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...
SL = 5.41. Litecoin should follow bitcoin which is down. It is not right now for whatever reason. If litecoin is the silver to bitcoin, gold, then it should follow through. Reasons for this short can be found in my bitcoin paypal update I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins
Paypal news as everyone is aware of, is good. It is good for adoption and good for fundamentals. As a technical analyst, I pay special attention to how market reacts to news. Lets be real, the ad is a BFD, big fucking deal, for rumors-ville, it pretty much suggest they will start adapting bitcoin into their existing business model. For a high speculative interest...
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
Market rallied and broke out from the rectangle. The measured move, or 100% of the price range of the flag/penant is the target drawn in the rectangle. Its pretty accurate huh! My guide on flag trading: ibankbitcoins.com Short term is up, no doubt about it. The long 1 hr green bar speaks for itself. Longer term market conditions says the price is in a vacuum...
Bitcoin prices for the last 2 days have been constrained within a bear flag. If you are not familiar with the flag formation, check out the flag guide below. At this point, there is nothing to do but wait for the next breakout. As you know, bear flag is a continuation pattern, kind of like a pause in the market before continuing the trend. Target is 440 on the usd...
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Back to Bitcoins after labor day weekend. Market sold off during the weekend, Chinese exchanges lead the way down. This is interesting because Saturdays and Sundays are times in which volumes are thin and prices are trendless. But not this week, we pushed down key supports over the long weekend. Price action trumps all, but its something interesting to think...
Update before the weekend. We are now in consolidation inside of a triangle. This is more clear on the daily, volume has dried up , price action is choppy. We are waiting for this one to settle and breakout either up or down. My bet is down because trend is down. But the possibly of a retest to 550 or so is possible and likely. Have a good weekend. Follow me on...
Still in consolidation, I spotted a head and shoulder chart pattern yesterday and it broke down since. The target is 3065 on OKcoin or ~500-495 usd. I want to emphasize that all projections and patterns don't' work very well during times when volumes are low. On tradeview chat, there has been big talks about big trade walls. When was the last time you made money...
A head and shoulder target on huobi is shown by the rectangle. High probability target at 3050. My chart from yesterday regarding this topping pattern: Follow me on my bitcoin trading blog or live updates on twitter: ibankbitcoins.com @ibankbitcoins
We've retested the breakout line of head and shoulders and broke above the upper channel. Market rapidly sold off to lower levels. To argue for the bull's case, we need to hold above 510 or 3150; creating sort of a cup and handle type pattern for the next push up. While the push up is indeed strong, the movement unlike a real move is choppy this time. What I mean...
...In case you haven't had enough bear charts! The books are very thin this past week. Seems we might be overpriced. China also seems to be pumping over and over with diminishing ability. 360-400 still recommend as cover range.
Heyy guys, While the H&S pattern is still forming and didn't failed yet I saw another pattern appearing this morning. In my opinion it's a very big bullish flag that's waiting for a breakout soon. The last leg up is on the run to touch the top for the fourth time. If it breaks the target wil be around 3500 at least! I could go further but we have to wait and see...
Better sooner than later! BTC showed us again a head and shouder formation! This will take us back to at least 3615 because there we have strong reactance from the last weeks. It's time to go short to for a few hours and wacht carefully if we break 3615. If that happen the target at least 3600 or maybe even lower. Our target is calculated just like the cup and...
Looking at previous moves on 2h chart the downtrend is taking the shape of a descending wedge. So it's still possible to look for one more leg down, but at some point i'm expecting a breakout to the upside, pointing around 4090 area. Good luck for your trading
Just a chart showing possible next moves. Using BTCCNY because their lines are clean. Forecast $700.