The Ole Death Cross once again lures in those following Captain Obvious patterns and once again those that were calling for capitulation after the market has already pulled back significantly. Remember when at 4500 they were locking in profits, shorting at 7k and even recently? These are the same Furu's who were posting parabolic moves to 60k when Bitcoin hit 13...
Bitcoin printed a bearish continuation after attempting to take out the 8500 level, implying a swing lower is more probable then a swing higher. There are some key levels to watch and trading in this area should be considered very aggressive for which it is wise to reduce your position size accordingly. Bitcoin has been consolidating over the past few weeks...
Bitcoin continues to consolidate within the range we have been watching for over two months now. Believing there are some secret levels, or some proprietary indicator that can forecast the future is naive and used solely for click bait. Stop chasing Unicorns focus on structure and order flow! After having our previous trade stopped out for a 3% loss, we issued...
Back in late June and early July we mentioned that Bitcoin was likely to go through a consolidation or ranging phase which could last weeks or months. Here we are two months into a consolidation and we are still ranging. Nothing has changed and until the market decides to trend, most are simply guessing at the direction. The only thing that has changed is the...
Another week passes and watching the chart has to be more boring then Mr. Rogers re-runs. The market is simply consolidating and there is nothing to do but wait. No hype no drama, just a long drawn out consolidation but this may change. Bitcoin has correlated with Gold since the first of the year. Both are now entering their 35th day of consolidation. That is...
As we complete a 3rd leg of the correction, many focusing on smaller time frame charts are miss-led by the patterns they see that often form randomly. Wyckoff spoke of this in his 1937 book. YES 1937! If you want to be a better trader, a better investor, stop following 1-2-4 hour chart patterns. Think of it as if you were going to buy a lemonade stand. Would...
Talk about being a bunch of little girls. If I offended you ohh well, I don't care about cupcakes and hot chocolate, I'm a donut and coffee guy myself. I never seen so much drama in a market, "Moon Shot to 20-30-60k" and then like someone flipped a switch, "Bear market back to 5k". HUH? Its like a bunch of little girls on a playground choosing their new...
Since the initial pullback on June 27th, we mentioned this likely completes the initial leg of a broader move higher. Broader corrections generally last for months not days and we expected Bitcoin to find a range over the next few weeks. The challenge with ranging markets is that momentum and continuation trades are not as effective as in trending ones. This...
Pretty uneventful weekend for the most part at least right up until the end. Yes the large short positions on Bitfinex just mysteriously vaporized like as if they were never there. Conspiracy or is there a logical reason? With Bitcoin and the market in general looking to consolidate after such a huge swing, it is easy to get caught up in the emotional trade. ...
Well we may have to cancel our reservations this weekend for the BTC ATH party! After an amazing rally which blew through resistance after resistance level, finally market smart money decided enough was enough and took profits. The hype was wide spread and the Lambo dealer was full of Bitcoineers picking out the color of their brand new car. SALE DENIED The...
Bitcoin continues to push higher and where it stops is anyone's guess, but eventually we will get a pullback or at least some sort of consolidation. We do expect any selloff or consolidation is going to be bought up quickly and will be short lived. When those who only 3000-4000 points ago, were calling for a retest of the low, are now putting rocket on their...
Facebook finally enters the digital currency space and with over 2 billion active monthly users this is certainly a game changer for the company. This is going to be a separate division and CaLibra run in Switzerland. With over 1.7 billion people without access to a bank, this is an alternate for those in emerging markets, or in countries where the native...
Initially we assumed that we had completed the 5th wave of the interim fractal cycle, and one of our followers MdF_Trading, who I have known since day one of joining TV, mentioned it could be a broader correction. It appears initially that this may be the correct call and we are just completing wave 5 in the interim cycle and based on the enthusiasm it seems more...
Gold finally makes a decisive swing higher, and though there are still several levels of resistance ahead, this could be the beginning of the next bull run. Or not, Gold is an extremely slow mover and as every goldbug knows you have to have patience. No group of investors is more patient than goldbugs. Often moves take years to develop, but when Gold finally...
Taking out the 8400 level confirms a correctional sequence, but the signs of a potential retrace were already abound. There was no guarantee we pulled back after hitting the lower area of our initial wave 1 target, but there was a lot of evidence that increased the probability of a potential retrace. This made any long trades at these levels higher risk. For...
We maintain our target level of 9500 by Christmas, and this is looking more like Christmas in June than a fall rally. The structure is bullish not bearish, yet many are still calling for a double top. Is there a valid argument here or is this confirmation bias? Remember, every new high begins with taking out the previous high, so any equity moving higher has...
After the pullback on Thursday night, the bears are at it again. Yes the same "experts" that have been calling for a huge pullback since, let me check 4k, are ignoring the structure and proportion of this rally which is clearly bullish. Unfortunately many have missed out on the rally or simply flip their calls depending on the direction of the wind. One simple...
Over the past few weeks Bitcoin has just relentlessly continued to push higher. Coming off the 3800 level, it has been a relentless rally of sorts, but all good things must come to an end. Yet maybe just maybe we are not done yet! My theory is quite simple, dumb money has mostly sold out of their positions. By dumb money I do not imply that someone is dumb, I...