I’m back after a month of inactivity! Been busy traveling and serving the nation, so finally have some time to look at charts, just hope I’m not too rusty. For a month, BTC has seen some volatility, but with only a price range of about 1.5k. Hodlers would have a good opportunity to accumulate more BTC at the 6.6k fib level, as it had shown some strong support in the past week. Personally, I did buy some at this level as well. Will this be the dip? No one knows, but it was a good level for accumulation base on…
Since last week after Bitcoin broke down and closed below the 200MA, it attempted to break above this line again 2 days later but briefly touched it at 9.2k before continuing to drop further. At the moment, Bitcoin is trading at the key level of around 8.5k, which is very crucial. If this zone fails to hold and Bitcoin drops below 8.3k, we will probably see a further decline to 7.3k.
Charts
Starting with the weekly, which is the most optimistic chart among the different time frames, we can see that the trend line is still holding us in place…
Bitcoin broke down from its consolidation 3 days ago and dipped all the way to 8.6k, where it found strong support. Most would attribute this dip to the FBI’s comments that cryptocurrency is posing a ‘Significant Issue’ to law enforcement. Perhaps, the director was not aware that the USD is used 800 times more than Bitcoin for the purpose of money laundering.
Though the price has dipped and closed below the major support of 200MA, I am personally not really concerned that the bear trend has arrived.
Charts
Since the Xi pump last week, Bitcoin has retraced to the 9.3k region and has been consolidating at this level. This consolidation has given some altcoins, especially China, the chance to pump, with most seeing an average of 40% increase. I personally don’t think we will see an altcoin run anytime soon, at least until Bitcoin reaches its ATH of about 20k, so most of my focus, for now, will still be on BTC.
Charts
Readjusting the top trend line, we can see a continuation of this wider consolidation of BTC within the big triangle zone. I am pretty bullish…
It looks like the big move we were all expecting came this week, and boy was it insane. Then again, nothing is ever really crazy in the world of crypto. Bitcoin broke down the trendline, and took a massive dump down the toilet on Wednesday, with a $700 move to 7.3k. This move was supported by the 0.382 golden ratios for 2 days, before skyrocketing off to as high as 10.6k just a couple of hours ago. This massive pump in price is most probably attributed to the ‘bullish’ news coming from China.
- President Xi: President Xi has recognized the…
Bitcoin’s price action was relatively flat in the past week, with price hovering in a range of about $500. Seems like this big move is still brewing, and looking at the charts, my bias of a downward move still has not changed. Let’s re-look at the charts to refresh ourselves, though it will be a short write-up today.
Price has broken and closed below the trend line, and we are seeing some attempts at price trying to break back above, with green candles the past 2 days. However, volume was weak, and, price did not manage to close above the…
We saw some good volatility in Bitcoin in the last week, with daily price range moving more than 500 in a few days. Volume was however not particularly impressive, so my personal take is that we are still waiting for a bigger move in the coming weeks.
Looking at the daily chart, the price is trying hard to break above the major resistance of the 8.4k confluence area and the 200 SMA, which have moved to 8.7k. It is currently supported around the 7.8k region (the red line), and the next level of support would be the 7.4k F3 fib…
I’m back after not journalling for 2 months! Was tied up with a couple of things in life, but hopefully going forward, I will have more time to continue this, at least on a bi-monthly schedule.
Today’s analysis will be a pretty simple and short one, just to get back into the groove of looking at charts. Also, due to the expiry of my Trade Navigator system subscription (and me being too cheapo to renew it for now), I will be doing my charting on TradingView instead. …
It does seem like markets are continuing to be bullish, with the Emini breaking out of its ATH last week, hitting 3006 on Friday before closing at 2992. A breakout of the ATH here should usually indicate a continued bull run further up. Looking at the daily charts with key levels drawn, the LTF COP and OP has been reached, and the next level would be the daily OP at 3116.
I’m bullish in the short term here, which explains a few bullish positions that i have currently opened over the weekend, but we have deviated quite a distance away…
In the past week, BTC has continued its bearish trend in the short term, forming lower lows and lower highs, and dipping to the weekly low of 9651 before rebounding close to last weekend’s price currently at 11.4k. Looking at the daily chart below with some simple indicators, we can see that the price has to break out of the downward trend and also pass the level of 12417 before we can safely say this short term bear trend is over.
My previous post also mentioned how BTC was supported well by the Daily EMA ribbon during this longer-term bull…
The Potato Trader
Documenting my every trading/investing decisions, and thoughts on anything relating to finance. Probably talking out of my ass so DYODD.
