Bitcoin (BTC): Nov 25 2014

BTC nov 25 (1)

Here is today’s BTC chart. There is clearly a larger channel the price is staying within on the current bullish move heading into the holiday season. The smaller channels provide a trading range for day traders, and the larger main channel for longer term traders. The 1D Heiken-Ashi is very close to turning green too. I am not proving any price predictions of sorts today, more so providing the visual of the channels you should be trading.

The last predictions have played out almost perfectly. Let’s revisit the trend before closing out the post.

On Nov 20 2014 it seemed clear that a protracted deadcat bounce on the 1D was shaping up, and we pointed to the shape of the first wave incoming. (below)

BTC nov 20 (2)

Then one day later, after a nice pivot, the range became evident. It topped out 2% higher than I expected on BTC-e, but we play the channels over the course of time, not hard targets a week out. Overall, it was nice to see the price action correlate to the expectations.

btc nov 21

Bitcoin (BTC): Nov 21 2014

btc nov 21

The 4H chart just broke out, but don’t get excited yet. There is little TA to show it past 370 and it is currently in the weekend sell off phase. Look to short near the upper trend line

The 1D chart (below) still looks to be playing out. It is rare for there not to be a protracted dead-cat bounce. Even if sub $350BTC continues keeping above roughly $320 would still play into this scenario moving into early December.

BTC nov 18

Bitswift (SWIFT): Nov 20 2014

SWIFT nov 20

This chart was contributed by one of the members from the CoinStreetNews TA forum. With the RSI now overbought and price action starting to fluctuate it is a good time to look at SWIFT. Watch the 1H-15min BBands for confirmation of a breakout before entering the trade. If it does breakout the first levels of resistance are around 1500 & 1900.

Bitcoin (BTC): Nov 20 2014

BTC nov 20 csn

BTC acting terribly right now. Buy support is a sloping trend line around $350 on BTC-e and the 4H should bounce to MA in a few hours. A strong sell signal, in this particular bear trend, should be just after the 4H MACD turns green while it reaches towards the sloping resistance trend line. If price breaks above resistance it would be safe to re-enter. But for now the channel on the 4H is currently the safest trade.

Dogecoin (DOGE): Nov 19 2014

DOGE nov 19

DOGE continues it’s downward slid. Not bullish until it gets over the downtrend line. It is currently riding on Lower BBand too. As the chart shows it is hanging off of the MA as well. If you are a risk taker I would suggest buying any large spikes under the MA to catch the snap back.

Bitcoin (BTC): Nov 18 2014

BTC nov 18

Yesterday we looked at the bullish view for BTC, today is the bearish. This seems the more logical of outcomes. After ride up on the MA’s and above the BBands BTC has sold off and should be forming a protracted deadcat bounce into early December.

Bitcoin (BTC): Nov 17 2014

BTC (2) Nov 17

BTC is doing exactly what it should be at this point of it’s cycle. After bouncing off of the 61% FIB line bets are on another wave of upward price action, but for now wait for this current bounce to end and play the wedge that will be forming on the 1Hchart. Day Traders should look to 15min for the best action. Buy & Hold investors look towards the 4H chart .

BTC & DOGE Inverse Relationship

Doge & BTC have an all most perfect inverse relationship.
Doge & BTC have an all most perfect inverse relationship.

They say “a picture says a 1000 words”, I think this chart says a lot more than than. Without clouding the point, the majority of the time BTC & DOGE move in opposite directions and the type of move is often similar. If this relationship continues it would seem as if BTC has more upside to go.

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