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Today is the last day (-50% incoming)Hi there, I tried to show my charts on a larger scale but it's so terribly parabolic we'd rather retrace now. Here's where I think we are. Our plan is still working perfectly and everything's moving faster than ever: we've got our yellow wave 4 done yesterday/last night, and we're now busy pumping wave 5 of yellow 5's pink subcycle (main target: $43,741). With the yellow one (main target: $44,142), light green cycle will end (target is 261.8% at $44,304), the darker green one (in extension well over its targets) and thus should most likely find its end the big wave III of the cycle begun in March 2020 (also largely extended). Given the very mild wave II of that blue cycle, I expect wave IV to be pretty strong: I expect BTC's price to drop to 50% ($26,666) or 61.8% ($22,522) correction. I wouldn't open a short still, nor take full profits so far, given BTC's extreme strength we might overgo our targets as we've been doing on larger scales. Keep your stop loss close anyway and expect rivers of blood to appear on the charts (we haven't been seeing much for a while). Trade safe.
Short
by Khosravani
Bitcoin correction/consolidation incoming? Uncharted territoryMain TA Points; *** 1. BTC.D is at resistance. 2. RSI is looking close to exhaustion here. 3. Next FIB target is 46K with 40K psychological barrier. 4. 40K is also another FIB resistance level based on JUN 19' to MAR 20' fib retracement. 5. Consolidation is needed for this BULL run to continue throughout 2021. *** Talking Points; *** There has been expectations for BTC to retrace for some time, at least back down to confirm the 20K s/r flip. However the markets never act according to traders expectations and assumptions. Its also worthy of mention that in order for this bullrun to maintain momentum we would have to assume a correction/consolidation at some point. Next target is 46K and we could hit this within the next 2 weeks. To do so we would need shoot past the 40K psychological barrier. The following FIB target puts us at 64K with the larger psychological barrier of 50K. Previous bullruns have lasted throughout the year, and 30% consolidations were normal. Given that this will be expected, I expect corrections and consolidations larger than 30% to occur this time round possibly with 40-50% large swings. I still assume we are early in the bull run cycle. We could also see either a longer or shorter cycle this time round. It also worth mentioning that in order for BTC.D to remain at resistance whilst BTC continues its price rise, ALT coins must start to make positive movements during this next 2 weeks. So given the above assumptions, what is my idea exactly? *** Estimates; *** You shouldn't jump in front of a freight train, and picking the short term top is difficult. However this would be my assumption based on what Ive learned from Crypto. 46K is simply not a big enough psychological barrier now that we have surpassed 30K with strength, and I don't think 40K will be any different. 50K however would act as a significant psychological barrier. Within the next 2 weeks we should shoot through 46K target, and reverse just shy of 50K. That would give us the wick into the next zone sucking in FOMO longs and begin the consolidation back down to 20K for confirmation. The ride down from 50K to 20K would also give whales enough time to consolidate profits at higher margin, then buy back in at under 50% sale price. It will also shake out the weak hands that bought too high. Short with RR of 2.12 included in chart. I also expect certain ALT's to start moving. The ones who break out of their down trend in the next 2 weeks are likely going to survive the crypto purge coming. You can read more on that idea here; *** Any trading advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information provided you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should seek professional personal financial advice before making any financial or investment decisions. All investment and trade decisions, no matter how well investigated, involve risk. ***
Short
by Traders-Corner
Could $40,417 be Bitcoin's local top? (Bearish lower highs)Please hit that like button if you appreciate the daily TA (technical analysis) I post regarding bitcoin every day 👍 Some factors that have really helped me develop as a trader over the last 8-9 months since i started from scratch as a day trader back after the March crash in 2020. What are they? Risk management gets brushed off as the least important area in trading but especially over the past few months I've realized just how true it really was. It doesn't matter how skilled with TA you are, or how good you are at reading the markets, if you simply aren't doing what's crucial to protect your capital each and every trade within 90 days that account will have been blown up, probably way sooner too. Plan your trades and trade your plans, don't be greedy, this journey is a marathon not a sprint race. There's always going to be another trade out there, take profits regularly.
