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Bitcoin correction is over? Maybe not in the big pictureThe price is still over two supply lines/tendency lines, but for how long? Right now the objetive of measure move of our first fall/triangle/coil is technically accomplish, I have market the 49.920 and It went to 50.500... All this combined is a good entry point for a few investors, the price could even go up until the POC in 56.000 which is also a good entry point for short sellers. Right now the price went expulse out of the upper High Volume Node, we can asume all this as a distribution zone and the price can go up to test to the zone, the remaining long positions could be closed close to this area in breakeven sending the price back to lower numbers. If the price break the next tendency line/supply line/creek a second (and bigger) Measure Move could give us the price objective close to the 40k which is close to the MA of 200 periods in daily chart, the price always goes to this MA in some point.
BITSTAMP:BTCUSDShort
by rovamad
3
XBTUSD next trade 4 hourLooking at the XBT it looks as though the trend may be reversing. We have seen a break in the trend line creating a higher high. This is not a guarantee that this will turn around fully as it's previously been rejected at its current price. We need to wait for further confirmation. I am waiting for the pullback at previous resistance. I will then be awaiting wicks to the downside and a bullish engulfing to tell me that the higher low has been confirmed. I will then be exiting at previous resistance.
BITMEX:BTCUSD.PLong
by Chris_mizzi
BITCOIN: How to trade the violent break-out!My plan is to short bitcoin if we break down to the 8500-8700 range. If it acts as a support, I will be a buyer there. If we break to the upside above 11.3k and I will go long with a target of 20k. Right now we have been chopped up for the past 3 months and my advise is to only trade the trends and wait in cash during the trading ranges. The current trading range is very old, and a breakout will be violent! You do NOT want to be caught on the other side. Especially the previous tests of support and resistances happened to be fake-outs. So my plan is to only trade after the WEEKLY CLOSE candle to wait for confirmation. The Descending triangle pattern that has been developing is extremely similiar to the one we had in January and it has a strong bearish bios, However with bitcoin you never know. That's why I will wait for the weekly close, since confirmation is more important than a nice entry, because I am expecting a very large move. My position remains in cash and will re-evaluate the direction tomorrow after the weekly close. Below 11k we are still in a descending triangle and above it, we invalidate this bearish pattern so that would be a BULLISH signal. Bitcoin has a history of breaking bearish consolidations violently to the upside, so be carefull! Thank you for reading, if this helped you please press the thumbs up. Best regards, Jack
BITMEX:BTCUSD.P
by R2BTC2
Resistance becomes Support? Or wait for retrace? We have been in the process of forming this symmetrical triangle for almost 3 months now. Many call it a Bear Pennant but according to traditional pennant rules, it can't be longer than ~ 3 weeks. Though this is crypto, but it should be faster moving if you want to use that argument. In either case, I have been tracking this downtrend line since Christmas when we got rejected the first time and it held up again, but this time we broke through it and it seems as though we have gone and tested it for support and it held. I closed my long you can see on the chart (little blue arrows) in a good profit at 3815 (It was a leveraged trade. I am taking all my profit in BTC from 2019 onwards). Normally one would wait for a retracement to the 0.382 or 0.5 Fib lines before entering but I am curious to see how this support holds up. We had a relatively long consolidation the month before, so it is possible for the momentum to continue here. But I am still waiting before entering any leveraged positions. Longs vs. Shorts data has been interesting too. There is a decline in both overall, but the difference between Longs and Shorts have been shrinking in favour of the Short-side. ibb.co What that tells me is there are more people closing their longs than shorts. It also suggests that a decent portion of those not closed yet are underwater and could get stopped out or liquidated in another push up. All will be interesting to watch :D
BITMEX:BTCUSD.P
by Gouws199