Where next?
I will wait for some triggers to happen.
The first and main one is to see the previous low to be taken off.
If we take out the previous low and bounce back to $8300, I’m back in the long position.
Knowing my skills, most likely, I’ll get better entry than $8300 and spot signs of reversing on lower time frames but this is the plan.
I want to see that scenario because in that case, we will get rid of unpatient buyers that are holding their stops below that low.
When we get rid of that selling pressure (stop loss orders from buyers are sell orders and that’s why buyers are also sometimes selling pressure), I’ll be looking for fresh long entries.
I just want to see how many buyers are in the market and if they’re patient with wide stops or not.
There’s the possibility of seeing some wick even below $8000 if the number of tight stop loss orders is high.
That’s why I don’t want to be in a position right now and place stop loss orders in a liquidity area and join the majority of the market.
Maybe I'll try catching some nasty longs from $8200 or just below it but as I said, that's not the plan, it's only in case I get that early confirmation that will allow me to do that.
If we don't see that unfolding, then I'll patiently sit in the market waiting for the next setup to happen, I won't run into buying Bitcoin at resistance ($8400-8450) because I won't be able to break even it for ages.
I would rather wait for a break of the resistance and then long because it would be a position that would allow me to move SL to breakeven very fast.
I will wait for some triggers to happen.
The first and main one is to see the previous low to be taken off.
If we take out the previous low and bounce back to $8300, I’m back in the long position.
Knowing my skills, most likely, I’ll get better entry than $8300 and spot signs of reversing on lower time frames but this is the plan.
I want to see that scenario because in that case, we will get rid of unpatient buyers that are holding their stops below that low.
When we get rid of that selling pressure (stop loss orders from buyers are sell orders and that’s why buyers are also sometimes selling pressure), I’ll be looking for fresh long entries.
I just want to see how many buyers are in the market and if they’re patient with wide stops or not.
There’s the possibility of seeing some wick even below $8000 if the number of tight stop loss orders is high.
That’s why I don’t want to be in a position right now and place stop loss orders in a liquidity area and join the majority of the market.
Maybe I'll try catching some nasty longs from $8200 or just below it but as I said, that's not the plan, it's only in case I get that early confirmation that will allow me to do that.
If we don't see that unfolding, then I'll patiently sit in the market waiting for the next setup to happen, I won't run into buying Bitcoin at resistance ($8400-8450) because I won't be able to break even it for ages.
I would rather wait for a break of the resistance and then long because it would be a position that would allow me to move SL to breakeven very fast.
An ideal scenario would be an accumulation in this green area.
The longer it would be, the bigger the impulsive wave would be and if that’s going to be the wave to the upside, it could easily go through the resistance ($9600).
If we tap to the resistance in this move, it wouldn’t be so good as the majority is going to perceive that.
On lower time frames, it’s becoming parabolic and in most cases, when it hits higher time resistance, it gets rejected.
I don’t want it to hit resistance after $1500 move because it’s going to be full of sellers booking profit and those that will try to short the resistance.
If we consolidate in this area, I will not perceive $9600 as a big resistance because if the move is going to be to the upside, it’s most likely going to break through.
But if we go instantly there, it’s going to be way harder to be broken.
The overall bias is still very bullish and I’m waiting for monthly close to confirm it.
The longer it would be, the bigger the impulsive wave would be and if that’s going to be the wave to the upside, it could easily go through the resistance ($9600).
If we tap to the resistance in this move, it wouldn’t be so good as the majority is going to perceive that.
On lower time frames, it’s becoming parabolic and in most cases, when it hits higher time resistance, it gets rejected.
I don’t want it to hit resistance after $1500 move because it’s going to be full of sellers booking profit and those that will try to short the resistance.
If we consolidate in this area, I will not perceive $9600 as a big resistance because if the move is going to be to the upside, it’s most likely going to break through.
But if we go instantly there, it’s going to be way harder to be broken.
The overall bias is still very bullish and I’m waiting for monthly close to confirm it.
