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Bitcoin (BTC) Bulls Remain Optimistic While Price Begins Downtrend

Bitcoin (BTC) bulls are still too optimistic even though the price has begun the day in red and has embarked upon a downtrend. We have yet to see whether the price has some room to make one last move to the upside before declining hard but the retail bulls seem unconcerned by any of this. The daily chart for BTCUSDLongs shows that bullish positions on BTC/USD have been on the rise in the past few days and they might yet rise further to test the 61.8% fib retracement level once again. Such a rise is likely to coincide with some...

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Sally Ho's Technical Analysis 7 November 2019

Bitcoin Bitcoin (BTC/USD) appreciated to the 9364.95 area early in today’s Asian session as the pair appreciated from the 9253.66 level late in yesterday’s North American session, then right around the 200-bar MA (hourly).  Traders continue to search for a market bias as the pair continues to orbit the 9301.26 area, representing the 38.2% retracement of the 7296.44 – 10540.49 range.  That area is also near another important retracement level, namely the 9269.57 level that represents the 50% retracement of the broader 4670.69 – 13868.44 range.  Below current market activity, the next retracement level related to this broader range is...

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Can Ethereum (ETH) Break Out Of The Descending Channel?

Ethereum (ETH) remains within a descending channel. The price has seen a lot of bullishness short term that has many traders hoping for a break past the descending channel. Hoping and wishing is a very dangerous game in this market. If you are counting on hope for the price to do something then you are very likely to make a bad decision. It is therefore a good idea to have an understanding of what is going on and what might happen but not to base investment decisions on hoping or wishing. Speaking of what is going on ETH/USD has just...

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Bitcoin (BTC) Ready To Begin Correction?

Bitcoin (BTC) remains within a large symmetrical triangle and that is the big picture that really matters. We have seen it test the top of it, the bottom of it, then the top and now it is only reasonable to think that it could decline towards the bottom again. In addition to that, BTC/USD remains within a downtrend as the trend line resistance has yet to be broken. The price is very likely to decline much lower from here if it fails to break past this trend line. If the price ends up breaking past this trend line and rallies...

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What It Means To Be Bullish On Bitcoin (BTC) At This Point

Bitcoin (BTC) is not in an uptrend; it remains in a downtrend on the big picture. The mistake that most new traders often make is to confuse time frames. The price might be bullish on a smaller time frame like the 15 min chart but that does not mean it is bullish on a higher time frame like the 1D chart. As we can see on the daily chart for BTC/USD, the downtrend remains intact and this short term bullishness is likely to come to an end now. One thing that is very important to note that even those that...

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