BITCOIN UPDATE AND TECHNICAL ANALYSIS

Stoor15

brand new

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Quote

BTC POPS

BTC has popped roughly 3% from the $6,910 level and is nearing the most recent high of $7,129 on the 1H.

Whilst we did break the $6,910 level, the bulls have succeeded in propelling BTC higher after price collided with the previous $6,836 wick high as outlined on the chart.

We must admit, we were expecting price to sink a little lower and hit the $6,770 level however, we’re still ahead of the game and are not letting perfect get in the way of good.

We didn’t play this long trade but we’re looking intently at the price action to plan our next move accordingly. As always, we will keep you all posted.

lol, thanks heaven I sold all the bitcoins I had when it had maximum price (20 thousand). By the way, I was hesitating to do it, because according to the article about the bitcoin phenomenon from the site that helps me Improve business performance, there was said that optimists predicted that Bitcoin could rise to $ 100,000, but thank heaven I didn't trust that information, but read the information below, where there were said depressing news that made me predict, that the price will certainly decrease and as a result we have what we have, but I'm happy, becasue due to that article I was convinced that to sell bitcoin will be the best option

By the way, all in all that site is quite interesting and helps me expand the boundaries of knowledge

GeckoTrader

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💥ETF Rejection💥

The Proshares ETF application was denied by the SEC.

The application required a rule change to be accepted by the SEC. When handing down their decision the SEC explained that the rules could not be changed and that the decision in no way means the SEC does not believe in the viability of blockchain technology.

The Proshares application included a long and a short $BTC product tied to $BTC futures contracts. It came as no surprise that the application was rejected as the Proshares products were tied to a highly volatile and leveraged 9 month old asset class.

It should also be noted that this product is not physically backed by $BTC.

This may play well into the hands of the Vaneck-SolidX application which is due to be decided in one months time.

The SEC is tasked with protecting retail investors. The Vaneck-SolidX ETF product has a unit size of 25 $BTC with a target audience of institutional investors.

In comparison to the failed attempts of previous ETF applications, the Vaneck-SolidX application appears far superior.

The proverbial red herring rejection today will undoubtedly send the market into a downward spiral, a great shorting opportunity.

#CAVEAT

GeckoTrader

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BTC Update

Earlier today BTC dropped roughly 3.7%, falling from around $6,450 down into the $6,200 region. Price wicked the lower end of the support and consolidation zone and was propelled back higher in what is becoming the same old song and dance.

Since the 9th of August, price has consolidated and launched out of this $6,200 zone at least three times. It is apparent that the bulls do not want price to go below this point but we have so far failed to garner the momentum to push above the resistance at $6,600.

Somethings got to give

This sideways action isn’t riveting by any stretch but the recent and uncharacteristic predictability of BTC price behaviour is presenting some opportunities to capitalise on price movement within the range.

Currently we are in a no trade zone but should price continue to climb higher to $6,580 or above, we will consider looking at placing some sell orders and ride it back down.

🚨The short squeeze🚨

It looks like the short squeeze has happened after all and is pretty much at our target area for shorts right now.

We are NOT shorting just yet, but rather looking for some kind of bearish rejection candle on 4h to confirm our theory.

#CAVEAT FOLKS

moon2earth

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Quote from: GeckoTrader on August 16, 2018, 10:52:44 AM

The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.

Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.

This is to be expected after a 13% surge in price from the lower end of the range. We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.

If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.

If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell.

Coming up.

I do not think that bitcoin price is going to bounce back below 6000$. I hope that bitcoin price is expected to cross 8000$ figure again, and after that it will continue to increasing and will very soon cross 10000$. I think that bull run has now started and therefore bitcoin price is expected to increase too much.

GeckoTrader

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~~BTC climbing higher~~

BTC is slowly grinding higher and is making its way towards the top of the consolidation range. We’ve failed to break through $6,578 previously (and prior to this $6,537) so we will be looking to see if this slow crawl up can push through these points. Both $6,800 and $7,000 look like possible targets depending on the timeframe.

It is possible that BTC is in an ascending triangle - a breakout above could present an opportunity to go long to the levels mentioned above. A rejection and subsequent breakdown below could provide a good shorting opportunity to take back down to the $6,200 level or possibly lower as this is the prevailing direction of the overall trend.

GeckoTrader

jr. member

Activity: 196

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The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.

Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.

This is to be expected after a 13% surge in price from the lower end of the range. We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.

If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.

If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell.

Coming up.

GeckoTrader

jr. member

Activity: 196

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As mentioned in our last TA update, BTC bounced just shy of the 23-fib level and will as expected, continue its downward trajectory further. We’ll be keeping our eyes set on a few key levels as we make our descent - we could be in for a bit of turbulence.

As price nears $6,265, this will be a region to watch since we have historically bounced twice from here before. We are expecting price to break through without too much of a fight however and the next stop will likely be close to $6,100 - $6,000.

There may indeed be a bounce at this level as well and we will be looking closely to see how the price action unfolds. There may be some short-term counter-trend trades which present themselves but we will also be looking for shorting entries as the prevailing bear trend ensues.

Buckle up ladies and gents Wink

GeckoTrader

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It now seems evident that we are clearly in a wave 3 down which would mean the relief rally from 5800-8470 was a corrective ABC in nature, meaning that once this 5 wave down structure is complete, it is only the beginning of a larger correction and not the end.

We want to point out that We have no intention of buying the ensuing wave 4 but only looking to short any strength, preferably in the 6.6-6.7k region.

