Good morning,
As expected, Bitcoin is going up. The resistance in the middle of the range is broken and in our opinion, that was much more important than the current one.
The current resistance is more like a trap that will make people shorting BTC in anticipation of triple top or something like that.
This is an ascending triangle supported by extremely bullish weekly and daily, above both MA.
This resistance could cause small rejection to 9200-9250 area but that dip is for buying, that is not beginning of the selloff.
Target is 9600-9800 and that would be a bearish target. Bullish target is above $10k.
As expected, Bitcoin is going up. The resistance in the middle of the range is broken and in our opinion, that was much more important than the current one.
The current resistance is more like a trap that will make people shorting BTC in anticipation of triple top or something like that.
This is an ascending triangle supported by extremely bullish weekly and daily, above both MA.
This resistance could cause small rejection to 9200-9250 area but that dip is for buying, that is not beginning of the selloff.
Target is 9600-9800 and that would be a bearish target. Bullish target is above $10k.
ETHUSD is in a symmetrical triangle. Not that bullish as BTC because ETHBTC pair is going down but there is no reason for bearishness on this chart so far.
The price is going up slowly into resistance which is the best type of price action for a breakout.
It is still above both MA so we are not longing this but this gives us a confirmation for our BTCUSD longs.
The only reason we are not long ETH is that we do believe it will be outperformed by BTC and it is better to be long on BTC.
The price is going up slowly into resistance which is the best type of price action for a breakout.
It is still above both MA so we are not longing this but this gives us a confirmation for our BTCUSD longs.
The only reason we are not long ETH is that we do believe it will be outperformed by BTC and it is better to be long on BTC.
Looking at ETHBTC, it seems like the alts are too far from capitulation.
ETHBTC has 10 days to go up and close at least neutral this month.
If we see a close as we have at the moment, next month can be a fiasco for this coin which would probably mean for entire altcoin market.
I am not here to create FUD, just sharing what I see.
ETHBTC has 10 days to go up and close at least neutral this month.
If we see a close as we have at the moment, next month can be a fiasco for this coin which would probably mean for entire altcoin market.
I am not here to create FUD, just sharing what I see.
Bitcoin took out previous high. Now it is up to price action to show us the direction.
Why taking early profits on BTC longs?
At the times you are most bullish, you have to stay calm and reasonable. The price goes up and down.
The trade I took was nothing more than trade. Once it makes you profit, take it and wait for the next setup.
We have not filled CME Futures gap, price is at weekly resistance, we took out previous high with lower volume. These 3 are more than enough to convince me to take part of the profit and let the rest run.
$9500 was my main target. It got exceeded by $100. If you are not taking profit on your target, you are hoping you were wrong at the time you were predefining your target and stop loss.
This creates an inner conflict that is the root of all trading problems.
Be happy, enjoy the profit and wait for the next setups.
At the times you are most bullish, you have to stay calm and reasonable. The price goes up and down.
The trade I took was nothing more than trade. Once it makes you profit, take it and wait for the next setup.
We have not filled CME Futures gap, price is at weekly resistance, we took out previous high with lower volume. These 3 are more than enough to convince me to take part of the profit and let the rest run.
$9500 was my main target. It got exceeded by $100. If you are not taking profit on your target, you are hoping you were wrong at the time you were predefining your target and stop loss.
This creates an inner conflict that is the root of all trading problems.
Be happy, enjoy the profit and wait for the next setups.
All bullish targets on Bitcoin were reached as well as the majority of bearish targets on alt/btc pairs.
We are awaiting weekly closure to get bias for the next week.
Tomorrow morning after weekly close we will have our third #CryptoMonday where we will go through top5 cryptos.
Tomorrow evening we will have #TechnicalEvening that will cover price action of 7 altcoins.
Get ready,
CS Admin.
We are awaiting weekly closure to get bias for the next week.
Tomorrow morning after weekly close we will have our third #CryptoMonday where we will go through top5 cryptos.
Tomorrow evening we will have #TechnicalEvening that will cover price action of 7 altcoins.
Get ready,
CS Admin.
#Bitcoin
The price smashed through the resistance turning $9600 into the support.
