🚀🎯 As expected NWC did bounce off of the support and reached the target - mid line of the channel

Profit 17%

BTC 4h

The price established a nice upward channel. Testing the bottom of it again

There’s a possibility of getting a Golden Cross if we stay within this channel - bullish signal 🐂

However, if we break down 10.8-10.9k horizontal level, where EMA200 is right now, this will be a pretty bearish sign 🐻

So, BTC is crashing, Golden Cross averted

Yesterday I mentioned, that to get the Golden Cross we needed to stay within the upward channel

👉 Next 4h candle the price broke down the channel’s support - first bearish sign🐻

After that we got a perfect retest of the breakdown level, and then BTC took a nosedive as I expected 📉

NWC is consolidating above the Support 1 - the bottom of the horizontal channel

As long as it holds above it, the bias is bullish, so looking for a test of sloped resistance trendline in the short-term

If it breaks above it, I can foresee the price hitting the top of the channel

📌 This year Bitcoin price has been in a more sustainable uptrend than 2019

In 2019 exchange balances was increasing, while this year, they continued falling despite price rises

2020 is showing that investors are willing to ‘hodl’ rather than speculate, reducing overall selling pressure

🐂

🎯 NWC bounced off the channel’s support as expected & hit the first target!

Profit 13% so far

BTC update

Last 3 days price action is starting to shape up as an Ascending Triangle

If this formation resolves to the upside (which is more likely), it’ll face some resistance levels:

- the first one is around 10650 (near EMA50 on 4h)

- and more serious second one - 10.8k area. This resistance will be tough because a breakdown of this level triggered the selloff a couple of days ago + EMA200 on 4h is coming there

💡So, if everything goes as it should, ideal scenario would be a breakout of the Ascending Triangle to the upside, hitting 10.8k and reversing there back to the downside


⚠️ However, be ready for a bearish case
10.3k is a very critical level in that regard

If it breaks, the price will fall hard and fast. In that case 9k will become very likely

Ideal scenario rarely plays out

That’s why I outlined the bearish case - breaking down the red line (10360) should have activated your short trade

And if you did exactly that, you are in the money right now

What bears wouldn’t like to see is a swift return to 10.5k prices

Did you know about the 128-Day Moving Average?

This is a special MA. Let me show you why

📌 This particular moving average was derived exclusively for Bitcoin, because it’s been pretty accurate in catching dips and highs throughout the Bitcoin’s history

It’s close to 20-Week MA or 21-Week EMA, but on the daily scale

So, now let’s take a look at the current picture

Right now BTC is sitting at a very critical support - the notorious MA128 which is in line with the bottom of the upward channel & horizontal support

🐂 Bullish bias as long as the price is holding above the support (the bottom of the channel & MA128)

🐻 If this support cluster breaks, I think there’ll be no much stopping us from reaching 9k area where we have another horizontal level and MA200

CME BTC Futures (BTCU20) expiring in less than 3 hours!

Also a big options expiry (>$900 million) is to happen today

Expecting some volatility (right at the expiration time or on Monday)

ETH update

Look at how perfectly the price of ETH reached the Resistance Cluster and got rejected there

And also notice how well the Major S/R Level is supporting the price since the rejection

📌 ETH has to hold this support level, otherwise it will lead to a nasty bearish outcome (test of previous swing high $270)

NWC is being beautifully supported by EMA100

There’s a bullish divergence on the RSI

Looks good to bounce

BTC Weekly update

EMA21 still perfectly holding up the price, but there is a serious point of concern:

Bitcoin weekly MACD crossed to the downside

📍It doesn’t cross that often but when it does it leads to some nasty falls

But I do not see any catastrophic drop yet

💡Despite the bearish MACD cross, it's important to stick to the levels

- If EMA21 breaks, next stop would be 9k
- If MA50 breaks, final destination would be MA200 (~7k)

In my opinion, it’s the lowest the price can go

🚀 XMR broke out like I expected!

🎯 First Target Reached!
Profit 13% so far

🎯XMR hit the second target!
Profit 24%

BTC 1d Update

Selling pressure caused by BitMEX FUD pushed the price of Bitcoin all the way down to MA128 (came $50 shy of it, but we can count this as a test)

The upward channel is intact, support still holding

🐂 Bullish bias as long as the price is holding above the support cluster (the bottom of the channel & MA128)

🐻 Bearish if the support breaks (MA200 would be the first target in that case)


[💡Watch that support trendline on the RSI. It can break down the support before the price breaks down. Some kind of a leading indicator ]

BTC on CME

The price of Bitcoin is shaping up as a perfect rising wedge (generally bearish formation) on 1h CME chart

Moreover, there’s a small Gap between 10670-10575 📍

💭Wouldn’t be surprised if we have a pullback here

BTC CME update

🎯 The Rising Wedge broke to the downside as expected!

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A new bullish cycle is starting 🚀