It is no secret we have been calling for an end of bear market target at 3.2k which has been brought up a few times before.

Whether this happens or not is trivial as we are active traders, and trade what we see, which in this current climate, there are not too many bull cases to be made. BTC

BITcoinJuniorMB

newbie

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The price level is going down and it is sad to witness this. The people need to be patient. The market did recover from the dip and it will get better again. We just need to be patient, that's all.

GeckoTrader

jr. member

Activity: 196

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BTC POPS

BTC has popped roughly 3% from the $6,910 level and is nearing the most recent high of $7,129 on the 1H.

Whilst we did break the $6,910 level, the bulls have succeeded in propelling BTC higher after price collided with the previous $6,836 wick high as outlined on the chart.

We must admit, we were expecting price to sink a little lower and hit the $6,770 level however, we’re still ahead of the game and are not letting perfect get in the way of good.

We didn’t play this long trade but we’re looking intently at the price action to plan our next move accordingly. As always, we will keep you all posted.

Elmer1

newbie

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Quote from: YuginKadoya on August 06, 2018, 07:51:30 AM

No further updated on when the bearish market will last, The downward movement of bitcoin and other Cryptocurrency will still continue, However I really think we can still see the $8000 mark value when the price continues to dominate and penetrate the resistance we are experiencing right now in going to the $7000 mark value because the value right now is at $6,985.63 USD.

The crypto market has lost $5 billion of its valuation overnight, as major digital assets including Bitcoin, Ripple, Ethereum, and Bitcoin Cash recorded slight losses in the past 24 hours.

Bitcoin and Ether, the native cryptocurrency of Ethereum, fell by around 1.5 percent, while Bitcoin Cash and Ripple declined by 2.5 percent and 5 percent respectively.

This is the bitcoin analysis latest update

https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/08/download-27.png

VogueaNON

newbie

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This is a sad news. The market finally made a bull run but suddenly it is coming crashing down. It's like we can't take a break from the bad omen. Let's hope the market hits the upward curve again, as soon as possible.

adaseb

legendary

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The $6800 area was very important.

It was the fibo 61.8 area and it was also the neckline from the head and shoulders formation last month.

I truely didn't think it would hold but that failed candle close where it broke it slightly and failed to go lower was very bullish. I've long in that area and added to my position as it went higher.

Right now depending on the broker you are using, it looks like it encountered resistance at the right shoulder at $7090 or so. Might be the high for the day.

GeckoTrader

jr. member

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BTC

Slowly but surely

BTC has cracked through the second flag albeit with much lower sell volume. On the 1H, we are witnessing a break of the $6,919 resistance line however, this candle is still open so anything could happen.

We are slowly grinding down lower through this shorting zone and It is looking increasingly more likely than not that we will be heading down to lower levels as mentioned in our previous updates.

BTC

MeaglesMind

newbie

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I think the bearish trend will continue for some more time since right now BTC has reached 5900$ level. But, it is steadily staying put there and hopefully will stay like this before the next trend starts. But, I am not expecting it to go beyond 8,200$ mark again within next month.

Idrisu

sr. member

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Quote from: GeckoTrader on August 04, 2018, 05:20:12 AM

August 04, 2018

BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.

We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.

We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.

On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.

Of a truth the market is bearish and to me we need a strong fundamentals analysis to pull the price back up. We are at the time when bitcoin needs to get below $7,000 before it can gather enough momentum for bullish trend.

Oilacris

hero member

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Quote from: GeckoTrader on August 04, 2018, 05:20:12 AM

August 04, 2018

BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.

We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.

We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.

On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.

around the $6,860 level.

We are already on this level as of this writing and if we would able to break this support then bitcoin will probably dip even more but I would say this is the best time to accumulate or to make short
but still be prepared on the possible dip down which causes for you to hold or got pending of your buy orders but lets see on how this market would react.

cryptofun888

newbie

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Thank you very much for the update. All the cryptos are now down priced in the weak period but I think soon this situation will be over at the end of the year bitcoin will hit near the $10k mark.

magneto

hero member

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Quote from: GeckoTrader on August 06, 2018, 03:35:04 AM

BTCBTC is continuing to grind down lower no matter what positive news is thrown our way.

Looking at the 1H chart, we can see another sell off occurring which reaffirms (not that there was much doubt) that the bearish continuation is set to resume.

We’re cracking the second bear flag now and if we breach $6,910, may consider shorting down to the $6,770 level but possibly beyond depending on the play.

These aren’t big moves by any stretch, but it is better to play it safe in times of uncertainty. We will be watching closely at the $6,770 level which is the next major resistance zone.BTC

I personally believe that we're going to see the $6k support really get tested this time.

The rally previously up to the $8k has turned out to be a bull trap, which was pretty much something that I've expected, as we're still in a bear market.

Most likely, prices will probably continue to dip in the oncoming weeks, and I think that the $6k support being breached at some stage in the next weeks/months is absolutely possible, even though prices shouldn't go that far below the vicinity of the $6k support level.

Shorting seems like a risky proposition to do as it depends on the short term price movements to go entirely your way, but this is the general trend.

Crystalcoin24

newbie

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Looks like the bearish trend is likely to go on for sometimes more. If no big changes happen within the next week the market consolidation will come to a halt and the next trend will dictate the price of Bitcoin. Analyzing current situation I think it is very likely to go up soon.

Topic: BITCOIN UPDATE AND TECHNICAL ANALYSIS (Read 268 times)