Crypto Signals via @vote
What’s your opinion on Bitcoin?
anonymous poll
I’m bullish – 277
👍👍👍👍👍👍👍 62%
I’m bearish – 108
👍👍👍 24%
I’m neutral – 61
👍👍 14%
👥 446 people voted so far.
anonymous poll
I’m bullish – 277
👍👍👍👍👍👍👍 62%
I’m bearish – 108
👍👍👍 24%
I’m neutral – 61
👍👍 14%
👥 446 people voted so far.
Be careful guys because this is proof that there is no unhackable hardware device.
Things you should do in order to increase security:
- Never disclose the amount of money you hold. The more you have, the more potential hackers you’ll attract because the reward for them will be bigger and worth the attempt.
- Not only that, you have to keep your recovery seeds safe but also a physical device. This is proof that if someone has your device, it’s way easier to crack into it.
- Choose other hardware wallets. Ledger Nano team responded to this that they had integrated security measures that will keep you safe in this scenario. But even if you choose other hardware wallets, please imply the steps above to increase the security.
Things you should do in order to increase security:
- Never disclose the amount of money you hold. The more you have, the more potential hackers you’ll attract because the reward for them will be bigger and worth the attempt.
- Not only that, you have to keep your recovery seeds safe but also a physical device. This is proof that if someone has your device, it’s way easier to crack into it.
- Choose other hardware wallets. Ledger Nano team responded to this that they had integrated security measures that will keep you safe in this scenario. But even if you choose other hardware wallets, please imply the steps above to increase the security.
Bitcoin is creating a range at resistance.
What does it mean?
Is it bullish of bearish?
When resistance/support is approached by an impulsive move, the likelihood of holding out is very high.
On the other side, when the price is slowly going into resistance/support or accumulating not far away from it, there is a way bigger possibility to be broken.
Currently, the volume is giving up bearish divergence but the selling volume is low, so I wouldn’t consider that as a bearish nor bullish sign.
RSI is still not showing any divergence, so that’s neutral as well.
Move in any direction is possible.
If you’re bullish, place your stop below the support of the rising wedge.
If you’re bearish, place your stop above the resistance of the rising wedge.
By default, this is bearish market conditions (rising wedge into resistance after three impulsive waves up) but considering extremely bullish monthly and weekly closures, i’m not shorting this yet.
If this turns out to be bearish, I will rather buy the dip
What does it mean?
Is it bullish of bearish?
When resistance/support is approached by an impulsive move, the likelihood of holding out is very high.
On the other side, when the price is slowly going into resistance/support or accumulating not far away from it, there is a way bigger possibility to be broken.
Currently, the volume is giving up bearish divergence but the selling volume is low, so I wouldn’t consider that as a bearish nor bullish sign.
RSI is still not showing any divergence, so that’s neutral as well.
Move in any direction is possible.
If you’re bullish, place your stop below the support of the rising wedge.
If you’re bearish, place your stop above the resistance of the rising wedge.
By default, this is bearish market conditions (rising wedge into resistance after three impulsive waves up) but considering extremely bullish monthly and weekly closures, i’m not shorting this yet.
If this turns out to be bearish, I will rather buy the dip
We’re entering bullish market sentiment and the main reason is upcoming halving.
There are people saying it’s already priced in.
What people don’t understand are the technical side of halving.
It doesn’t matter if it’s priced in or not.
That can only cause short term price fluctuations.
The first major impact of halving is that it’s going to make Bitcoin more scarce.
The second and most important impact is giving miners 50% less rewards.
It means that selling pressure caused by miners that always there will decrease.
Miners are always bears in the market because they need to sell Bitcoin to pay electricity.
When you give them 50% half of the coins they used to get, the selling pressure will definitely go down.
No matter what happens, history is perfectly clear.
When we’re approaching halving, the market is entering into the bullish cycle and when in that cycle, avoid shorting with big positions because you can be shaken out of the market quickly.
There are people saying it’s already priced in.
What people don’t understand are the technical side of halving.
It doesn’t matter if it’s priced in or not.
That can only cause short term price fluctuations.
The first major impact of halving is that it’s going to make Bitcoin more scarce.
The second and most important impact is giving miners 50% less rewards.
It means that selling pressure caused by miners that always there will decrease.
Miners are always bears in the market because they need to sell Bitcoin to pay electricity.
When you give them 50% half of the coins they used to get, the selling pressure will definitely go down.
