Bitcoin bulls preparing for a push higher
Well I put my rep on the line with that bottom call last week and happy to say it is still firmly in tact XD
BTCUSD appears to be consolidating in an Inverse Head and Shoulders reversal pattern, with bulls currently mustering their strength below the neckline in preparation for a push higher:
Initial resistance is the neckline below 8950, with a break above there confirming the set up and targeting the historical 50% level at 10000. Initial support is 8350, followed by this morning's low of 8000. A breach of 8000 would bring the 61.8 Fib at 7800 back into focus, with weakness below there calling the reversal into question and turning me neutral on this pair.
I remain long from my original premature entry at 8670 and have since added half size at 7450 and 7977, giving an average entry level of 8191.
In other news from chartland, minnows and content creators everywhere have been rejoicing as the infamous STEEM Backed Dollar has made an amazing comeback, taking back the key parity level and even shaking fists below the 90 "cent" mark:
Shout out to @scaredycatguide for that nifty charting trick which allows you to create a synthetic pair out of any two assets on tradingview - pretty cool stuff if you're a chart and trading nerd like me!
That's it for tonight folks - for some inexplicable reason I've volunteered for 8:30 personal training, followed by a half hour stretching session and an hour of bloody crossfit - not looking forward to that one bit!
I like what you're doing. Nice work averaging your position down. I agree with you on the charts--it's looking good for the bulls. Should be testing 9000 shortly.
I really believe so too, we should be testing 9000 shortly and as soon as we break 9200-9300, it's going to fly. HOPEFULLY :)
It does seem like bulls are preparing to push the price up.
I think this whole correction has been weird and it feels like there is a lot of manipulation ongoing.
I hope we can push through the resistance now and get to where we are supposed to be!
<3 // @sanktnico
Well, if you consider that the recent drama with BitConnect / BitGrail / Devercoin is passing away, it is quite plausible that we will soon observe a price hike. Morover, people seem to have forgotten the fact that the Tether fiasco is still going on...
I wouldn't be surprised if we now see a sizable increase in the whole market - in both traditional cryptos and newer, riskier altcoins. If you believe the strength and power of whales, I wouldn't be surprised of steady buy walls as they have undoubtedly increased their crypto stakes during the massive dip. In turn, such upward pressure would push the price up, thus leading to a new retail investor influx...
Now we can only pray that no other bad news spring up!
I am still concerned about how this Tether thing plays out..
Watching closely, thank U for the charting mate
Lot of alts showing the inverse H&S too
I admit that I'm new to crypto and I'm still learning the jargon. But I like how your post is concise, will surely refer to your profile from time to time
Well Bitcoin is not easy to predict and I don't think you will get any good results by doing mathematical analysis and curves and such other stuff, the market is volatile because there are so many actors at play, some want the price to go higher, then governments regulate, other guys (whales) sell, billionaires invest etc and there are even some who use the media to bad mouth it. I thing one has to go by gut feeling because just when you think you have it down pat some external event just disrupts any trend the coin has.
As it is good for anyone involved in the CRypto world, all I can hope is it will go up steadily.
Thanks for your thoughts, I and many others do this successfully for a living.
The forex market has all that, is degrees of magnitude larger and is less volatile ... go figure
Probably about the only thing sensical you've said - intuition is arguably what separates good traders from the mediocre.
In conclusion, thanks for your 2 cents, but you obviously lack the qualifications and experience necessary to discuss this topic with even a smidgen of authority, let alone question the methodology of a professional. I have to wonder if you also try to teach mechanics how to fix cars, architects how to design buildings, dentists how to perform root canal etc etc
No, but I do think traders aren't that reliable, if they were they would already be millionaires and wouldn't need to be trying out cryptos. This is not a profession it is hit or miss.
Yes Mate, that´s exactly what I´m thinking. I think if it´s getting less volatile over time technical analysis will work very well. But the whole market is unpredictable!
Technical analysis actually works incredibly well in crypto, crypto charting and trading is miles easier than forex.
Hey Bulleth -- where's a good place to start learning TA?
Hey mate, I learned everything a long the way from various sources. I started my journey at DailyFX, but can't recommend or warn against - they are owned by a market maker who profits off client losses, but I think most stuff they teach is pretty sound. Forex forums like Baby Pips and Forex Factory are another good bet. I've actually been getting a few requests like this lately, and would like to be able to help more - considering starting a charting education series of posts. Will give you a shout if I do.
Especially in a bull market, nearly all of the coins have the same pattern. And I can tell you it does not matter if the pattern is showing a bull flag and news or regulations are coming out. Well, I believe you that you can make some money out of it, but the big money you´re never going to make because it´s unpredictable. Let´s assume that some random coin will be added to a big exchange... it will have a big runup immediately it doesn´t matter what your pattern is showing. And there is news every day in crypto, and that´s where the big money is made. At least for small investors. I mean if you are trading with billions of dollars and your friends are doing the same, just set up some bots and you can predict the market that´s sure, but not because your analysis is working but it´s because you are having control over it...
i like it, amazing.
upvote me
Interesting article! Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
Good work,nic post,