Everyone is saying bitcoin is sinking!
I don't worry which direction it's going in I just follow the trend.
Our H1 bitcoin strategy has us in a long trade and that's fine by me.
Entry details are shown on the chart.
We're only looking for TP3.
Trade history can be seen below this trade idea too for full transparency....
Bitcoin along with most crypto has seen the market go bearish of late.
Our script working on the day chart here triggered a sell alert back on the 20th of April.
This was way before the big slump, this alert could of helped many back into cash before the bear market took hold.
For any CFD traders of bitcoin this alert could of helped you closed any buy...
For the past few days, it looks like an inverted H&S pattern (highlighted in yellow) has been forming. The length from the head to the neck implies that BTC will ascend toward the mid 40s if it punches through. Zooming out a little further, a descending wedge pattern (highlighted in blue) looks visible. BTC has bounced from the upper line of this wedge five or six...
Bitcoin continues to follow the Fibonacci pattern and is now testing the trendline. Price has also stayed within the ascending triangle identified in my last chart analysis.
A break above the trendline clears the path towards $50400 where we may encounter a little resistance, however, a breakthrough at this level clears the way for $76k, our next Fibonacci...
This essentially now means that Bitcoin is perceived by investors as a safe haven asset, meaning in terms of turmoil (war, political, natural disasters, economic crashes) money will flood into bitcoin, much like it has been doing with gold for millennia.
Here's a short labelled chart essentially showing a timeline of the events that unfolded with the #USAvsIran...
BITCOIN LOOKS TO BE IN A BULLISH TREND BUT WE MAY SEE SOME SELLING AROUND THE 6500 LEVEL
REASONS FOR ENTRY
- 6500 EVEN HANDLE PSYCHOLOGICAL NUMBER, (POTENTIALLY LOTS OF SELL ORDERS AROUND THIS LEVEL)
- COMPLETION OF AB=CD MOVE
- FIBONACCI 161.8% EXTENSION COMPLETION
- MAJOR STRUCTURE LEVEL, MULTIPLE TESTS AND REJECTIONS AT THIS LEVEL AS SUPPORT AND RESISTANCE
BTC/USD made a clear triangle patter. At the moment price is very close to the top triangle (large grey line) also we have a smaller triangle patter next to this resistance (smaller grey line). Break through it can indicate bigger correction to the upside. Be awere there is still plenty of strong resistance zones above (dotted lines) .
The last three days the 8k level has been bashed into numerous amounts of times. 8.2k seems to also be a small target down in this area but from my honest opinion, the institutions are having games at this lower price; allowing the rest of us to follow suit.
Could this be the end of Bitcoin ruling the top of the table after all of these years?
Perfect pinbar candlestick formed on Tuesday showing some bearish control coming back into play. 10281 price is showing some resistance and a key level so lets see if the retracement now completes and breaks back through 38.20%.
A few weeks ago i talked about the decline of Bitcoin since the start of the XBTUSD trading on CBOE (see profile) and wondered if market manipulation had any correlation to the expiry of those contracts. From the beginning of trading these contracts on Dec 11th 2017 until the expiry of the second contract on Feb 14th 2018 Bitcoin saw a fall of 47%.