Hello, Traders! Let's talk about Bitcoin. The asset is moving between two zones: $17600-18245 Buyers Interest Zone $18800-19420 Sellers Interest Zone In case if the scenario, which was used by market-makers in May will repeat, the price can test the level of 18800$ collecting stops of buyers and those, willing to short. After that, we might see the...
Hello, Traders! After long attempts to pass the resistance level of 18800 $ Bitcoin went into a correction to the support levels. As we can see, the trend's acceleration ceased as a result of breaking the trendline growth from 15800 $, the price fell under the MA100 by 1-hour timeframe and formed a downward trend on the indicator RSI. Now we can distinguish...
Just an idea of the range where Bitcoin could go on long term, based on halving cycles.
Hello, Traders! The monthly candle for BTC/USDT closed with the victory of bulls just like in July earlier this year. It is safe to say that Bitcoin entered and continues to move in the bull trend. I would like to bring to your attention three ranges of consolidation in the current year which resulted in gains: 1) 6600-7450 $ in March-April ; 2) 8910-9900 $...
Summary Initial 6 months after each event, the % gained over length of time is eerily similar. There appear to be different structures of uptrend after each the 2016 and 2020 halving events, but the percentages and over the length of time are noticeably similar in their result. As it stands, it's agreeable the numbers are at least similar. BUT, If Bitcoin...
Price action of BTC seems to be following the Wyckoff Reaccumulation schematic. Granted, distribution, accumulation, and reaccumulation all look similar, but considering BTC is pumping hard I wouldn’t bet on this being the time. Second, @IncomeSharks tweet pointed out that the OBV is forming a consolidation pattern, as it has when correcting in a bullish...
NEXT STAGES: 1. Sign of Weakness @ 11100, range low support 2. Upthrust After Distribution @ 11900, H&S distribution resistance. Also parallel ascending channel TL resistance 3. Distribution, LPS, and Major Sign of Weakness at key S/R of 10750 Textbook Wyckoff Distribution so far. Check out this link to a schematic: www.google.com Chart would form a broadening...
Watch for rejection of 11450 as right shoulder
Strong bearish divergence and overhead wicks at 11500. Heading back towards low of parallel channels, both the LTF orange and HTF light blue channels. TL resistance from 12500 head and 12100 right shoulder of H&S pattern to 12500 would be retested as support @ 10750 10750 is an important horizontal S/R area ABC breakdown: retest 0.618 FIB level - A = retest of...
HIGH TIME FRAME: 1. Ascending TL support from March Dump with potential backtest as resistance. Rejection of 10850 is very bearish 2. Descending TL resistance from early August testing again as resistance. 3rd test of this TL. More tests = weaker S/R 10850 is critical S/R for TLs. Watch carefully 3. 12H RSI is has retested orange MA (30 day) as support. A...
1. Reject TL resistance @ 10850. Reject OBV channel resistance 2. Fall to TL support @ 10150. Test OBV channel support 3. Break TL support and retest. Break OBV channel and retest. 4. Fall to HTF major TL support from 2018 @ 8900
🔺 Bitcoin has fallen to a fresh weekly trading low, following another day of heavy technical selling in the S&P 500 and other US equity markets. Technical selling was also a factor in the recent decline, following a breakout below a symmetrical triangle pattern. BTCUSD bulls now need to defend the $10,300 level to encourage a rally back towards the $10,500...
The trend line support that has bolstered the price since the March Dump has been retested as resistance. In tandem, the 12H RSI has retested the MAs as resistance. Higher time frames are already bearish, so as LTFs flip bearish, it signals that the dump is nearing. As CT has pointed out, the next major demand zone is 8900...
This is my personal opinion and observation. it is not financial advice..
Got to love the fractal nature of Bitcoin. Right around the halving we break the Trend Line resistance. Next, we retest as support. Finally, the bull run takes off in a parabolic fashion. This retest is the confirmation we need to show that the downtrend of the descending triangle is finished. The bear market downtrend is finished. To the moon...
1. Price & OBV both in triangle consolidation 2. OBV looks to be heading down into Wave D 3. Price could breakdown form triangle and retest 10600 where OBV wave E could begin. 4. From 10600 we either pump or dump. Either way 10600 is critical to what comes next. Whatever happens it appears 10600 is coming, as price, OBV, and even RSI have bear diverenges.
1. MA supports 2. OBV weakening on downtrend (bull div) 3. RSI bull div, also testing MAs as support 4. Appears to be a ABCDe triangle consolidation 5. Already wicked to 10600 support, now print HLs in this triangle.
1. Test channel resistance 2. VPVR liquidity 3. Known supply zone 4. Currently, RSI and OBV on LTF are weakening as we climb... Enter at 11300 and short to 10600 at least.