Bitcoin Analysis

bigbax699

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35
Still holding longs on BTC . The chart im seeing is pointing to a move upwards. We’ve got what looks to be an inverted H+S , it might be a messy one but the general shape is there and we have our neckline. We’ve made a higher high and higher low. So now we just wait for the neckline to be broken upwards. the 200 EMA is holding price up well so far so only a matter of time. GLIYF
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bigbax699

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Messages
35
Good morning, new week upon us traders. Bitcoin to me looks like its coming to decision time in technical terms. Price has moved sideways and now were getting squeezed into this wedge . The .236 fib looks like its holding but price is sitting under the EMA's so it can go either way for me. which direction will win. All i know is i will be trading the winning breaking direction of this wedge . I still hold longs but its set to risk free so i dont lose if it drops. GLIYF
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bigbax699

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Messages
35
Monday i gave us a wedge breakout formation. This type of trading is fairly simple to trade. You set stop limits above and below the wedge , so im hoping that some of you did this and caught the move we've seen since then. Its quite clear its a bullish momentum, also with USD becoming weaker and weaker by the day this helps Bitcoin alot . Price is currently taking a rest on the .618 fib and looks to be forming a bull flag so even now is a good time to stack or buy with a small ish stop loss. Moving averages are moving in an upwards direction, so we might be making another play for that 10K level. GLIYF
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bigbax699

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Messages
35
Bitcoin gave us a little fakeout there it seems. Or was it respecting this big wedge formation? Im constantly looking at all angles and possibilities whilst trying to keep clear minded of the bigger picture. We did get a breakout of a smaller wedge formation, but we soon came crashing back down to support levels of 9K. But whats important is that we havent made any lower lows. Structure is still bullish overall, i like where it found support right on my circled area, from which ive placed buys. GLIYF
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bigbax699

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Messages
35
Well i hit a SL on Bitcoin . Only 1% lost so nothing to cry about. Are we about to break structure? we have created a lower low and what looks to be w lower high also. Plus if we get an EMA cross here which looks to be forming it might signify some downwards movement. For me to sell id like to see a break below 9K and retest for the drop down to 8200. Ill be watching this one closely the next few days. If we test this support area again and dont break lower i will most likely place a buy with a tight stop loss. Hope everyone has a good week. GLIYF
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bigbax699

Recruit
Messages
35
We havent seen much movement with bitcoin this week really. NFP didnt really affect the asset yesterday either. But one thing i notice is that recently every time it comes down to 9K or just below we get a rejection, seems to be a good strong support level . Again i look back at the previous price action from when we created the low and then a higher low after it. will we see the same again currently? Does it look to be forming a bullish falling wedge to you too? time will tell and i don think it will be long. Trade the winning break of direction, i hope its bullish for you HODLERS, green for buy sell for red. GLIYF
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bigbax699

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Messages
35
Ive entered fresh longs on bitcoin for an intraday trade. The two candle stick pattern was a signal for me to buy. We had a small drop in price then got a bullish Doji candle followed buy a bullish engulfing candle with a big bottomed out wick. Thats a big buy sign for me. Im already risk free with SL at entry currently. Looking to hit the .786 fib level of resistance, if price can hold above the moving averages here we could see out next push upwards soon enough. Hope you all caught the breakout too. GLIYF
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bigbax699

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Messages
35
When we step back and look back at BTC its pretty clear to see the range we have been in since May 14th. Between 10K -9K, with little moment spikes abvoe and below. But mainly we have stayed inside this range. For day traders its a fairly easy way to trade it. For me though 9k seems to now be a nice strong support level . Looks like a little channel we are currently in. You can see from the moving averages the way they have closed together the confirmation of sideways action. i think we will see a bounce from around here or a little lower at that support zone . Looking left theres alot of mess to get through. Ultimately were looking for the break of range. but when will that come? until then buy low sell high. GLIYF
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bigbax699

Recruit
Messages
35
Bitcoin hasnt done very much for a couple of weeks now. so im taking this simple intraday trade from the bottom of this channel. Creating higher lows inside the channel so im trading the buy here. Hopefully we can make it to the top of the channel and create a higher high. Simple setup in relative in sideways action. GLIYF
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