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Why Bitcoin (BTC)’s Next Big Move Will Be Decisive

Why Bitcoin (BTC)’s Next Big Move Will Be Decisive
Bitcoin Chart With Values Bitcoin (BTC) is at a critical point at the moment. The moves it makes from here on out will determine whether the gradual shift in trend over the past few months has been of consequence or not. The above daily chart for BTC/USD shows that Bitcoin (BTC) cannot afford to mess around here. Since the month of July, we have seen a hidden bullish divergence. RSI seems to have found a strong support and is now expected to trade upwards from current levels. Similarly, wave trend profile for the above chart clearly shows a series of higher lows since July and also a new trend line that has held until now. Bitcoin (BTC)’s next big move is supposed to happen within the next 48 hours and here is why we believe it is going to be decisive. Bitcoin (BTC) has established a strong demand zone since the beginning of this correction. This demand zone has seen the price bounce back soon as it entered these levels. This zone begins from $6250 and extends all the way to $5,800. The price of Bitcoin (BTC) tested the full depth of this demand zone in August and began a reversal from there as expected. However, before the price could retest the historical downtrend resistance, the price starting falling again and once again tested the upper limit of the demand zone. It reversed as expected, but this time it did not even attempt to rally towards the downtrend resistance and has now once again fallen back to retest the demand zone. One interpretation of this might be that Bitcoin (BTC) is trying to muster some strength before it breaks the downtrend resistance. Another interpretation is that the market makers are trying to shake out the last wave of weak hands in order to accumulate more at lower prices. This interpretation is plausible because if you see the charts on a lower time frame, there are large wicks for red candles which show that stop hunting has been going on in a very systemic way. The last interpretation which is a very interesting one is that exchanges that offer leveraged trading are trying to lure in more short sellers by keeping Bitcoin (BTC) on ice. Exchanges like Bitfinex and Bitmex know that the sentiment is very low and that the number of shorts could pile up even more leading up to September 30, which is the expected date of SEC’s decision on Bitcoin ETFs. As most already expect a rejection, the shorts are preparing to pile up even though the effect is already factored in to a larger extent. Bitcoin Chart With Values The above daily chart for BTCUSDShorts shows that the number of shorts has reached an all time high, trading inside a rising wedge. This is a very bearish indicator but when you are trading on sentiment, none of this matters. However, make no mistake; it does matter to Bitfinex and Bitmex and as we have seen in the past a few quick moves have liquidated thousands of shorts in a matter of minutes. These may not be Bitfinex or Bitmex insiders, we don’t know that and there is no point in pointing fingers. However, do not assume that these exchanges will not share info of your stop losses with market makers because it is in their interest that you get liquidated over and over again. The fact that the number of shorts has reached this high a level and the sentiment is still overly bearish is a strong indicator in itself that the trend is about to reverse. Certainly, these centralized exchanges have ‘allowed’ people to push the market to a certain limit but they are not going to let you kill their game. If you squeeze their liquidity, there is no way they make money and so they will kick back as we have seen in the past. End of the day, it gets ugly for the small guys as they are liquidated out of their shorts, we see a big spike in Bitcoin (BTC) and it is all masked under some positive news. Of course, there are other worse techniques like wash trading and Tether printing. The fact of the matter is, volume of trading on a lot of these exchanges is already dwindling. If it were to go down from there, it would simply end their game. They know full well that decentralized exchanges are the future and that they only have a few more years to milk this cash cow. So, don’t fight it. They are not going to ‘let’ you take it from them. The charts give you valuable insights, they tell you what is going to happen, but to find out the why you have to connect the dots yourself.

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BTC/USD Back Above 19000 with 19500 the Next Hurdle: Sally Ho's Technical Analysis 30 November 2020 BTC

BTC/USD Back Above 19000 with 19500 the Next Hurdle:  Sally Ho's Technical Analysis 30 November 2020 BTC

Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 19350.01 area trading as low as the 18079.46 area in the Asian session, just below the 50-bar 4-hourly simple moving average.  Chartists observe that the 50-hour simple moving average has bullishly crossed above the 100-hour simple moving average, reflecting an appreciating market.  Traders are eager to see if BTC/USD will establish a new all-time high above the 19891.99 area in short order.  Traders are eyeing the 20311.36, 20534.46, and 21909.24 areas as upside price objectives if a new all-time high is established.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18194.53 and the 200-bar MA (Hourly) at 18214.01.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19500/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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ETH/USD Back Above 600 After Orbiting 551.65: Sally Ho's Technical Analysis 30 November 2020 ETH

ETH/USD Back Above 600 After Orbiting 551.65:  Sally Ho's Technical Analysis 30 November 2020 ETH

Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair appreciated to the 605.00 area after trading as low as the 557.21 area in the Asian session.  Stops were elected above the 568.54, 589.44, and 596.11 areas during the appreciation, upside retracement levels related to the recent depreciating range from 623.22 to 480.08.  Prior to the depreciation, ETH/USD had been hovering around the 551.65 area, representing the 50% retracement of the depreciating range.  Traders are waiting to see if ETH/USD will appreciate to establish another multi-year high.  Traders are also paying close attention to technical resistance around the 627.83, 638.28, and 652.36 areas.  The pair’s recent pullback was a test of the 479.03 area, representing the 78.6% retracement of the appreciating range from 439.77 to 623.22.  One level that traders are carefully monitoring is the 503.57 area, a level that represents the 38.2% retracement of the recent appreciating range from 310.00 to 623.22, and price activity was recently buoyed above this area.  Stops were recently elected below a series of retracement levels including 579.73, 563.58, 553.14, 531.50, 526.88, 509.85, 496.86, and 483.06. Larger Stops were elected below the 550.01 and 504.72 areas, retracement levels related to the wider appreciating range from 313.00 to 623.22.  On the upside, Stops were recently elected above the 615.19 area during the climb higher, an upside price objective related to buying activity that originated around the 142.10 level earlier this year.  The pair’s next upside price objectives include the 637.79, 668.87, 679.78, and 698.88 levels.   

Stops were also recently elected above the 583.59 and 592.24 areas during the ascent, retracement levels related to selling pressure that commenced around the 894.50 and 1419.96 levelsStops were also recently elected above the 519.16, 521.13, 524.97, and 540.64 areas during the ascent higher, preceded by Stops triggered above the 503.54, 508.69, and 510.22 levels.  During pullbacks lower, traders are paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area.   Some additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Additional areas of potential downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 areas.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 561.55 and the 200-bar MA (Hourly) at 561.17.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 627.83/ 637.79/ 668.87 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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BTC/USD Trapped By Moving Averages: Sally Ho's Technical Analysis 29 November 2020 BTC

BTC/USD Trapped By Moving Averages:  Sally Ho's Technical Analysis 29 November 2020 BTC

Bitcoin (BTC/USD) traded sideways early in today’s North American session as the pair appreciated to the 18248.21 area trading as low as the 17535.26 area in the Asian session, with the intraday low representing a test of the 38.2% retracement of the recent depreciating range from 19500 to 16200.  Traders observe that BTC/USD’s upside was capped by the 200-hour simple moving average during the European session, and supported around the 23.6% retracement of the depreciating range from 18980 to 17610.77 early in the North American session.  Also, the 50-bar 4-hourly simple moving average provided technical resistance during the North American session, and the intraday high also represented a test of an upside price objective around the 18256.14 area.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels.  If the pair is able to resume its upward trajectory and establish a new all-time high, traders are carefully monitoring the 20311.36 and 21909.24 areas as upside price objectives.  Similarly, the 20534.46 area is an upside price objective related to buying demand that originated earlier this year around the 6854.67 area. 

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18204.22 and the 200-bar MA (Hourly) at 18235.20.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19500/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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ETH/USD Orbiting 551.65 Retracement Level: Sally Ho's Technical Analysis 29 November 2020 ETH

ETH/USD Orbiting 551.65 Retracement Level:  Sally Ho's Technical Analysis 29 November 2020 ETH

Ethereum (ETH/USD) traded sideways early in today’s North American session as the pair appreciated to the 558.68 area after trading as low as the 531.00 area in the Asian session, a test of the 50% retracement of the appreciating range from 439.77 to 623.22.  Traders are observing that ETH/USD is tightly oscillating around the 551.65 area, representing the 50% retracement of the depreciating range from 623.22 to 480.08.  The next upside retracement levels in this range include the 568.54, 589.44, and 592.59 levels.   The recent pullback was a test of the 479.03 area, representing the 78.6% retracement of the appreciating range from 439.77 to 623.22.  One level that traders are carefully monitoring is the 503.57 area, a level that represents the 38.2% retracement of the recent appreciating range from 310.00 to 623.22, and price activity was recently buoyed above this area.  Stops were recently elected below a series of retracement levels including 579.73, 563.58, 553.14, 531.50, 526.88, 509.85, 496.86, and 483.06. Larger Stops were elected below the 550.01 and 504.72 areas, retracement levels related to the wider appreciating range from 313.00 to 623.22.  On the upside, Stops were recently elected above the 615.19 area during the climb higher, an upside price objective related to buying activity that originated around the 142.10 level earlier this year.  The pair’s next upside price objectives include the 637.79, 668.87, 679.78, and 698.88 levels.   Traders are also paying close attention to technical resistance around the 627.83, 638.28, and 652.36 areas. 

Stops were also recently elected above the 583.59 and 592.24 areas during the ascent, retracement levels related to selling pressure that commenced around the 894.50 and 1419.96 levelsStops were also recently elected above the 519.16, 521.13, 524.97, and 540.64 areas during the ascent higher, preceded by Stops triggered above the 503.54, 508.69, and 510.22 levels.  During pullbacks lower, traders are paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area.   Some additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Additional areas of potential downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 areas.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 554.10 and the 200-bar MA (Hourly) at 553.94.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 627.83/ 637.79/ 668.87 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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