BNB has just broken its sideways channel! Watch this space for potential trades!
This is ugly price action! What is BTC doing? Is it manipulation? Is the market going to go up? Is it going to crash? The honest answer is who cares! Sit out and wait for some stability.
Usually, when see a pullback into the 0.786 fib level this increases the chance of trend reversal. If we can take this price out it's time to keep our eyes peeled for some higher moves!! 👀
BTC price is all over the shop and just broken through a channel of resistance and rebounded straight back through... Low timeframes - 1H - uptrends Mid timeframes - 4H - downtrends High timeframes - 2D+ - uptrends For me this is not a time to trade. You will make 80% of your profits during 20% of market movements. Know when to sit out or you will get burnt.
We are seeing a strong 4H candle on BTC... but is this enough? I would like to see a push to 64k in order for conviction to return to the market. If we step back to the monthly we can see we still have 3.5 days left, If we can close this strong: +45% or more, then I think BTC is in for some wicked price action. For now I am sat on the side.
BTC has had a red red day and the rest of the market is following its lead. But if we take a step back and have a look at the 2 day it is still looking like a healthy uptrend. It may be that we see a pullback to around 54/53k as this was the last local high and we don't see that much support.
I posted about MATIC a few days ago and just as expected we are beginning to creep higher. This project is big deal and is currently by biggest holding.
BTC has created a channel that may cause some price consolidation. I have put in 2 possible scenarios that we may see play out - red and yellow extensions. I will be entering a trade if we see the red line break my orange resistance line.
As we can see, BTC has come back just as I wanted and is begging to move higher! 80k here we come!
Looking at the 15m chart on BTC/USD we can see a lovely set up taking place. I will be waiting for a bit more of a pullback in-between the 10 and 20 EMA for a trade! We will keep you posted.
In this visual we can see an orange graph overlaid onto the BTC price chart for the last peak back in April. This orange graph represents the collective market cap for all crypto excluding BTC. We can see that the price of altcoins lag behind the price of BTC and actually top around around 3 weeks after the peak. If you go back and look at the ATH at the end of...
Markets move to hurt the most amount of traders. This is most likely not a fake-out but in fact scared traders, burnt from the last fake-out, selling into the hands of whales. Why: We can see BTC moved over 60% / around 25k increase with no real pullback! It is about time to give BTC some breathing room; no market goes up forever. This is an ideal base for...
BTC has just broken down past my stop loss level, but where to next? My next support level is @ 60k. If we cannot hold this 53k is the next level to watched as it was the last local high. Still bullish, but in the short term we may see some downside.
What people tend to miss is the bigger picture..... Let us look at the overall trend in the crypto space, which yesterday broke to ATHs. It is looking extremely strong with an uptrend on the weekly chart and a convergent MACD. For me this shows real strength, not just in BTC but in the whole crypto space. It is a common misconception that ATH are a bad place...
What is lovely to see is an uptrend in a larger timeframe and then a reversal in a lower one. We can see here that BTC has just reversed into an uptrend on the 1H and has also pulled back into my cradle zone on the 8H (between 10 and 20 moving averages). For me this is an entry @ 63700 with a stop loss at 61900. Manage your risk.
This is a wonderful opportunity to enter into BNB. We can see the wind up of the spring (range contraction leads to range expansion) and a pull back on the daily uptrend. This project has been holding back as other players like SOL and LUNA fly high... it's about time for BNB to take off ✈️
We didn't get the last trade as BTC decided to break lower..... Waiting for this candle to close green 🤞 for an entry on the green line and stop on the red! We can see on the 8H a lovely trend that comes back into my 10 and 20 moving averages. The previous zones are highlighted in yellow and history tends to repeat itself.
Watch this spring!!! 🏹 Range contraction leads to range expansion and this coin is winding up for a big move! With Polygon's daily users surpassing Ethereum, we are seeing real adoption... and it's not slowing down. You only need to look at their Medium page to see the plethora of partnerships rolling in. With BTC's break to all time highs, this projects...