ATOM seen from the 1D temporary we can see how the previous candle and the current candle are finding demand in this support located at 4.305, the current candle is forming a hammer candle with a higher buying pressure, this is a reversal signal of trend, we should have confirmation at closing and with the next candle.
ATOM seen from the temporality of 4H we can observe more closely what we have mentioned above, as we see, the current movement of the candles are marking a setup of inverted SHS, a well known bullish pattern, we still have no confirmation as the price would have to test the support that has recovered after the pullback made, once correctly tested with confirmation wicks, the probabilities of a bullish movement are very high, if the price fails the test forming a lower high, then the probabilities of a bearish movement are higher and we could see the price fall towards the weekly demand support located at 3.752.
In conclusion, the price in 4H is in oversold starting to show bullish impulse, if the price manages to consolidate above the support located in the 4.305 it is very sure that we will see the price rise towards our objective indicated in the graph within a blue rectangle that is located within the price range of 5.47 – 5.63, as I mentioned before, if the price forms us a lower high the price could go down, I recommend to be attentive to the next candles in 4H.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
This is a quick look at what BTC is up to today and what it might do in the next day or two.
I remind you that I post a steady stream of short crypto updates and suggestions on Twitter. As you will see, most of what I say today has already been said there some time ago. Twitter is the place to be if you want my real-time analysis of crypto price action.
Well the Libranauts are out in full swing again, once again claiming that Libra decisions have affected the price of Bitcoin. This is not just wrong, it’s stupid! Anybody with half an eyeball would have seen markets jumping all over the show yesterday: crypto, precious metals, forex. I’m SURE that the Fed discussing the future of interest rate cuts was not the real reason for the BTC dip!
Bitcoin:
Gold:
The S&P 500:
Even the Euro:
Clearly global finances are now only concerned about one thing: Mark Zuckerberg’s fake crypto. Honestly, this Libra hysteria is beyond belief! It brings out the worst in me: during my basic military training phase – many moons ago – we had an instructor who always used to threaten us with: “I’ll rip your arm off and hit you with the bloody side!”. If only I could catch a journalist in the act of writing such Libra rubbish, I would feel obliged to carry out that particular form of “behaviour correction”!
Rant complete.
As I was saying before I so rudely interrupted myself: I announce a lot of my crypto ideas on Twitter. This is what I thought yesterday when prices were sliding:
But I was wrong about support holding:
And that’s what I still think for now. Let’s see that on the charts:
I am expecting Bitcoin to find support at about $10900 – the base of the diagonal Fib levels. Since this dip is based on no fault of BTC’s, I expect that the dip will be bought rapidly as people realise this. It remains mind-boggling that investors continue to treat BTC like a regular asset (dumping it at the first sign of FUD), when it clearly plays according to different rules. Maybe one day they will learn… – but don’t hold your breath.
Because BTC was upwardly mobile prior to the dump, I expect it to rise fairly fast. probably straight back up to the 0.382 diagonal Fib resistance level which it was testing prior to the dip. That level is sitting above $13k and climbing.
Alternatively: the still shaky market (2018 taught people the meaning of “fear”!) might not have that much confidence, in which case BTC will pull out of the climb one level lower: somewhere near $12500.
I very much doubt that BTC will break the 0.0 Fib level and continue downwards, that would be against all the odds. Still, this is crypto, so let’s say there is a 1% chance that that can happen. Looking at this medium-term chart, it’s hard to imagine such a scenario in an asset which is so bullish at the moment: (though not nearly as bullish as what it may later become!)
