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Why Bitcoin Bears Might Not Get To Buy New Lows

The crypto community is locked in debate over: Is Bitcoin in a bull or bear market? The debate will rage on until either a new high or new low is made. The current price action is bearish, which gives the impression that sellers are in charge. The news cycle, and sentiment doesn’t help the picture for bulls. But there is one “theory” that suggests a lower low won’t be made. Mapping Out From The Bear Market Bottom To The Bull Cycle Top Recently, Elliott Wave International held an Open House on their Crypto Pro Group led by analyst Tony Carrion. Tony nailed the recent 20% crypto market plunge as part of a C-wave and a short-term call. A longer term play looks ahead toward a positive Q4, where the analyst expects a wave five to develop and “greater price appreciation to occur.” If it fails to do so, then the pattern might not be valid. Related Reading | Build Base Or Bust? Bitcoin Touches Down On Parabolic Support The recent accurate call of a C-wave prompted a deeper analysis of the longer term play. According to Elliott Wave Theory a primary motive wave consists of five waves, with odd-numbered impulse waves following the primary trend. This is Bitcoin we’re talking about, so the primary trend has almost always been up. A new motive wave and series of impulse waves began at a bear market bottom. Waves two and four are also bearish consolidation phases that move counter to the trend. Tony’s idea is that the run up in early 2019 was wave one, wave two ended with Black Thursday (take note of this), and wave three ended at $65,000 in April. Wave four should move sideways, while wave two was sharp | Source: BTCUSDT on TradingView.com Why Bitcoin Bears May Salivate Over New Lows Forever What isn’t yet clear, is when wave four ends, and wave five begins. However, when reviewing some facts regarding Elliott Wave rules and guidelines, along with several important factors related to the current market cycle, things begin to fit the mold. The best argument bears have for more downside in Bitcoin, is a crash back to $20,000 and a lower low scenario – because that’s what happened after the 2019 peak to Black Thursday. However, Elliott Wave rules state that wave two and four will alternate in severity. Out of wave two and wave four, one correction will be sharp, the other sideways. Looking at the top and bottom of the last correction, sharp is an understatement, especially compared to the most recent “top.” Each impulse wave also behaves similar with five smaller sub-waves | Source: BTCUSDT on TradingView.com If wave two was sharp, then wave four will be sideways, according to the alternation in an impulse rule. “It primarily instructs the analyst not to assume, as most people tend to do, that because the last market cycle behaved in a certain manner, this one is sure to be the same.” Related Reading | Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest Also as part of the alternation rule, wave one, three, and five will alternate to a certain degree. Elliott Wave theory says that wave one and five will made in both time and magnitude, especially have wave three was an extended wave. When comparing what would be wave one with wave three, it is easy to see how extended wave three would have been. All of this information suggests that there won’t be a lower low, and wave five should rally around 350% from where wave four ends. This is all great news for bulls who were hoping for $100,000 Bitcoin. The only problem? When it is all over, if the pattern is accurate, the worst bear market ever is coming next. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Futures Bull Div Could Offer Crystal Ball Into Next Leg Up

The Chicago Mercantile Exchange more commonly referred to as CME, offers the de-facto futures contracts for Bitcoin since the end of the last bull market. But could the forward-looking price action also offer a potential glimpse into the future of what’s to come? If this crystal ball works, the last leg up could be about to begin, and it could start with a simple bullish divergence. Seeing Into Bitcoin’s Future With CME CME is the top BTC futures exchange for institutional traders, and often a dominant force in the market. So dominant, that if any gaps are left behind over the weekend on the CME chart after the trading desk goes offline, they often get filled within the next week with a high degree of accuracy. These sort of breakaway gaps are common with speculative assets like Bitcoin and other cryptocurrencies. Not all such gaps eventually get filled, but their importance is undeniable. Related Reading | How Futures Traders Could See The Bitcoin Selloff Coming Recently, the CME chart has begun to diverge ever so slightly from the price action on spot exchanges, enough to take notice. Just recently, a lack of a momentum crossover on the daily timeframe led to a nasty fakeout while CME was offline. The bullish crossover never existed on CME, so there was less bait for institutions to fall for. Now, the CME futures platform could be offering a potential future look at the next leg up. CME is showing a bullish divergence and a potential break of momentum | Source: BTCUSDT on TradingView.com Last Leg Of Bull Run Begins With Flag To $82,000 There is yet another divergence to be seen on the CME BTC futures chart – a bullish divergence on the daily RSI, that closely matches the signal that sent Bitcoin flying last September. