Long

Bitcoin Bullish by Brexit

Updated

BREAKING: BREXIT IS HAPPENING TOMORROW.

Well, at least it's starting. And as it happened the last time when the voting was in favour of Britain to leave the European Union, Bitcoin is going bullish. Again. Last year, news media reported Bitcoin gained a lot of validity as digital gold. Well, this time, it will gain even more validity, although this gain will be shared with Ethereum as I stated in my other post.

There is not much more to say about this. Brexit means euro goes down in value, so cryptos, commodities, etc, go up. I believe part of the money coming into Blockchain technology will spread mainly between Bitcoin and Ethereum, so this gain will be shared (be sure to check out the other two posts I have made of Ethereum and Monero today).

Even though the scaling debate and the division within the community will continue, and considering this is the reason why the earnings will be shared with Ethereum, I also believe that in the long term, this debate and this whole situation is a good thing. I agree what Andreas Antonopoulos said in one of his latest videos about it: https://youtu.be/rZi86_ovB3Y

Disclaimer: As usual, this is not a perfect prediction. Don't put all of your money into it. If you don't know how much to put, you can learn how to hedge properly by using common sense and Google. I will be posting updates as I have been doing in my previous posts. If you earn good profits, please donate some to keep me motivated! You can find more info at my signature.

Good luck!

Song choice for the ride: Tchaikovsky Overture 1812 - The Final
Movie choice for the ride: V for Vendetta by James McTeigue

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I think this is an actual better setup to break the upper resistance of the channel:

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Descending falling wedge also coming to an end. This formation is typically bullish:

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Elliot waves are also easy to spot. More bullish signals becoming more and more apparent!

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Pivot line seems to be working! We're up 25 USD!

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Seems like this is a bullish pennant. Could be a good sign we're going up!

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This pennant could be breaking down.

Let's keep track of it...

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ETH just broke up the triangle and it brought Bitcoin down a bit:

Although, surprisingly, it's resisting very well...

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It did not resist and it's going down. I'm going to wait a bit longer to see how this develops, but if the pivot line was an actual bull trap, then this would definitely go lower, so I'd be closing this trade:

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FIB circles are properly showing pivot points.

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Seems to me more and more likely we're going down the trendline. I would short now and take some profits. Buy back in at $1000 as or lower, as shown here:

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Elliot Waves + FIB circles + Gann Fan confirming possible Bull Market Trend. If we break the resistance we're going back up.

There is even better news! It seems ETH and BTC are finally GOING UP TOGETHER. The change of trend is possibly related with the FIB circles, but I'll post a better update later on about this.

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It seems ETH and BTC are now directly proportional!

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It's testing the resistance.

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This one has been a tough trade.

There is a good resistance line, a Gann Fan resistance and a FIB Circle resistance coming in together. That might be a good pivot to go long again if you went short before.

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Possible Pivot. There is congruence between the support line, a Gann Fan line and a FIB circle line.

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It is possible we're going to break the upper resistance line:

But beware, this move could also break down the lower support line... although I find this way more unlikely.

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Well, we broke the support line, but it seems bulls are still in control and bears are getting exhausted. I think this might be a possible setup to break the black upper resistance line:

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Will it break the channel?

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It's about to get out of the channel. Is it gonna make it, or will we see it fall again?

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Triple tops - rectangle tops. This is usually a trend reversal. We COULD be going down again. Let's wait for confirmation...

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Yes. It's going down AGAIN.

I will try to see how ETH reacts and then I'll short BTC and long more ETH.

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This bull run might be over. Notice how it all started by getting into the FIB circle and it finally seems to be coming to an end. The sad thing is it seems it's going down. I'm going to wait and see how that small Gann Fan resistance plays out. If it's broken, I'm going back to ETH.

Note

In the last update, I meant support on the Gann Fan, not resistance.

Trade closed: stop reached

Triple tops and it didn't break it. What a disappointment. I'm going to close this position for now and buy ETH and see how it goes. I think ETH will actually break that Gann resistance.

I wanna see some action and all this market uncertainty is so annoying it made LTC go through the roof.

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Seems to be ready to go lower.

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BTC trying to break up a Gann Fan resistance line.

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Trying again...

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Previous update was wrong. This is the picture:

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About to collapse once more. An ascending tightening wedge formation:

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It collapsed and now it's ready to collapse once more.

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We're going down. I already abandoned this ship.

From a perspective point of view, this is coming closer to you. Short it.

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We went up in the end, but the reason is not related to Technical Analysis but to FUNDAMENTALS.

Japan has decided to legalise Bitcoin and they released the news today:
coindesk.com/japan-bitcoin-law-effect-tomorrow/

So the price took a big jump up.

I'm still trying to figure out where the next move is going to so stay tuned!

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Litecoin has started to sign SegWit, which could bring the price down. The reason why I don't think this has dumped yet, it's cause whales are waiting for the monthly close to short it.

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I would take profits here if you haven't taken a short position on this yet. I still feel there is a dump incoming.

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Do you believe him?

I wasn't sure, but then I saw this:

The resistance is too strong and fundamentals are not looking very good right now with SegWit about to activate on LTC.

I think this is a great opportunity to SHORT.

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It has spoken... but now it's smiling...

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Shit is getting serious now...

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No words.

Looking at it from a panoramic view, we can see a double top in the 4h chart. It also seems like a failed bull run.

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FIB monster is not impressed with the dump, although quite glad.

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He seems to be getting happier and happier with the dump. Ouch.

Small bear flag spotted.

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Bitcoin ready for another leg down.

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Seems like The Devil is here to take Bitcoin down to hell.

Song for the ride by Tenacious D:

youtube.com/watch?v=vOBKxUT9Da4

Note

Still a terrible idea to long Bitcoin. Get into LTC, XRP, ETH, BTS or STR. Do not touch BTC at this moment.

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Bull Trap Demon about to get holders mega rekt.

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Congratulations! The FIB DAEMON CIRCLE has now evolved into a DEATH GARTLEY.

Poor Bitcoin and poor bulls :(

I tried warning ya...

Also, the Pivot Line seems to be for when the markets open in Japan. Let's keep an eye on it...

Trade closed: target reached

TRADE CLOSED!

Continuation of the trend can be found here:

Thanks for following up :)

CoinMajesty

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