Excellent decision the one I took yesterday placing my STOP LOSS at 5100 USD.
I thought that due to the consistent increase on volume, BITCOIN may go higher and eventually rise till the 2.618 FIBO level which is very common in Crypto as a form of extended third wave but whales got satisfied just by reaching a little bit higher than the 1.618 FIBO which I placed around 5180 USD.
So, I managed to get a good bunch of dollars with this strategy so I am satisfied for the moment.
Now, that top has become our new resistance level but still our Elliot
Bitcoin surged up to $5,345 (Coinbase) before dropping back below $5,000. It’s currently trading around $4,945. Volume remains very impressive at $20.8 Billion for the day.
Price has decisively broken above the 200 Day MA, an excellent sign for bulls. Keep in mind that does NOT mean we won’t see a drop in the short term.
In today’s analysis I discuss where price may go from here, key areas to watch and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
Obviously that’s a generalisation and there are exceptions to every rule. But sadly, it has been my experience that traders do not understand crypto investing. This post explains what I mean.
Old Bit Brain followers may recognise this topic. I’m not speaking about it for the first time, though I’ve never written a dedicated post about it before (at least not one which I remember!) This is a topic which usually ends up being debated in the comments sections of posts.
I ended my post yesterday with this statement:
If you are an investor then please do not follow the advice of traders
The crypto market sprang back to life with bitcoin’s surge to nearly 5-month highs yesterday. But why?
To those who have been paying attention to the charts, it shouldn’t come as a surprise. The leading cryptocurrency by market value jumped nearly $1,000 to $5,080 in a 60-minute window early on Tuesday, confirming a transition from bear market to bull market that it had been signaling for some time.
In fact, after a year-long bear market, savvy traders were waiting on a trend change that would gain credence if and when prices established the most basic of all bullish technical patterns – a higher low and a higher high on its weekly charts. (A higher high would have been confirmed above $4,236.)
The U.S. Securities and Exchange Commission (SEC) has published fresh regulatory guidance for token issuers, nearly half a year in the making.
The guidance focuses on tokens and outlines how and when these cryptocurrencies may fall under a securities classification, according to the document.
SEC Director of Corporation Finance William Hinman first revealed that the regulator was developing new guidance for crypto tokens last November, and other members of the agency, including FinHub head Valerie Szczepanik and Commissioner Hester Peirce, have repeatedly said that SEC staff was working on the document.
In November, Hinman said the “plain English” guidance would help token issuers easily determine whether or not their cryptocurrency would qualify as a security offering.
The number of active Bitcoin (BTC) wallets increased in the two weeks leading up to the recent cryptocurrency surge, Bloomberg reported on April 3.
Citing market intelligence firm Flipside Crypto’s analysis, Bloomberg reported that a high number of digital wallets holding Bitcoin became active two weeks before the cryptocurrency market rally. Bitcoin skyrocketed on April 2, gaining 15 percent over the night and pushing over $4,500 for the first time this year.
According to Flipside Crypto, 40 to 50 percent of all Bitcoin had been held in digital wallets that were inactive from one to six months, while the average has reportedly been 10 percent since March 15. Eric Stone, co-founder and head of data science at Flipside Crypto, said that “there are more people warming up to the idea of buying Bitcoin.”
According to personal finance firm Credit Karma Tax, filers who reported short-term capital losses for cryptocurrencies in the first month of 2019 jumped fivefold year-over-year. After the incredibly bearish crypto markets of 2018, data from early tax filers highlights the fact that more investors are claiming losses this tax season. However, a survey the company recorded back in November found that the number of people deciding not to file crypto taxes has increased.
During a livestreamed Q+A yesterday, Coinbase CEO Brian Armstrong was asked about “the most ambitious thing Coinbase wants to do in the next five years.” He answered that he hoped his company would “like overthrow some corrupt dictators in the world.” It’s a fine sentiment (spotted by Mashable)—though hard to square with Coinbase’s very recent acqui-hiring of a team of midnight-black hackers who made their bones helping dictators target dissidents worldwide.
The creation and distribution of ZNN is made through the ZX algorithm that follows a supply demand pattern.
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
We finally broke the resistance line at 0.49$ but I think we will go test soon that line to see if we can use it as support line. We can see lot of indecision in the last candles so I expect a correction to go test back that line which should be a support now around 0.49$.
Ahhhhh! How I love this market!!! So emotional and intensive!
Just a three days ago I posted a projection of the total market cap that has become reality right now, we have reached 184 Billion USD. And this is the chart I posted:
Seems that a very big order was placed to buy
BITCOIN just at the Neck level and after the spontaneous long candle,
the rise is kept sufficiently strong to accomplish the target here…
What to do now? Should I sell some profits, should I do nothing? should I buy more?
Whatever the answer now is an “unknown” but I am going
I have no idea why. It is super irritating sometimes, but its the same story, same game. Steem seems to always lag while other alts are making gains and seems to go when other alts stop going. It never fails. Right now it has gone nowhere while LTC and EOS have rallied 50+%, but the chart looks promising.
It is time for Steem to play catch up. If Steem were to catch up to the other alts and their gains, you are looking at Steem to $0.75 easy! This is the place where most of all crypto finally broke down
The magnet is there now folks. The $100 magnet will commence and likely at least make someone pay this on this leg up. I have seen crazier things happen, so I would not be completely surprised if it blew right through it again. (I do not think it does on the first test).
The relative strength from LTC has been present for months and have been highlighted in multiple of my posts over the last 8 weeks. and it has proven once more, relative strength WINS AGAIN. LTC has ripped in 48 hours from 60 to 90+ up over 50%.
This post builds on what I said yesterday in “Bitcoin – What’s Happening?“. Today I will once again use a pseudo-point form style to look at the most important aspects of the Bitcoin / Crypto market and its most recent happenings.
ETFs
Last discussed in my post “A(nother) word on Bitcoin ETFs” two months ago, I have said over and over again how unnecessary ETFs are for Bitcoin or cryptocurrency success. The latest price movements prove me correct and will will prove me increasingly correct as time goes on. More on this later in this post.
…or as we say in Catalan Language: “no diguis blat fins que no sigui tot al sac i ben lligat” which means that despite the extraordinary rise of BITCOIN today, which as I wrote yesterday as a first option to happen in this post , we still cannot say the reversal is confirmed yet.
This is the chart I presented as an option 1 yesterday:
And this is how it looks today:
That long daily candle has crossed the 200
DMA and almost has reached the 1.618 FIBO level of the fist wave for the
end of the 2nd wave, which it is
I’m glad I got yesterday’s post published in time. Though (as always) it was my “Scenario B” that happened to play out, at least my readers can’t say that they weren’t warned about the breakout.
Recap and update of yesterday’s post:
A quick recap of what I said about the breakout scenario (before it happened) yesterday – with comments on each statement now that the breakout has occurred:
After a general climb of nearly eight weeks, Bitcoin has finally reached the “GO / NO GO” point.A “GO” situation means that BTC will break free from the current pattern – a converging triangle – and
