measured in USD terms. If it breaks through and finds support at $6450 it will be monstrously bullish. If it does not it will retrace $1000 to $2000 over the coming weeks.

blloyd

Confirmation comes as the RSI makes it above 50 on multiple timeframes. At the moment it looks very much like a bottom with bullish RSI divergence.