As you all have probably observed from reading my last few posts, my enthusiasm for Bitcoin is waning. However, as I've noted all along, as long as we remain inside the green channel, I'll hold my longs. We are about to test some important support levels once again with BTCUSD. The first is that 50 MA which currently sits at around $2485. And then, down from...
As I stated in my last post, I may have jumped the gun a bit on my Litecoin purchase. I knew this. But because I am a swing trader, I did not want to miss out on opportunity at that $50 level which provided fairly strong support. The next support level I see is even bigger. Why? 3 reasons: 1) I have redrawn my Fib retracement from the lows on 3-30 to the high on...
In the next few days, I am expecting some major price action to occur in Bitcoin. As I analyze the charts, from a purely technical perspective, I see many signs that indicate the price will shoot up. Of course, there is always a chance we could go the opposite way as well. And thus, caution should be exercised as we flirt with these lower levels. If we do break...
So, we bounced before and on the 4th as expected. But now we're up against that $2600 ceiling again and can't seem to close above it. As we continue to struggle with these upper levels, it is becoming increasingly clear that the market is not willing to do much more here before BIP 148 on August first. I've said all along that I'll remain bullish as long as we...
Our resistance today is at $2600. Traders are advised to exercise more caution until we get through this level and the next at $2760. These will be key resistance areas moving forward. Our focus today is at $2600. Happy trading.
Check this out! After breaking through our $2420 support, I became a bit nervous. We only had one more stop before the floor fell completely out and that was at the $2330 area. Fortunately, there was plenty of support to hold us today. We had the bottom of our channel, the 50 day MA, and the bottom of the Bollinger Band all holding us up at the same area. We held...
Last night I had hoped we'd break through our overhead resistance of $2760 as the far east took over the helm. However, the show of strength that I was hoping for was nowhere to be found and Bitcoin closed the last candle in anticlimactic fashion. As I've stated in previous posts, if we are unable to break through this resistance, we are in for a few more days of...
As the markets start to wake up in the far east, I expect a push through our overhead resistance of $2760 tonight. To do so though, it is important that we also close out above our middle Bollinger Band of support , currently at $2670. If we do, it is a good sign that we will push through that tough overhead resistance of $2760 tonight. Once accomplished, the road...