A more likely alternative is that BTC – now being suppressed by FUD, breaks straight through the Fib level at around $13500 and climbs to the next higher level. We could be looking at $14400 BTC before the weekend…
Scenario weighting is as follows:
BTC hits support and climbs rapidly back to the 0.382 diagonal Fib ($13500ish) – 40%
BTC hits support and climbs rapidly back to the 0.236 diagonal Fib ($12500ish) – 30%
BTC hits support and climbs to the 0.5 diagonal Fib ($14300ish) – 15%
BTC breaks support and heads lower – 1%
Something else – 14%
Even though Libra isn’t to blame for this, blaming the Fed is hardly much better. Yes, it DID probably cause this dip, but it shouldn’t have. Sadly we still live in a fiat-centred wordl. I live for the day that crypto take over and that fiat events no longer mater to anyone. Hopefully I live to see that day.
Don’t listen to moronic journalists and “analysts”, listen to Bit Brian.
Yours in crypto
Bit Brain
All charts made by Bit Brain on TradingView
All Tweets from https://twitter.com/brain_bit
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
ICX seen from the temporality of 1W we can see how the previous candle has recovered the zone of demand in 1W, the current candle is doing the test of this support located at 0.3236, I have enclosed within a blue circle this area where you can make a reading of the price and determine the course that could follow the price.
ICX seen from the temporality of 1D we can observe more closely the movement that has followed the price in the most recent candles, after the price recovered the support we can see how they have formed two doji candles, signal accumulation, however, what I consider more important to take into account in this structure are the three minimums that have formed previously on the support located at 0.2925, if the price in 1D closes below the weekly demand support located at 0.3236 the odds of the price breaking support in the fourth touch, if this happens we should see the price fall to the zone of demand that I have pointed out in the chart above within a blue rectangle located within the price range of 0.2173 – 0.2308, at that level the price could find a recovery.
ICX seen from the temporality of 4H we can confirm a bearish movement if the candle closes below the horizontal marked in the image above in blue located at 0.3313.
In conclusion, ICX currently looks bearish from my point of view, the support of 0.32 has been weakening with every touch, a new approach and the break will occur, what I recommend is to wait for a better entry into the price range of 0.2173 – 0.2308, above all I recommend to pay attention to the closing of the candle in 4H and take into account the movement of BTC.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
Yesterday we discussed major resistance at $12,950. Bitcoin needed to decisively penetrate this zone in order to continue its bullish momentum. Bears were having none of it as price was rejected, falling as low as $11,550 before finding support.
The daily chart shows the bulls are putting up a fight, defending the 8 day EMA.
In today’s video we discuss where price may go from here, traps to avoid, key areas to watch and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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Recognizing that my previous count, bullish, has been recently invalidated…
Does not look to be an alternative bullish count right now, the correction is not finished and what I see fro the moment is a possible 3-3-5 FLAT Correction.
Hope I am wrong, but if not, 9400 USD should be the stronger support…
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
ZIL seen from the temporality of 1D we can see how the structure of candles is in important zone of demand, the price has formed an LH so we can draw a diagonal trend between the previous minimum and the current as I have done in the chart above.
ZIL seen from the temporality of 4H we can observe more closely the movement of the price, we have a very bullish setup, we see that the price has made a pullback with which it has recovered the support located at 0.01617, has not yet tested the support, but this seems to be a good sign of a larger bullish movement, because although it has not tested the support is consolidating very well in the ITZ located at 0.01651, it seems that the price is ready to test the resistance located in the 0.01782 and look for the break to the rise of the setup, of obtaining it in the next hours possibly the price will arrive at our objective indicated in the image inside a blue rectangle that is located within the range of the price of the 0.02083 – 0.02143, this is an important zone to take profits before a retrocession.
In conclusion, the price has formed an inverted SHS setup, the most bullish setup, we have bullish divergence in the current formation, we should have a strong upward movement very soon, ZIL is in good time to buy, I recommend paying attention to the next candles in H1, the price could fall back to test the support at 0.01617 but should not fall below the horizontal or diagonal trend as such movement would invalidate the setup.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
Trading can be difficult, especially in the volatile cryptocurrency market. Very few people can honestly claim to make consistent profits day trading. Like any skill, becoming a successful trader requires countless hours of studying and practice. Most people gain experience by trading with real money. This almost always results in a loss, at least initially. THERE IS A BETTER WAY!
