Jump to content
Eric123

Epic Pennant on BTC Chart

Recommended Posts

Price has been under assault all day and has been holding up shockingly well. It seems the floor has been set at $5k. Attached is the one minute chart. Last night at about 1/4 to midnight Eastern US time  or 3:44am local time for the exchange (I was watching) someone dumped 2,795 bitcoins in what appears to be one trade dropping the price $200. As far as volume goes, this volume is 10x the volume of any other minute today. Litecoin is getting the worst of it with the price even dropping the 100 Day EMA below the 200 Day EMA (which had previously moved above hours before).  If i hadn't already bought into Litecoin at lower prices I'd be picking some up now.  Wonder if this has anything to do with Bittrex halting all trading for NY residents starting at close of business today?  Anyway, I think we might have an equal reversal tomorrow based on the price action.

assault.png

assault litecoin.png

Share this post


Link to post
Share on other sites
Posted (edited)
4 minutes ago, ObeyTheWafflehouse said:

@Julian_Williams We need reaffirm the support around this $3000-3600 mark. If support holds again, this will be a signal that we are out of the bear market. BTC 2015 historical data is what we are all abiding by. 

 

Its a big drop back to 3600 - is the alternative that we go up to test 6000 and drop back to 5.2 or 4.2?  (I know nothing of TA)

Edited by Julian_Williams

Share this post


Link to post
Share on other sites
2 hours ago, Julian_Williams said:

is the alternative that we go up to test 6000 and drop back to 5.2 or 4.2? 

Yes, but IMO not very likely. Two reasons. First the money flow is not supporting the price of BTC right now. Second the market moves in wave like properties (normally). We just exited from the bear market (again IMO), the market needs to "gather its breathe" before we think about breaking through the resistance at $6000. 

Share this post


Link to post
Share on other sites

Still waiting for the price of bitcoin to break back to the $6.5k level then resume a gradual increase back to our previous high.  The price stalled at the 350 Day EMA - this is the level I'll be watching.  The 100 Day and 200 Day EMA's are moving up and the 350 Day EMA has all but flattened out.  Just playing the waiting game now.

Bitcoin 350.png

Share this post


Link to post
Share on other sites
42 minutes ago, Eric123 said:

Still waiting for the price of bitcoin to break back to the $6.5k level then resume a gradual increase back to our previous high.  The price stalled at the 350 Day EMA - this is the level I'll be watching.  The 100 Day and 200 Day EMA's are moving up and the 350 Day EMA has all but flattened out.  Just playing the waiting game now.

Bitcoin 350.png

Wow! I've seen Olympic ice skating venues with more slope than that 350-Day EMA now has. I look forward to you being right again.

Share this post


Link to post
Share on other sites

As XRP remains to stay flat, I did another analysis on Litecoin. My last one did not work out and thus I changed my strategy, focusing more on demand zones and candlestick patterns. I think I'll reconsider using triangles etc. in general as these have failed me multiple times. Okay, the analysis of the 4h chart!

So, as we can see, LTC showed lots of strength in the $75 zone since the 3rd of April. Dumps were rejected four times in this zone (yellow circles, green one), indicating heavy buy pressure. As volume is keeping up for LTC, I doubt we'll dump through this price level. Furthermore, buy orders are piling up in the orderbook, for example on Kraken. 

The last rejection of the four dumps showed something significant (green circle, marked with 1), namely a strong green candle (stronger than the previous three candles after the dumps). On the 1hr chart this moment can also be seen as a strong dragonfly doji (indicating heavy buy power - typically a bullish indicator). This was a strong buy signal, which so far is not disappointing me. 

Deriving from this, I believe we will soon be testing the $80-85$ zone as we did this morning, that is, if Bitcoin doesn't drag us down again when it fails to break the $5400 level. For the medium term resistance, I believe we will test 95$ zone again in some weeks. 

image.thumb.png.01aaa9af3087c022e1a945aadb31359e.png 

 

 

Share this post


Link to post
Share on other sites

CMwBAlh9

XRPUSD is approaching our first support at 0.3245 (horizontal overlap support, 100% Fibonacci extension , 61.8% Fibonacci retracement ) where a strong bounce might occur above this level pushing price up to our major resistance at 0.3985 (horizontal swing high resistance, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ). 
Stochastic is also approaching support where we might see a corresponding bounce in price. 
Trading CFDs on margin carries high risk. 
Losses can exceed the initial investment so please ensure you fully understand the risks. 

Share this post


Link to post
Share on other sites
Posted (edited)

Reading various news updates, price prediction reviews and there is a lot about the BTC/XRP long position? Then read this on twitter. His bio is impressive 2 bachelor (mathematics and info systems), masters and PhD. What’s more he is NOT a fan of XRP... 

i must admit i do not how long position BTC/XRP and how that’ll lead to a price increase translates into a higher price  ?? 

A427C967-A838-4D75-BDCD-226D52D37376.jpeg

Edited by mariusthegreat
Spelling

Share this post


Link to post
Share on other sites

My last posted noted the daily chart was bounding up against the 350 Day EMA which is currently at 5,307 - looking for a close above this level to indicate a further move upward.  On a longer view and to compare where we are now against the last cycle, below is the weekly chart with the 50 Week EMA showing when Bitcoin broke though in October 2015 when the price of bitcoin was $282 and where we are today.  The chart speaks for itself.

50 Week 2015.png

50 week 2019.png

Share this post


Link to post
Share on other sites
1 hour ago, mariusthegreat said:

Reading various news updates, price prediction reviews and there is a lot about the BTC/XRP long position? Then read this on twitter. His bio is impressive 2 bachelor (mathematics and info systems), masters and PhD. What’s more he is NOT a fan of XRP... 

i must admit i do not how long position BTC/XRP and how that’ll lead to a price increase translates into a higher price  ?? 

A427C967-A838-4D75-BDCD-226D52D37376.jpeg

why/how does he predict that ?

Share this post


Link to post
Share on other sites

×
×
  • Create New...