$11500 is next resistance. It is built up by confluence between the weekly and monthly time frame.
The price action is looking amazing but the monthly time frame is still looking tricky. Currently, it is strong up candle but because of the wick it made at the beginning of the monthly, the bullish candlestick can be turned into bearish one easily if we see a drop to 9k area.
We are currently not in a position on Bitcoin. Apart from small intraday scalps, we are waiting for the next profitable setup.
This weekly can be very tricky. It can send us to $13 000 in the week ahead but also below $9000. Waiting for monthly close to show us bias for the period ahead.
The price smashed through the resistance turning $9600 into the support.
$11500 is next resistance. It is built up by confluence between the weekly and monthly time frame.
The price action is looking amazing but the monthly time frame is still looking tricky. Currently, it is strong up candle but because of the wick it made at the beginning of the monthly, the bullish candlestick can be turned into bearish one easily if we see a drop to 9k area.
We are currently not in a position on Bitcoin. Apart from small intraday scalps, we are waiting for the next profitable setup.
This weekly can be very tricky. It can send us to $13 000 in the week ahead but also below $9000. Waiting for monthly close to show us bias for the period ahead.
#Ethereum
The closure above resistance triggered $400 as the next target. The space between $300 and $400 is empty to close above the resistance is a very good sign and we do believe ETH is ready for the move.
The invalidation would be bearish engulfing on the previous weekly candle that would close below broken resistance and considering the upcoming monthly close, that would be very bearish for ETH.
The closure above resistance triggered $400 as the next target. The space between $300 and $400 is empty to close above the resistance is a very good sign and we do believe ETH is ready for the move.
The invalidation would be bearish engulfing on the previous weekly candle that would close below broken resistance and considering the upcoming monthly close, that would be very bearish for ETH.
#Ripple
The move above trading range was bullish but the close back in the range is not something bulls wanted to see.
USD pair is still looking decent but XRPBTC pair is at the edge and move down could happen very soon that would be 20-30% at least.
Because USD pair is not bad, this still has the potential of reaching targets but it is very hard to say what will be the catalyst for that, up move on BTC or up move on XRPBTC.
The move above trading range was bullish but the close back in the range is not something bulls wanted to see.
USD pair is still looking decent but XRPBTC pair is at the edge and move down could happen very soon that would be 20-30% at least.
Because USD pair is not bad, this still has the potential of reaching targets but it is very hard to say what will be the catalyst for that, up move on BTC or up move on XRPBTC.
#BitcoinCash
The closure above resistance was pretty decent and we can still see the move to the main resistance.
Because of this, we will be monitoring price action on the retest of the broken resistance.
The setup is nice so if we get a bullish sign, it would be nice trade targeting $600 at least.
It is very important that BCHBTC reclaim broken support. If that happens, the move up on USD pair is very likely to happen.
The closure above resistance was pretty decent and we can still see the move to the main resistance.
Because of this, we will be monitoring price action on the retest of the broken resistance.
The setup is nice so if we get a bullish sign, it would be nice trade targeting $600 at least.
It is very important that BCHBTC reclaim broken support. If that happens, the move up on USD pair is very likely to happen.
#Bitcoin
The price is currently above the last meaningful resistance on weekly time frame $11500.
If we get a close above $11500, we do not have really any big resistance before the new all-time high.
Maybe this area around $13500-14000 can act as a resistance. But if we break that are too, we will see soon new all-time high.
Invalidation would be a close below resistance $11500 on the weekly time frame.
The price is currently above the last meaningful resistance on weekly time frame $11500.
If we get a close above $11500, we do not have really any big resistance before the new all-time high.
Maybe this area around $13500-14000 can act as a resistance. But if we break that are too, we will see soon new all-time high.
Invalidation would be a close below resistance $11500 on the weekly time frame.
Bitcoin got rejected by last potential resistance ($14 000).
If we see a weekly close below $11500 we can drop below $10 000 next week.
Everything depends on that closure and we are waiting for that.
If we see a weekly close below $11500 we can drop below $10 000 next week.
Everything depends on that closure and we are waiting for that.