Paper trading is a risk free way to learn how to trade, test new strategies or just sharpen your skills. All without actually risking capital. This video will show you how to freely use the paper trading function on Tradingview. I hope you find it helpful!
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
If you found this post informative, please:
Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
As discussed in my last video, bitcoin did slightly correct down to about $12,100 before finding support. It’s now trading around $12,500. Daily volume is climbing.
Looking at the daily chart, we can see price approaching a critical zone around $12,950. We’re seeing clear visual resistance as well as the top daily Bollinger bands converging at that area.
In today’s video we discuss where price may go from here, key areas to watch, my Elliot wave count (per your request) and so much more. I’ll also answer some your questions. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
If you found this post informative, please:
Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here: https://brave.com/wor485
Anyone who follows Litecoin knows two things. One of which is that the halving is happening in roughly 26 days. At that point each mined block will be worth 12.5 coins rather than 25.
Second is the fact that litecoin had a nice bull run prior to BTC and much of that is assumed to come from the speculation of price running up into the halving.
Pausing to Pick up Steam or Already Passed the Peak?
There are a dozen ways to skin a cat as they say. So when you look at the prior litecoin halving you will see stats that show a 400% percent run up into the halving, you will also see data that points out the top of that run was about 7 weeks prior to the actual event.
So the question is if history will repeat itself. With the halving just under 4 weeks away and LTC topping out at 147 roughly 3 weeks ago the ingredients are there for a repeat of history.
We are not in a vacuum and apples aren’t oranges
The market now compared to 2015 (the last halving) is very different. LTC wasn’t on exchanges like coin base and many others back then. The market was very crypto fan centric then as opposed to having some average joe and institutional influence now.
I won’t dare use the term “this time it’s different” – famous last words of many.
However, I will recognize the different environment and act accordingly.
What is the chart saying?
In the end the price chart is old reliable for me. It allows me to figure out probabilities and enter appropriate risk-reward scenarios.
Looking at the daily chart…
I see price consolidating after breaking down from the ascending channel formed in the 2 month bull run.
They keys is price tested and held that 108 area support after breaking the channel. Looking at the daily chart the conclusion is a coin flip in my opinion.
Price could test 108 or even push lower considering it made a lower high after bouncing off support. It could also push higher after digesting that large two month run in anticipation of the halving.
Either way, no clear edge in my opinion. Advantage = neither direction.
However, let’s see what the weekly chart gives us, how does that price action look?
They weekly view makes me feel a bit bullish. You can see after the run up price made an orderly pullback to that key 108 area and held it while letting the 10 period moving average catch up.
I really like that price is not extended on the weekly anymore relative to the 10 period as that average has acted as a good guide for when not to chase price and as possible entry point on a pullback in a bull run.
Basically as long at price is above 108 I’m long. If we close below there then price seeing 100 would not be a surprise.
As for the upside, well that high at 147 would be the target if we see a run into the halving.
To trade or not to trade
From a pure risk-reward profile, if I were to add a new long here at 120 with anticipation of a run to the high then that would offer me a just over a 2 to 1 risk-reward on my money.
Not the greatest ratio but above my minimum threshold of 2 to 1 or better.
Either way we should get some kind of move soon as price has been consolidating a bit.
I’d of preferred to see price tick up over the last couple days with BTC pushing, but we don’t always get what we want.
I’m holding my long-term bag for now along with the handful of coins I added a few days back.
If you want to learn to read charts like ScaredyCatGuide feel free to check out my three part video series teaching support and resistance, u-tun patterns and time frame analysis, access is completely free!
If you don’t know that, then you obviously don’t read my blog often enough, what’s wrong with you?
What I WILL do is to give you some amazing suggestions based on coins and tokens which I already hold. I’m about to do just that.