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal A corresponding downtrend on the LMACD – depicting downward momentum – is waiting to be broken. If a similar breakout of momentum is to follow, the final leg up of the bull market could follow. This potential bull flag has a target of $82,000 | Source: BTCUSDT on TradingView.com These signals on their own prove very little, and divergences are only confirmed in hindsight. However, the massive bull flag with a target of $82,000 could eventually act as all the proof necessary. A breakout of the bull flag pattern still could come with several retests of the top trend line, so more sideways is possible before upside ever materializes. Of course, given how extreme the recent selloff was and the still lingering fear due to Evergrande, the recent bounce might not be as bullish as crypto holders would hope. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest

The stars are older than all of us, and older than history itself. Yet bring up astrology with the Bitcoin crowd, and for the most part the response is skepticism or even mockery. Both the study and the cryptocurrency itself share several similarities, such as a mathematical foundation, cyclical behaviors, and unusual financial applications. If you are the type to believe, or are just curious, a notable full moon is passing, leading into the autumnal equinox tomorrow. How might this seasonal shift impact the cryptocurrency market trend, and how does math apply to what many believe to be pure myth? September Harvest Moon Could Bring Bounty For Hard Summer Work Planets all revolve around the sun. Their position at the time each person is born and there forth is believed to instill certain influences at distinct moments. Depending on the rotation and layout of the planets, it can have all kinds of seasonal impacts. The Farmer’s Almanac uses such cycles to predict how much snow each winter holds, for example. Certain conjunctions are said to bring about famine, drought, or worse. For example, historians believe that a a triple conjunction of Saturn, Jupiter and Mars caused the Black Death plague. Related Reading | Interview: Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology The late WD Gann used planetary influences along with math to predict tops and bottoms with “legendary” precision. He taught no one his tricks, but left all kinds of bizarre mathematical tools behind that few know how to take advantage of. So how does this all impact Bitcoin? The Harvest full moon hasn’t appeared on the chart yet its so fresh | Source: BTCUSD on TradingView.com The new moon and full moon chart alone shows significant correlation with Bitcoin price action. Just last night as BTC plunged near $40,000, the full Harvest moon and last full moon of the summer was passing. The moon was named for the fact that farmers used the moon’s light to work late into the night on annual harvests ahead of colder months. It has been a long, arduous summer for crypto holders, but this moon could be a sign that its time to reap the fruit of one’s labors as the autumn equinox hits. Could The Fall And Golden Ratio Be The Key To The Next Bitcoin Peak? The equinox signals change is coming. Change in the season; change in the way humans behave based on those seasons. Seasonality in finance is real, hence the phrase “sell in May, and go away.” The opposite idea is called the Halloween Effect, where investors buy up assets big time to sell around the holidays when enthusiasm is highest. Seasonality and equinoxes don’t always work with the first ever cryptocurrency, but when combined with the power of the Harvest full moon and other favorable mathematical positioning, there is a recipe for something special. After holding above the golden ratio, the final leg up comes in the autumn | Source: BTCUSD on TradingView.com Each final leg up in each Bitcoin bull run has begun at the autumnal equinox, driving to new all-time highs until the winter equinox arrives. Since fall arrives each year, but the same effect doesn’t occur, the necessary ingredient for liftoff is a pullback to the golden ratio. Related Reading | Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event Bitcoin price has always retraced back to the golden ratio, before blasting off to the end of the cycle. Below it has never been filled no matter the cycle. If the same scenario plays out, anyone that has survived the summer’s bearish heat, will have a very happy holiday season. To be fully clear, everything written here is pure conjecture based on correlation and past cycles and performance. These aren’t a guarantee of future results. But when the math adds up and Fibonacci is everywhere in nature, why wouldn’t the sum of the full moon, autumnal equinox, and Bitcoin be something very interesting. In closing, we’ll leave you with the JP Morgan quote: Millionaires don’t use Astrology, billionaires do. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Inflatable Bitcoin Rat Makes Comeback Due To Federal Reserve Ethics Issue

