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Resistance Became Support | BitcoinIn my last post, I made the case that Bitcoin has found its bottom at the green support zone because of the following reasons: 1: Bitcoin has fallen 20% from the current peak to the support zone 2: The support zone was key resistance multiple times. The fact that it broke resistance is significant! 3: The 21 weekly ema was at the support zone. As we can see now, Bitcoin has made it out of its support zone. What this means is that Bitcoin has made its previous resistance new support and that the 21 weekly ema was also kept as support. This is extremely bullish! So what can we expect now? First of all, the previous consolidation area has to be breached before the price can really kick off a new rally. It is likely that in the next few days, the consolidation area will be hit. When that does happen, i'll make a new update. As of now, Bitcoin seems to be incredibly bullish.
BITSTAMP:BTCUSDLong
by VinanceYT
Buy The Dip? | Bitcoin Despite the fact that COINBASE:BTCUSD has fallen 20 percent over the last few weeks. I think the price, at this point, is still bullish and here's why. As we can see on the chart, we have the green support zone which has been touched. This zone has been resistance on October 25 in 2019, Februari 13 of 2020 and in May and June of this year. This implies that this is a support/resistance zone of significance. What this Also means is that on 27 Juli of 2020, the price has broken the resistance area for the first time in a long period. Now in technical analysis, one of the basic fundamentals is previous resistance becomes new support which brings us to the price of today. For the first time since October 2019, Bitcoin has made this resistance zone its support. This is extremely bullish because it implies that the price has now broken a barrier and has made its barrier its new foundation. To summarize: Bitcoin has broken its year long resistance zone and has now confirmed it as its new support which is bullish
COINBASE:BTCUSDLong
by VinanceYT
A Quick Cypher ScalpBITFINEX:BTCUSD COINBASE:BTCUSD BITSTAMP:BTCUSD 1.Low / decreasing volume uptrend 2.Forming bullish cypher with CD downleg incomplete 3.7hrs kumo cloud resistance on the head 4.The cypher completion expected at traditional S1 support 5.Bounce from the cypher effect to be arrested in the 0.382DC then 0.618DC, Complements Kumo cloud resistance 6.A later on expected downfall to the S@ ground, after the uptrend breaks and gets rejected by the kumo cloud.. Will update the final leg of the down fall later on.. All thi is happening in the background of a longer trend which i established here...
BITFINEX:BTCUSD
by capsule91
A Bullish Butterfly finally!BITFINEX:BTCUSD COINBASE:BTCUSD BITSTAMP:BTCUSD Rationale for entry.. The reversal from the falling wedge on good volumes , The 5/13 dema cross on the uptrend, The RSi in the oversold zone And finally the Bryce Gilmore classic butterfly with an uncommon AB=CD pattern doing reversal from the PRZ on the back of good volumes... In short, a feast! Take profit is classed at 0.618AX level, as the extreme point (10778) and at 0.382AX level as a moderation (10704).... The space between these two level is the profit protection zone..
BITFINEX:BTCUSDLong
by capsule91
Clear case of long on the BTC/USD house!BITSTAMP:BTCUSD Case for the bulls... 1.A longer term bearish abcd with a bullish CD leg under formation 2.Breakout from the ichimoku cloud on the four hr chart , both lagging line(Chikou span) and price action 3.Fibonacci retracements of 0.382 bokeen on good volume support (although not a clear brekout) 4.A inverse head and shoulder with classical volume pattern 5.Bullish trendline being respected 6.Money flow converging with price Potential reversal zone starts at 12884 to 14416..
BITSTAMP:BTCUSDLong
by capsule91