BTC BITCOIIN

Bitcoin Pivot

 

bitcoin bull Trend Pivot

 

Ƀitcoin is at a major price pivot right now. The structure of the last 3 bull market moves (see chart at the bottom of the page) is very similar, and in the coming days it will have to pick a direction. Currently the price action is more like the bullish fractal in the center of the chart than the bearish one to the left of the chart. The daily candles are printing neutral grey, which is too bad because even the slightest bit green or red will kick start a trend.

 

There was not a large blow off top price spike to mark the top of this last bull run, so the possibility of more upside has to be entertained. The StochRSI is about to cross 50 and head to oversold. We are seeing clear diminishing volume on the chart as well. This is important because that type of volume profile resolves itself with a large move and rarely a small one. If this plays out we could see upside action for the last half of July with targets based on the FIB Extension tool.

 

Often I talk about trend lines and triangles, but the short term chart (the fist chart below) is hinged on a horizontal level. The daily candles are not green thus crucial to know your personal “line in the sand” so you can exit before a bear trend begins. Chances are that line in the sand is the lower yellow line on the chart seen below. Wicks are important too, but when that many candle bodies form a straight line then that horizontal level becomes the key pivot on the chart. That is what I see happening thus the level of about $665 is the bearish pivot zone.

 

Bitcoin
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Bitcoin
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July 4th, 2016

 

PeerCoin p2p

Peercoin (PPC)

Peercoin
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PEERCOIN

 

PPC:BTC has been following the last fractal of the crash cycle to a tee so far. The main price action has been to pump, brake through previous lows and then eventually pump back up in a short squeeze/stop run type of manner…that being a hard & fast pump going right to the previous support & back down again.

Unless Peercoin can consolidate in the current range it seems destine for more down side pressure. The candles switching from red to neutral grey on the daily is nice to see. But again the consolidation must not breakdown because once red candles start to print again there is not much stopping it from making new lows yet again. Much like LTC the fate of PPC will be determined by how long BTC is going to stay bullish. Once BTC waves off for the summer markets like PPC & NMC should see more upside price action.

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June 30th, 2016

LiteCoin Bitcoin

Litecoin (LTC)

Litecoin
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Litecoin

 

Though the LTC:USD pair tends to move with the price of BTC:USD, the LTC:BTC pair does not. It has been getting pummeled through out this Bitcoin bull market. The 2 horizontal yellow rectangles are the only times LTC:BTC has had a 100% retrace of a large scale move. The price is falling back into the support zone. However, considering LTC’s recent history it may only have a small bounce before making new lows.

The trade is waiting for the price of BTC to top out and then play the bullish LTC:BTC waves upwards. One could take a small position inside this box the price is selling into now, but the week is far from over and caution should be advised with BTC:USD breaking above resistance from the last sell off.

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June 30th, 2016

GOLD BTC Coinstreetnews.com

Gold to Bitcoin Ratio

GOLD to BITCOIN

 

Click Chart to Enlarge
Click Chart to Enlarge

 

Periodically we have checked in on the Gold to Bitcoin ratio via the XAUUSD/BTCUSD or GLD/BTCUSD charts. Once support finally broke (see chart below) we knew that the Bitcoin/USD rally was about to take off. A few weeks ago in the trading room I shared my FIB extension targets and it recently hit the full extension at 0.16 (see chart above). Unless BTC has some consolidation for a fierce rally it seems more likely that a top is near with BTC. Though it may spike through 0.16 to trend though it will require another extension of the FIB tool.

 

gldbtc apr 22
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June 17 2016

$DAO

The DAO (DAO)

DAO Hacked?

DAO
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DAO
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The DAO raised over $100M USD and is the largest crowdfunded project according to wikipedia, yet somehow it is being attacked. I am more of a chart person than a technical person, but it is baffling to have over a Hundred Million Dollar bankroll and your not prepared for everything. If someone is “stealing” coins and dumping then it could go on for a fairly long time. This is all really too bad because the chart was acting very bullish. However when the attack stops the snap back of price will be very profitable. Watch The DAO for an entry once the dust settles.

 

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Jun 17 2016

ethereum Coinstreetnews.com

Ethereum (ETH)

Ethereum
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Ethereum

The Ethereum to Bitcoin fractal we have been watching has still not resolved itself. As you can see there was diminishing volume but it is still unresolved at this point. As marked on the chart, while it is range bound playing the volatility of BTC is far more profitable until the ratio exits this tightening range.

 

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June 16 2016

BTC BITCOIIN

Bitcoin (BTC)

Click Chart to Enlarge
Click Chart to Enlarge

Bitcoin

The current leg of this Btc wave is consolidating and I think enough time has gone by to assume where the horizontal support is being drawn. The last wave ended with a large doji and a fair amount of sell volume. If the price falls under the green line scalping shorts seems like a fairly safe play. 

June 14 2016

 

Lisk (LSK) to BTC Comparison

Click Chart to Enlarge
Click Chart to Enlarge

 Lisk to BTC

This is one of those ” a picture says a 1000 words charts”, so I am not going to dilute it with commentary. Basically, it sure looks like LSK is lead BTC. That seems crazy, but with The DAO flat and ETH in a bearish phase all this LSK volume is going to good use. There is no solid prediction being made from this, just that traders should watch these markets because is they do stay synced together then it is a great edge for entering and exiting BTC at the most favorable times.

 

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June 8 2016

 

BTC Support Bitcoin

Bitcoin (BTC)

Click Chart to Enlarge
Click Chart to Enlarge

Bitcoin

BTC is moving back towards its key horizontal pivot so let’s take a look. The left frame of the chart shows a line that has been the bull/bear pivot when only accounting for the bodies of the 1D candles. Wicks are great price action for daytraders but swing traders are mainly looking for the strength of a trend. This is why I simplified the 1D view rather than putting to much weight on all those spike tops and bottoms.

 

The right frame of the chart shows a more detailed picture. The line from the left frame transposed over the 1H chart shows just how important that level is. On the way up it was resistance and lately it has been support. The sloping trend line support and the horizontal support are converging as price heads towards the yellow circle. Since the yellow arrow indicates a double bottom the yellow circle would also represent a triple bottom of sorts. There for it is key for price to stabilize in that region or else the bears will come alive. The next support zone is 561-55 on the BTCUSD3M chart.

 

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June 7 2016

$LSK

Lisk (LSK)

Click Chart to Enlarge
Click Chart to Enlarge

Lisk (LSK)

Yesterday Lisk pinpointed the pivot, which turned out to be bearish, and that trend is making a correction. It is impossible to know if this is a deadcat bounce or another leg up, but it seems well worth trading while it shows strength since it has a fair amount of volume and liquidity for traders to enter and exit.

Chances are if it rallies fast with very large candles then it is a deadcat bounce. If price retraces to test support and moves sideways and up then it will be a stronger rally. Enjoy the break in trend while it lasts.

 

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June 7 2016

 

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