COINBASE:BTCUSDShort
by YurloTrades
4
Bitcoin Is Exhausted | Alt-Season Inbound [4HR] BITCOIN IS EXHAUSTED or is it? - As we move into 2021, we watch as news outs from Cramer to NELK boys push the conversation toward Bitcoin and other notorious coins as Bitcoin sets new ATHs . Everyone seems to be scrambling for a "price target" from such sources but no one seems to be able to put a finger on it. Bitcoin set a new all-time high at $34778.11, before showing faint signs of clear exhaustion. Bitcoin could very well be forming another wedge forming as we saw in Nov/Dec before it broke, but we MUST consider a key level on the technical side of things (which seems like one of the only sane indications). ( CRYPTOCAP:BTC CRYPTOCAP:TOTAL2 CRYPTOCAP:ETH ) (1) Bitcoins runs could've been anticipated, starting with the break of the clear break of resistance toward the end of July. This first break wouldn't indicate a direct buy as we'd look for that retest as support before confirming a change in trend (regardless of timeframe). (2) Bitcoin was confirmed bullish on the retest of the previous resistance, which confirmed it as support moving forward. Bitcoin was confirmed bullish at the start of October which left us with a few targets in mind... $24,970, $19,798, and beyond with the breakout of $20k. (3) Once Bitcoin made the break of $13,970 it engaged in a series of ladders before starting the parabolic jump the week of Dec 14th. (4) Bitcoin is exhausted... Or is it? Putting a finger on Bitcoin during a move like this is extremely difficult. With that said, I believe I've found a trendline that seems to be quite accurate as of now. As we tested and set an all-time high of $34778.11, we also come very very close to smacking right of (4) . Bitcoin is extremely volatile and has a few options at this level. Either we'll see Bitcoin push, break, and continue past $35k or we'll see a nice cool-off. I believe Bitcoin will perform a cool-off up until late Summer/early winter, which will lead to a small bounce as it will set another range to be traded at over the next years. Google Trends: (trends.google.com) Talk about Bitcoin didn't really start "trending" until October, we can confirm this on Google Trends. The change in the trend of Google searches is clearly reflected on the chart. This doesn't say much but it gives you a better image of how the news/hype travels. DCJ
by DotcomJack
1
BITCOIN Bears might get excitedBTC is currently at the top of a strong rising wedge. This top is a Fibbo 1.618% from the Fibo retracement of the 28,395$ to 25,887$ (I am following the log scale charts, so might have some difference on non log), also 30,000$ is a psychological level. We have a huge bearish divergence on 1H and 4H charts but as BTC showed us, no f*cks are given for the divergences. Bitcoin has shown in its history that psychological levels like 10,000$, 20,000$ where hard to break, so the current expectations are the same. Let's see how it would develop, I expect a little fake upside (might be like 500$), in order to hit some stops, however the patterns shows otherwise. In my opinion we should see some healthy retracement, so we can get higher. If we continue upside without any price correction, we might see a massive fall in the future. *SEC is attacking Ripple, now privacy coins like Dash, Monero and ZCash might get hit by the similar attacks or hard regulations.
BITMEX:BTCUSD.PShort
by mmladenoff
Five types of major support and resistance levelsWant to buy the bottom and sell the top? Want to predict major turning points in a security's price? Want to avoid buying too early or selling too late? Then you need to understand support and resistance levels! I know a lot of people who mostly trade breakouts. That can be a very successful strategy, and I've used it myself to good effect. But if you buy a breakout after it happens, you pay a "breakout premium"-- especially if you're buying option calls or puts. You'll get a much better price on options if you buy them *before* a breakout or *before* a major change in momentum. How do you do that? Know your support and resistance levels! Once you know how to identify the different types of support and resistance, you can look to see where several different types of support or resistance coincide . Those will be key price points at which different types of investors who rely on different types of indicators will all buy or sell at the same time.
NYSE:HPEEducation
by ChristopherCarrollSmith
3
Tesla. That's The Top. Roast Me.TSLA has had quite the come-up recently - I think I've said that phrase about 3 times in the past year. Here's the case - this looks like a solid third wave extension I identified this when I zoomed out to the daily candles. You can see the detailed wave-count on the 4-hour chart starting from November of last year. Predicting a rather severe correction potentially ending in the lower 300 range - this move would be incredibly healthy for TSLA in the long term as it validates this entire bull run-up. Price points obtained with volume-profile and various fib retrace zones. (Reference Image here for third-wave extension www.elliottwavetrader.net )
NASDAQ:TSLAShort
by ericisom887
12
$DJI Broadening Top Pattern appearance Hello everyone, First of all excuse my english, plus, this is my first ever Tradingview idea I decided to publish. Yay! These days everyone talking about bear market is about to hit us, so I was like let me check $DJI and see if I can figure something :D I consider myself a beginner with technical charts & I really like classical pattern trading so I wanted to share this with you (feel free if you want to correct me or give me some information to add to my brain :D) This is a Weekly DJI chart that shows a Broadening Tops Pattern. this pattern appears like a (Megaphone with higher highs and lower lows that widen over time) and it considered a short-term bullish continuation. I am not sure what to expect here as we're very close to the resistance, however, I guess we would see a short-term decline to 25-28k levels (above 200-EMA) and then volatility might increase to see a breakout. However, someone would say, we can also see a breakout and a continuation of bull market. This is also possible. No one knows. All I can say that 2020 market is super special and I am glad trading it & I cannot wait to see what will happen. What do you think? & Happy Trading! Thanks,
TVC:DJI
by Elliotation
Pattern Cheatsheet: Identfying a Broadening Top PatternThe Broadening Top pattern appears when price makes a straight upwards run (similar to the "Flagpole" of a Bull Flag Pattern, then swings between two expanding broadening trendlines with at least 5 touches. It is a neutral pattern which means it can break out in either direction, on the bottom right examples i have explained how the pattern is identified, measured and traded for both Bullish & Bearish breakouts. The idea is to get a entry early by identifying the pattern, (point A) which allows for a better Risk:Reward ratio and closer stop loss. The second potential entry is at point B, which is considered a Bullish or Bearish retest ( Support/Resistance flip it is also known as), but this area is a bit risker and has less "room to move". The pattern can give a a sign that the price may have a higher chance in heading in a certain direction, and we can measure the height of the straight run upwards, aswell as the height of the two LARGEST SWINGS within the pattern to get two possible price targets ; one conservative and one less so. The Broadening Top appears frequently on Bitcoin & Ethereum and has one of the better success rates out of all the different Broadening Patterns and is one of the easiest to trade & identify because often it works similar to a Bull Flag pattern. If you found this idea informative, Dont forget to show your support by liking & commenting thank you traders!
Education
by Worth_The_Ri5k