Market Update

Bitcoin is stuck in the range between $9.600 and $11.500.

On the higher timeframe perspective, it is still extra bullish with obvious higher lows and equal highs. This structure is also known as the ascending triangle. 

This could be both, accumulation or distribution, and the confirmation will happen once we either see a close above $11.500 or below $9600 on the weekly timeframe. 

Until it happens, intraday choppiness will continue. 

This is time not to be exposed to the market. 

You can wait for the mentioned confirmation and then make a decision according to that confirmation.

Altcoin Market Update

One of the biggest lessons we can take from the DotCom bubble is that even though some companies became gigantic conglomerates in today’s world, the majority got bankrupt. 

Even though some of the coins will make thorough, the majority of them will die in the upcoming years. 

Does this chart show the strength of Bitcoin or the weakness of altcoins?

Both!

The price level of 0.025BTC looks like 6K Bitcoin support. 

Maybe it will play out the same, maybe not. 

Whatever is going to happen, the current situation shows us that most likely Bitcoin will still be dominant and that altcoins will keep suffering.

XBTUSD

http://prntscr.com/p8re6l

While yesterday’s rejection may seem bullish, it does not cause bullish pressure in the market.

Waiting for daily close and if it closes below $10k, I will be looking for shorts targeting below 9k because I do not think $9.6k is going to hold if it gets tested on more time.

Even if get a close similar to current one, that will be bearish sign because the bullish rejection was totally absorbed.

That’s my opinion on Bitcoin 😉

Baki

BTCUSD : http://prntscr.com/p96qa6

If we see Bitcoin near support one more time, I waould be surprised if it holds one more time.

Bitcoin is going into dangerous territory despite big boune it had 2 days ago.

Upcoming Bakkt launch that will happen on Sep 23rd will be catalyst that will probably set the roots of new trend in the market.

If fundamentals are going to align with technicals, I think there would be something negative because at this moment, Bitcoin shows weakness.

I will update you if something changes,

Baki.

Bakkt is LIVE!

There are enormous hopes riding on the much delayed launch of Bakkt, which some believe will trigger a huge wave of institutional investment and mainstream adoption.

Bakkt is owned by ICE, a $52 billion market cap trading colossus that owns the NYSE and a bunch of other platforms.

Many pundits believe physically settled Bitcoin futures will enable better price discovery and smooth out volatility.

So far what we can see that the interest is not that big.

In the first 5 hours, the traded volume was “JUST” 20 Bitcoin!

Was Bakkt overhyped or it is still too early to judge?

ETHUSD

http://prntscr.com/p9u25h

Signal short

Entry 208.75
Stop loss 213.0

TP1 204.50
TP2 200.00
TP3 195.50

Good luck

TP1 reached http://prntscr.com/p9v7l6

TP2 reached http://prntscr.com/pa0t9w

ETHBTC chart: http://prntscr.com/pa6ujf

ETHBTC pair is facing resistances that was an area of interest from the past (previous support).

On lower time frames, we had 3 moves to the resistance that got rejected and now we are falling down.

There is no mini alt season if this area doesn’t get broken.

TP3 reached http://prntscr.com/pa6wqs

All targets were reached ✅

Great short trade on ETHUSD in our VIP channel.

Combining bearishness of BTCUSD pair together with the weakness on ETHBTC pair, we saw nice drop in ETHUSD pair reaching all of our three targets.

Now the price is coming close to an important area around 190 which is potential support area so we are out of short trade waiting for next profitable trade opportunity.

Down we go http://prntscr.com/pagfsv

$400 million worth of longs liquidated on Bitmex!!!

I’ve seen a lot of dumps but this one is by far one of the biggest.

From $9400 to $8500 in one 15min candlestick!

Welcome to Crypto!

$600 million liquidated on Bitmex!

Are we going to a billion?

BTCUSD: http://prntscr.com/pb8uyu

Signal short

Entry: 8400
Stop loss: 8635
Target 1: 8150
Target 2: 7910
Target 3: 7670

Good luck

TP1 reached http://prntscr.com/pbao7j

TP2 reached http://prntscr.com/pbdefb

What a trade, what a precision 💪

Now we let market build next trade opportunity, hopefully, profitable as this one.

Price took out previous low and now it is waiting for the game for the next trade and ultimately the third target to be reached.

Reached or not, this was amazing trade and shared almost at the perfect time (2 hours before the beginning of the drop).

BTC/ALT crosses are doing pretty nice compared to Bitcoin selloff, so our eyes are looking for potential trade/investing opportunities in that area of the market.

I would like to announce that our VIP channel is reopened for new members.

For more information, reach out to @CryptoSignalsAdmin.

ETHBTC: http://prntscr.com/pbo6nn

We had a trading range that led to a breakdown.

The price found support at 0.015 BTC and now it is trying to retest 0.025BTC (multi-year support that got broken).

While it is nice to see a bounce from 0.015BTC, we are still too far from an alt season.

The first sign will be if the price makes bullish engulfing and engulf the previous month.

The second sign is close back in the range and then I would be interested in buying ETH/BTC targeting range break out that may lead to 0.05 BTC.

If this doesn’t happen and price doesn’t reenter the broken range, we are too far from the altcoin season.

It doesn’t look too bad especially while Bitcoin is going down but we need more upside momentum to get confirmation.