Spot CRYPTOCAP:BTC shows a beautiful, forming an almost perfect, inverse head & shoulder pattern.
This pattern is best for determining bottoms but it can also work at other time periods, but not with the same validity.
However, IMO don't think #BTC will form it completely.
Why?
IMO unless something crazy happens don't see #bitcoin going sub $40k or even...
Today we see CRYPTOCAP:BTC breaking a major support level. Unless there is a turnaround this means that 52kish is likely next.
Weekly #BTC at the green moving avg. Historically, this has not been the best gauge, but it has been "okay".
The last 2 charts show the trajectories we expect(ed) for #bitcoin to follow through.
The United States spot Bitcoin BTC exchange-traded funds (ETFs) recently achieved a new milestone after attracting more than $1 billion in net inflows for the first time on March 12.
Investments into spot Bitcoin ETFs continue to soar as daily inflows breached $11.1 billion over the last 13 days. On March 12, Bitcoin ETFs saw their biggest-ever daily inflow of...
BTC has reached the top around US$ 73700 on March 14, 2024 as it was clearly explained in previous publication.
Since that it's gone around 1 month till now, and no one new high was printed in BTC.
Bulls fade. Robust gain de-established. Upside bubble-alike trend transformed into detrend structure with flat top near US$ 73000 per BTC.
RSI (14) is sluggish...
Welcome to a pivotal moment in the Bitcoin market! As we witness the launch of several spot Bitcoin ETFs, including giants like Fidelity's FBTC, Bitwise's BITB, and Franklin Templeton's EZBC, the landscape of cryptocurrency investing is evolving before our eyes.
First-day volumes paint a promising picture, with funds that 'Buy Bitcoin' directly, such as FBTC...
#Crypto has also done well since the call for a rally.
CRYPTOCAP:BTC futures (as usual, pretty consistent, no?) show the better data.
#bitcoin held the Moving Avg & support underneath.
Spot traded beneath Mov Avg, showing a false breakdown.
CRYPTOCAP:ETH bounced, like it's bigger brother.
It looks stronger on Futures vs Spot.
#BTC Shorts covered.
#ETH had...
CRYPTOCAP:BTC & CRYPTOCAP:ETH look almost identical the last few days, that is pretty interesting.
However...
Stretch the chart out a bit and it is a very different story. #BTC outperformed #ETH by a decent amount.
------------------------------------
Both CRYPTOCAP:BTC showed upcoming weakness. However, Futures #BTC Money Flow went below 0 & stayed...
Futures CRYPTOCAP:BTC has sold off and currently at 2 support levels. One of these is the blue moving average.
However......
If you prefer spot #BTC analysis, we can see that #bitcoin is already trading underneath all moving averages & showing extreme weakness.
Which one is correct?
CRYPTOCAP:BTC Futures
Broke the small triangle pattern it was in & now it's in the larger one.
Don't think it'll be August by the time it breaks, wither up or down.
RSI is weak but the $ flow is better.
VS
#BTC Spot
It is in a channel pattern.
Bearish Moving Avg Crossover.
Trading under the blue Moving Avg.
Final charts show what could be if #bitcoin topped,...
CRYPTOCAP:BTC is currently breaking to the upside.
#BTC RSI is very good, also breaking to the upside.
Volume is the only thing lacking.
What we just said for #Bitcoin also applies to $ETH.
#ETH #ethereum
Opinion:
CRYPTOCAP:BTC is likely forming a short term top.
Top is March 14th.
We've posted that consolidation takes anywhere between 1-3 months on average.
1 month from top would be April 13th.
Coincidentally, it's where the end of the #BTC pattern would break.
Sell signs signs have been there, RSI & $ Flow have been...
Good Morning!
CRYPTOCAP:BTC made a nice stand at the first level of support. Spot & Futures #BTC are looking good at the moment.
Let's see how RSI moves.
If the RSI breaks the current downtrend, last chart shows what needs to happen, then it is confirmed we're back in #bitcoin bull mode.
#crypto
Looking at the chart on 4hr time frame we see a good opportunity for a long entry at roughly $61,000.
Reasons
-Prior support at same levels (yellow line/arrow)
-Key moving average support level (200 MA)
-$60k potential wick area for bottom of the daily Bollinger Bands
Entry method
-Ladder entry
-Front run the 200 MA at $61,800
-Right at 200 MA
-Below catch wicks...
Good Morning
This is certainly an interesting situation for $BTC!
Perhaps #BTC may hold this area for 2 days, or more?
Still think bias is more towards the downside BUT this could be an area of consolidation, why not?
Spot #bitcoin charts are all over the place. This makes it harder to make calls on spot charts.
-------------------------------
CRYPTOCAP:ETH ...
CRYPTOCAP:BTC volume is NOT heavy, small amounts of buying, mostly selling.
Shorting is at the highest levels since October.
People are/got FLUSHED. This is VERY healthy as it gets rid of greed.
#BTC could take 1-6 months to resume up trend,
Weekly chart shows #bitcoin forming a DOJI last week. 50-60k possible bottom process, we...
So, CRYPTOCAP:BTC price action, not shocked!
Posted few times recently (See profile for more info) that we were selling (personal as well) small amounts of #crpyto as it went higher.
#BTC was showing signs of weakening.
WARNING signs to take SOME profits off.
If you didn't:
A) You're a long term hodler & rarely sell. In that case, shhh!
B) Trader? That's your...
GOOD MORNING
The CRYPTOCAP:BTC RSI is weakening further as it hits 74k.
The closer it gets to 80-100k the more risk rises.
#BTC is due for another correction/consolidation, IMO.
#Bitcoin $ Flow is still decent so, IMO this is not the top.
A)Shows RSI peaked & Selling begins to come in.
EURONEXT:FLOW was NOT strong at all.
B) Volume is light before picking...
