Market looks bullish in this chart. We bounced off the 300USD/1900CNY level. Market has been trading at higher levels, but also held there. Past bounces during this bear trend has sold off relatively quickly. It used to starts off bouncing off support quickly, rally some followed by quick dumps. Is it different this time? Chart pattern definitely looks better than...
As you can see EMA(65) on the 2H charts has been pinned many time and called some tops. We are right now with a new pin on it, under a huge congestion of resistances which could lead to a breakout to watch for. Indeed, I think the momentum could be enough to go through.
Market inside ascending channel. As we speak, we are testing the supporting trendline once again. In addition, there is a short term double top forming. In other words, this supporting trendline is pretty important. I still believe we will retest the bottom of 275 once again because such a strong bear momentum doesn't just instantly recover. Imagine a car trying...
Over the weekend, bitcoin market was under heavy selling pressure that we haven't seen since the last bubble. We are inside a big ascending channel on the hourly. Why do I not call this a bear flag, a continuation pattern? This is because the range and volume of the channel are big; the band is over 25 points! A churning of this size suggests that market cannot...
Market is forming a bear flag at the lows after yesterday's drop. How do you know that this is a flag? Read this bull flag post I wrote. www.ibankbitcoins.com To summarize: 1. Prices overlaps between high and lows. 2. Volatility and volume drops . Take a look on the hourly, we are at the lows. For the bulls, this could be a double bottom. Generally speaking,...
Market is at the new lows, forming what looks like a descending triangle. Naturally this is bearish which is true for any consolidation at new lows. For the bull argument, we are barely below the previous low. What I am trying to say is that this zone is where a large number of long’s stops are at. Take a look at the past few times when market made new lows, the...
Huobi is in the middle of a downtrend channel at the moment. The candlesticks seems to show a rejection from the upper channel, so if the bulls don't do their move it's possible one more leg down or simply sideways. A first psicological level that i draw some days ago is the round number 2300 that we hit in this downtrend and that is acting as a support. Now i...
Short-term trend is up. A 10% reversal off of a double bottom is a good indicator. Looking at the 4 hour chart, we are likely to retest previous lows and downward trendline. In addition, the double bottom that was formed also points to this area; a lot of confluence. Hence I think it is likely we are going to retest it at some point. Now, that does not mean the...
More market consolidation. On the hourly timeframe, we are bouncing between the two trendlines. The buying pressure is getting slightly higher at this juncture since we have made higher lows. However, the big downtrend suggests that this could be a bear flag. I've made a post about trading flags before if you are interested. In addition, we have retested this...
Market is consolidating at 400 USD, any attempt of a bounce was sold off pretty fast in the last three days. I was very short term bullish, intermediate term bearish. Will be shorting at these levels. In addition, the chart pattern looks like a flag/penant formation at the lows. I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading...
Bitcoin market price has been very choppy this weekend. There is no trend, no predictable price movement except for the fact that price tends to get stuck at 400USD/2450CNY. Looking at the 4 hour chart, we are inside of a consolidation/bear flag like pattern. If we do bounce from here, that the arrow is the likely target. Notice the last bounce touched the 50%...
Market since earlier this week is still in chop phase, no clear indication of trend or direction. Bitcoin price is bouncing between the two blue support/resistance line. As you know, I've went long yesterday at a sub-optimal price from today's hindsight; not too concerning since my trade's time frame is much greater. There is nothing much to talk about in terms...
the last 3 month the daily RSI are in a descend channel, we are in the end of the trend?, or the confirmation of the new downtrend?
Going long at these levels, not the best entry. To continue on from yesterday's bitcoin market update, I think the risk reward ratio here is very good. We've retested the 460 resistance multiple times but we are not breaking it. In addition, if we have more sell-off, alt-coins should be collapsing because they are laggers. However, Litecoin held up so well. I had...
Market has been very choppy for the last few days, we had a lot bitcoin related news such as Paypal and Apple pay. Looking at the bitcoin charts on the hourly, we can see that bitcoin is inside or now outside of the channel. www.ibankbitcoins.com On Bitstamp, large players, aka whales, are clearly adjusting positions. You can see large market orders of 1000 BTC...
Market is sliding lower since yesterday. On yesterday's bitcoin update, I thought that bitcoin would retest lower support line and bounce, which it did. However, even with the Paypal news, the bounce was short lived and now we are at the lows of the day. ibankbitcoins.com Looking at bfxdata, BTC short swaps are at new high, this suggest that traders are...
Hope everyone had a good weekend. Bitcoin prices on the other hand have completely retraced the big green bar on the hourly from two days ago. This is bearish because market rejected 3000CNY/490USD level; market didn't even bounce that much. Now, all the people who bought btc up to 497 are all wrong. At this juncture, we are going to retest 2900CNY/467USD. Will...
We are on support, bulls need to bounce at this level or else we will fall to the lower rectangle. That is not good for the bulls. I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins