BTCUSD update: The current condition of the market is called CLIMAX SELLING. Which means that volume is showing huge selling spike but ending up suddenly reversed. Why do I think the current market is reversing?
Here are key points to look at: -> Volume is spiking (showing huge selling spike) and people are panic selling due to the price crashing. -> Price fell in to "golden zone" of fibonacci (.382 - .618) but end up rejecting .382 fib level by bouncing back to the strong support area formed by MA200 and 12,900 support. *MA200 is a great support area and if you look in the past of the price you can see how much support it has offered. -> RSI is bottoming and forming bullish divergence. -> Huge volume spike ending up forming Hammer Candlestick Pattern (these together is considered as reversal sign) in "CLIMAX SELLING" condition.
When the price has bottomed it has started to build new uptrend slowly and with certainty. This is a great opportunity to open long term trades and if the price starts falling again, I recommend to wait and seek for another buy opportunity. Educational Part: TIP: When looking for reversals, do not rely just in one indicator. To do this well and properly it is important to use multiple indicators at the same time. To learn properly identify reversals, it is also recommended to learn different candlestick patterns which are combined with oscillators.
If you need any help with trading or recommendations where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :) Happy trading!
Trading Information: Buy: Above 14,300 level Partial Profit Target: 17,700 level Main profit targets: Around 20000.00 and 21000.00 levels Longer term Target: 26,000 level Stop Loss: 10,700
Things to Remember: -> Stop-loss orders are strongly recommended. -> Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back. -> Do your homework before investing.
DISCLAIMER: Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr!
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Update on BTCUSD: Bitcoin is forming the rising wedge chart pattern on 30min chart. The price is in need for small reversal before moving further upwards.
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Update on BTCUSD: Bitcoin broke the rising wedge pattern I posted about last night and dropped to .382 level which it quickly rejected and bounced back above support level. What needs to happen it to break bullish again is to break above MA100 level which would indicate further upward movement. In other scenario if the price continues downhill, then ideal reversal zone would at support level found at 11,800 level. New entry should be open only on reversal signals and with right volume.
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MA100 is currently acting as resistance level. The price needs to break above of the line to see further upward movement. If the price rejects, it will move further downwards. Ideal zones to look for reversals are the support levels + fib .382. MA50 and MA100 crossing would indicate and support further upward movement and possible trend change.
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Diamond Reversal pattern + Double bottoms = indicating reversal happening soon? Price needs to be above MA100 level(as posted in prev post) + break neckline and from here it is easier to see where the price is eventually heading to.
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New trading analysis out! Check it out at here. :)
There is actually a 3-candle climax bottom pattern; can't find it online, i'm looking for it; but it involves the first 2 candles red and third green, with the volume of the second red candle greater than the volume of the first. Also the green candle needs to close higher than the lowest part of the body of the 2nd red candle I think? Usually this has a tendency to form many hammer/morning star patterns but doesn't have to. Only the daily graph we do have the 3 candle red-red-green climax bottom pattern, and that is a good sign. The green volume was kind of weak, and have preferred more volume as in past reversals like in Nov, Sept and July bottoms. But percentage wise, this fall is more or less in line; a little bit bigger than 38.2, but it didn't reach 50% which is good. Because when a blowoff top has a 50% retracement or greater, the chance it retraces 100% becomes like 70%. So this could be a continuation of the bull trend, or could be a bull trap which needs a few more weeks of basing.
iloveicecream
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Thanks so much yarr!
Joker7
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good job bro thanks
mayneminu
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Target if if this breaks down? We look to be riding right on the bottom
This chap thinks we should be on the lookout for a 'head & shoulders' pattern, with the second shoulder at around 18500, and agrees with your taking partial profits at 17,700. the post and then drop even further down. My question for you is assuming the trend has reversed, why would a stop loss be placed so low at 10K and not after we cleared the support level? In the video, he assumes if the second shoulder appears and the trend reverses he is looking for a drop much lower. But what are your thoughts? the video is here: youtube.com/watch?v=_39MvDwiM-k
poundingcode
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Thank you for your TA. I've just started into investing in crypto in November, plunking down my first serious buy at the beginning of Dec. Still ahead - but not ahead of the curve, the sell off happened before I could take advantage & rode it into the basement. Fortunately, I'm still ahead by double digits at the moment, and surprisingly despite having no experience, and arriving quite late to the party, I still beat out the performance of my 401K mutual funds - which did respectfully - by 2% even as the crypto markets are firming up the bottom. Obviously, I have much to learn and through you generously sharing your insight will allow me to be better educated, more nimble and far more profitable in the future.