This content was originally featured on Bitcoinist In October 2018, a massive inflatable Bitcoin rat was erected outside of the United States Federal Reserve building by artist Nelson Saiers. Now, the former Managing Director for Deutsche Bank AG and hedge fund manager turned mathematical artist is back at it, as the Fed is up to no good once again. Here is a glimpse at what is going on at the Fed currently that’s caused Saiers to raise a such a stir, how it involves Bitcoin, and what you can do to take a stand like Saiers has. Nelson Saiers And His 2018 Inflatable Bitcoin Rat Bitcoin wouldn’t be where it is today, trading at more than $40,000 per coin, if it weren’t for early evangelists spreading the cryptocurrency’s message. No other form of money exists with such scarcity, and it is thanks to a foundation of mathematical code. Math is right up Saiers’ alley. Saiers has been referred to as the “Warhol of Wall Street” due to his financial-based artworks, and received his PhD in Math at the age of 23. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal As an artist, he’s produced pieces heavy with geometry and numbers. In one such example, Saiers features $10 bills crushed up in a vending machine costing only 50 cents each. Here $10 bills are for “sale” for 50 cents. Alexander Hamilton, whose image adorns the $10 was a huge advocate for a “national bank”. His ideas provided the foundation for the creation of the Federal Reserve a century later. Cheap Money (low interest rates which are often impacted by the FED) was a central cause of 2008 Crash, a description reads. Saiers’ latest piece is also directly outside the Fed, because he’s trying to raise awareness for something he’s shocked there isn’t more “outrage” over: Federal Reserve presidents playing games with rates and other levers while they are also trading securities in their personal accounts. Crypto has come a long way since Saiers’ last stunt in front of the Fed | Source: BTCUSD on TradingView.com The latest Bitcoin rat has been slightly modified from the 2018 original. The newest has a black right eye, which represents how the actions of the Fed presidents are “a real black eye” for the Federal Reserve’s “reputation.” The eye also says POW in reference to the proof-of-work consensus mechanism Bitcoin uses. The black eye also references “getting punched” Saiers told us. Also updated from the original is the sign that said “I smell a rat.” It now reads “I smell 2 weasels” along with the question “does anybody know how to get to Dallas?” Saiers has shared some exclusive photos with us, which you can check out below. What’s Going On With The Fed? The situation the art piece is referencing, is an “ethics review” called for by Fed chairman Jerome Powell, in response to letters Senator Elizabeth Warren sent to the Fed’s regional bank presidents demanding stricter ethics policies, especially around each president’s own holdings. All this comes following several Fed presidents disclosing stock trades, which have come under scrutiny. The “2 weasels” in question are, Boston Fed President Eric Rosengren, who held stock in in Pfizer, Chevron and AT&T, and Dallas Fed President Robert Kaplan who traded seven-digits worth of stocks like Apple, Amazon and Delta Air Lines, according to a CNBC report. The problem isn’t that these people were trading stocks, but doing so while also – as Saiers points out – making “rate and bailout decisions.” So how does this all involve Bitcoin? Well, aside from the fact Saiers has used BTC in the past to prove similar points, the lack of noise around Wall Street and traditional markets over this ethical issue has caused him to turn to crypto instead. “Satoshi couldn’t stand bailouts,” Saiers said, “so I wanted to bring attention to it to the crypto world.” Saiers’ art is now standing in opposition of the Fed right now. Related Reading |  Bitcoin NFT “The Death Of Fiat” Commemorates Historic Crypto Bull Run With Saiers’ statement now out there, will crypto help the rest of the world wake up to what is going on right under their noses? And when they do, will they finally understand why Bitcoin is so special? Probably not, but the more central banks cause distrust, the better the case for Bitcoin in the long run. Special thanks to those like Satoshi, Saiers, and others who selflessly fight causes that effect so many others. If you want to get involved and stop this, buying BTC is one option, but you can also contact your local state and federal elected officials and let your voice be heard. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead

Bitcoin price has shed 10% in a single day in an increasingly dangerous macro climate. Although the ultra-scarce cryptocurrency is claimed to be a hedge against catastrophic economic events, there is no telling how the volatile asset could react when it does finally arrive. With the stock market on shaky ground and precious metals melting down further, is the top cryptocurrency and the rest its altcoin brethren about to experience a bleed out similar to Black Thursday? Or is this just a shakeout using nervous market sentiment over what ends up being a non-event? And which event are we referring to? Bitcoin Price Sheds 10% Alongside Bearish Stock Market Sentiment The cryptocurrency bull market has been cut short of expectations, causing a consolidation phase and bringing the market to a state of fear. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course As if sentiment wasn’t frightened enough in crypto from the 50% collapse in May, another 20% flash crash weeks ago froze bulls and price action in place. Another try for up over this weekend was promptly rejected with another 10% fall today. Bitcoin price sank by 10%, but has yet to produce new monthly lows | Source: BTCUSD on TradingView.com Are corrections getting smaller, or is there something else going on that could make the 10% only the beginning of something more? A potentially dangerous macro situation could present a mixed situation for the consolidating cryptocurrency. Dow Jones Dips As Dangerous Macro Storm Brews Bitcoin price has already recovered more than $1,000 since the bell rang at the official Monday morning market open. The forceful selloff started overnight after the weekly close, potentially due to stock market weakness. The macro environment is on shaky ground considering a potential catastrophic default of China’s second-largest real estate developer, Evergrande. The default has Lehman Brothers-type implications, enough to cause domino effect and potential economic collapse and recession. The Dow Jones fell 1.87% during the same 24-hour period as Bitcoin’s 10% collapse, but given cryptocurrency’s notorious volatility the two situations are of similar magnitude. Normally stable metals have also suffered furthering the extended macro madness. The Dow Jones its looking heavy | Source: DJI on TradingView.com The Evergrande situation could ultimately turn into another scenario where an unprecedented amount of fiat currency is essentially printed to cover the debts the real estate giant can’t cover. Bailouts were made an example by Satoshi Nakamoto, who called out such an instance in the cryptocurrency’s Genesis Block. “Chancellor on brink of second bailout for banks,” the Times headline reads. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal These bailouts saved the stock market and the economy back then, and the strategy was used again to combat COVID. Can the economy withstand another flood of capital? Or will central banks and governments be forced to step in and let it all come crashing down? Most importantly, how does Bitcoin perform in any of the above scenarios? Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Build Base Or Bust? Bitcoin Touches Down On Parabolic Support

Bitcoin price is trading in the mid-$40,000 range, unable to get through $50,000 but still holding strong the higher the recovery goes. The series of higher lows continues, potentially creating another base for the cryptocurrency to blast off from. This base would mark the third out of four before the “selling point” according to how parabola works in financial markets. But this is all contingent on Bitcoin price holding a very crucial curved support line, extending from the asset’s bear market bottom. Take a look. Will The Bitcoin Parabola Break Or Blast Off From Here? The king of cryptocurrency is stuck – between new highs and new lows, so the market is undecided and fearful despite the high prices. Several signs point to the peak at $65,000 being the top of the cycle, which would mean targets fell significantly short of the hundreds of thousands of dollars per coin which were expected before it was all said and done. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal The hope is that what was witnessed in April around the time when Coinbase Global went live on the Nasdaq is instead a mid-cycle pullback before the rest of the rally resumes. Will a base build or the curve bust through? | Source: BTCUSDT on TradingView.com During each bull market cycle, a series of higher lows keeps the cryptocurrency climbing until the trend ends. According to where the latest higher low as potentially formed, it could clarify a parabolic curve that could carry the asset to higher prices eventually.  Elliott Wave Supports Theory And $100K Target At Cycle Top In a comparison with a parabolic curve “step-like formation” diagram, Bitcoin formed base one at the bottom. A much longer base two formed following the June 2019 peak that clearly in hindsight wasn’t the top. The third base could be in process now, with the bottom being the bounce below $30,000. With higher lows forming the parabolic curve pictured above, the recent selloff during the day Bitcoin became legal tender in El Salvador, could have been one last test of the curve before the cryptocurrency’s bull run continues, or a more a deeper drop is to follow once the curve breaks. Even on lower timeframes, Bitcoin is holding the curved support | Source: BTCUSDT on TradingView.com Bitcoin is even retesting that curve on lower timeframes at this very moment, so there may be more clue as to direction soon enough. Down very well could be the direction. The macro environment is bearish, several