CargoX (CXO)
Ah yes! Still my favourite low market cap coin and still ridiculously cheap, CargoX has some more good news for us. Having already succeeded in launching their “Smart B/L” product, CargoX continued to work on their Blockchain Document Transaction System (BDTS). It’s more than just a big name. In their latest move, they have added a “Smart L/C” to the BDTS platform.
An LC is a “Letter of Credit”, a document which plays a vital role in global logistics systems. This little Wikipedia article explains them nicely: https://en.wikipedia.org/wiki/Letter_of_credit.
According to their monthly email, the Smart L/C has been developed, but still requires testing. Once completely tested and integrated, it and the Smart B/L (Bill of Lading) will enable CargoX to make paper documentation in logistics transactions a thing of the past. While the shipping industry that CargoX targets is still slow to embrace change, I believe that it’s just a matter of time before they realise the cost savings to be had by using this platform. I remain extremely bullish on CXO.
Perhaps, I’m not the only one realising this: Since mid-June, the volume of CXO has risen by approximately 3x. Better still: while it was often traded more on CoinTiger than on KuCoin, that relationship has now been completely reversed. KuCoin trades (specifically the CXO/ETH pair) now far outweigh CoinTiger trades. This means that the KuCoin CXO/ETH pair has actually grown in volume by a factor of about 9! (From around $10000/day to $90000/day.) With KuCoin being one of the most trustworthy exchanges out there (according to the recent “reported vs actual volumes” exchanges study by The TIE) this is very good news for CXO!
From https://www.coingecko.com/en/coins/cargox
Which brings us to…
KuCoin
My favourite exchange and the home of KuCoin Shares (KCS) is at it again. I can not believe how much good news is coming from this wonderful exchange!
“KuMEX will firstly open the Bitcoin Perpetual Contract (XBTUSDM) which is quoted in USD and denominated in Bitcoin and offers up to 20 times leverage. The platform currently supports three types of order: limit order, market order and stop order. After the official release of KuMEX, the platform will use 50% of the net revenue from KuMEX for KCS Bonus distribution for KCS holders.”
While I am strongly against derivatives trading of crypto, especially with leverage, I realise that not everybody thinks that way. This should be a popular platform that will contribute greatly to the exposure of KuCoin. From the quote above, we can also see that it should have massive benefit for KCS holders.
Of course ever since Binance announced that Binance.com would be shutting down US operations in September, crypto traders have been rushing to find other good exchanges. I immediately noticed the interest grow in Nash Exchange (NEX) and KuCoin. But as of late June, this suddenly really kicked into gear: KuCoin volume has skyrocketed!
From https://www.coingecko.com/en/exchanges/kucoin
But wait, I’m not done with KuCoin yet! They also implemented a new weekly temporary KCS token “Buy Back and Burn Plan” which will run for the duration of Q3 2019. I’m afraid that I don’t have much information on why this has been implemented or what is to replace it in Q4, but it will run in addition to the existing quarterly token burns (which you can track here: https://kcs.kucoin.com). This is more great news for KCS holders – people who already get free KCS dividends paid to them daily! KuCoin state that they will use 10% of profits for token burns and that this Temporary Plan will “substantially increase” the amount of KCS that is burnt. How long have I been telling you to buy KCS now?…
All of that happened within the first 8 days of July, put off buying KCS at your own peril…
NEO
No Bit Brain shill post would be complete without mentioning NEO! As part of my new resolution to keep you more in the loop about NEO happenings, I feel that I should inform you of NEO’s EcoBoost Plan.
Yes, I know that Ford manufactures EcoBoost engines – No, they are not related.
NEO’s EcoBoost plan is a three-phase, $100 million plan designed to:
Recruit Partners
Recruit Projects
In NEO’s words: “further enrich the community, incentivize developers with existing products, and encourage projects to seed even better projects”
My bags are shilled, my job is done. Now the decision making is up to you.
I own all these coins in relatively large amounts and I won’t be selling them – even if BTC continues to murder altcoins. Read into that what you will.
Yours in crypto
Bit Brain
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
Now the decision making is up to you.