No matter what happens, history is perfectly clear.
When we’re approaching halving, the market is entering into the bullish cycle and when in that cycle, avoid shorting with big positions because you can be shaken out of the market quickly.
I’m not looking at fundamentals and I don’t know the reason why ICON went up but what I can tell you is my opinion looking at technicals.
The price is currently retesting the bottom of the previous trading range.
It has to break above it back in the range if this coin wants to go up.
If it doesn’t reclaim the support of the broken range, this whole move can be reversed to its starting point in the upcoming weeks/months.
The trading range has to be reclaimed on the first or second attempt.
If it got rejected more than two times, most likely it’s going down again and this will be nothing more than an exit pump.
This was an update for those that are curious what’s my opinion on ICON because it’s currently best performing altcoin.
The price is currently retesting the bottom of the previous trading range.
It has to break above it back in the range if this coin wants to go up.
If it doesn’t reclaim the support of the broken range, this whole move can be reversed to its starting point in the upcoming weeks/months.
The trading range has to be reclaimed on the first or second attempt.
If it got rejected more than two times, most likely it’s going down again and this will be nothing more than an exit pump.
This was an update for those that are curious what’s my opinion on ICON because it’s currently best performing altcoin.
I got asked about many coins so throughout this day I will try to write updates to as many coins as I can.
Hope you’ll like it!
Hope you’ll like it!
XRPUSD
Last 18 months, $0.30 area was crucial for this cryptocurrency pair.
Firstly it was very strong support and we saw great bounces from that area.
But every next bounce was weaker and we started to range around that area.
Once we broke below that area, it became a resistance.
Because of its importance, it has in the past, we have to look closely and respect this area.
If we break above, there’s free room for growth and we can see some nice gains.
No, I don’t think new all-time high is coming but 2x or 3x from that $0.3 could happen.
Last 18 months, $0.30 area was crucial for this cryptocurrency pair.
Firstly it was very strong support and we saw great bounces from that area.
But every next bounce was weaker and we started to range around that area.
Once we broke below that area, it became a resistance.
Because of its importance, it has in the past, we have to look closely and respect this area.
If we break above, there’s free room for growth and we can see some nice gains.
No, I don’t think new all-time high is coming but 2x or 3x from that $0.3 could happen.
I don’t want to predict what will happen at the test of this area.
Let’s wait for the market to unfold its direction so we can take action.
It can go in either direction but we have to be honest and say that this is one of the best bounces we saw because it’s slowly going up, which is a very strong sign.
When you’re approaching resistance slowly, there’s way bigger chance to see a breakout.
Let’s wait for the market to unfold its direction so we can take action.
It can go in either direction but we have to be honest and say that this is one of the best bounces we saw because it’s slowly going up, which is a very strong sign.
When you’re approaching resistance slowly, there’s way bigger chance to see a breakout.
ETHUSD
Firstly I called drop to $100 (Source) and when it reached $115, I realised that maybe I was too bearish and called a potential move to $200 (Source).
Where next?
Ethereum is definitely bullish.
The blue area is where buying makes sense if you're not in leverage or spot position.
Targets?
If we get to $250 without big green candles but rather slow but steady growth, we can go above 2019’s high ($350+).
The red box is where the trouble area is. If we don’t get big rejection there, as I said, there’s a high probability of seeing $350+.
This is higher timeframe target and you need months for this to unfold
Firstly I called drop to $100 (Source) and when it reached $115, I realised that maybe I was too bearish and called a potential move to $200 (Source).
Where next?
Ethereum is definitely bullish.
The blue area is where buying makes sense if you're not in leverage or spot position.
Targets?
If we get to $250 without big green candles but rather slow but steady growth, we can go above 2019’s high ($350+).
The red box is where the trouble area is. If we don’t get big rejection there, as I said, there’s a high probability of seeing $350+.
This is higher timeframe target and you need months for this to unfold
Looking at the market and comparing different crossings, it looks like USD pairs are hitting resistance (BTC, ETH, XRP).
I'm eagerly waiting for daily closure and reaction to that close because we can get some early signs that USD prices will go down for some time.
I'm eagerly waiting for daily closure and reaction to that close because we can get some early signs that USD prices will go down for some time.