altcoins are experiencing strong pullbacks after ridiculous rallies, and the dollar is gaining strength. If parabolic support holds, however, a line drawn across past mid-cycle peaks could provide clues as to where the cycle eventually ends. Elliott Wave is added to the parabola to support the target | Source: BTCUSDT on TradingView.com Throw in some Elliott Wave Theory and there is a potential roadmap that could follow. Major corrections tends to fall back to the previous cycle’s wave four. Drawn from that wave four across the top of what would ultimately be wave one and wave three in the current cycle, should pin-point about where wave five could stop. Related Reading | Bitcoin Price “Pitchfork Channel” Could Pin-Point The Last Dip Ever Wave three is usually the longest and easiest to spot of the bullish trend. Wave five should match the Fibonacci structure of wave one. That would take Bitcoin exactly to that line, which runs around $128,000 per BTC – but only if it also continues to follow the parabolic curve drawn above. Breaking through now could create a wider, lengthened parabola at new lows, meaning base three failed. If it didn’t, it will cause the asset to at least double in price before the top is in, which means a lot closer to the six figures analysts have been predicting for years now. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal

Today, the talk across the crypto market is that Bitcoin price is forming a Golden Cross – a potentially bullish signal according to conventional knowledge. But this is the cryptocurrency market, and anything is possible given the potential for sudden, sweeping regulation, hacks, or worse. With the Golden Cross now here, we are looking back at the history of the signal, and breaking down exactly what it means and how this could impact Bitcoin price action in the days ahead. Bitcoin Price Forms Eighth Ever Golden Cross Forget the digital gold narrative. All across crypto Twitter, online forums, and anywhere else cryptocurrency community chatter exists, the discussion is centered around the Golden Cross that’s forming on the BTCUSD trading pair. According to Investopedia, a Golden Cross “occurs when a short-term moving average crosses over a major long-term moving average to the upside.” It is “interpreted by analysts and traders as signaling a definitive upward turn in a market,” the description continues. Specifically, this Golden Cross refers to the 50-day moving average crossing above the 200-day moving average. Related Reading | Bitcoin Price “Pitchfork Channel” Could Pin-Point The Last Dip Ever Because this could be the definitive upswing in Bitcoin price that takes the cryptocurrency to its potential cycle peak, all eyes are on the signal. But not everyone knows what to look for, or what it means. In the chart below, the inverse signal – the Death Cross – failed to produce the expected results, so there is no telling if the bullish version confirms either. Looking back at the history of the two signals, the situation becomes even more mixed. The Golden Cross is here | Source: BTCUSD on TradingView.com Everything You Need To Know About The Bullish Signal The leading cryptocurrency by market cap has had eight Golden Crosses and seven Death Crosses in its short history, according to the Bitstamp chart. The Golden Cross to start the 2013 bull market only ever Death Crossed when a bear market finally began, but not before a quick Golden Cross/Death Cross fake out. After the cryptocurrency bottomed in 2015, another fake out situation where the cryptocurrency Golden Crossed, then Death Crossed, then Golden Crossed again. The last signal brought Bitcoin from under $500 to $20,000. A Death Cross also started the 2018 bear market, until a Golden Cross took the cryptocurrency out from bear market lows. Could this be the last bullish signal before the peak is in? | Source: BTCUSD on TradingView.com In late 2019 and into early 2020, consolidation resulted in more mixed signals. It started with a Death Cross in October 2019, then, like the 2017 bull run, a Golden Cross faked out into a Death Cross, only to then Golden Cross again and take Bitcoin from $4,000 to $65,000. After such a move, it isn’t surprising to see why investors might be skeptical of another Golden Cross yielding similar results. After the recent local top at $65,000, Bitcoin formed another Death Cross, but it didn’t produce much downside. With a Golden Cross back, the market is now nervous of another fake out type situation, but also fearful of missing out on potential upside. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course In the past, Bitcoin has been the underdog, climbing its way to the top any way it could against all odds. Today, things are very different, and more sophisticated investors are now involved – including institutions, corporations, hedge funds, and more. With smart money finally involved in the crypto space, following a traditional market all-in signal like the Golden Cross could be the more wise play. Will the Bitcoin golden cross ultimately be… — NEWSBTC (@newsbtc) September 15, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Cathie Wood Reiterates $500K Bitcoin Call, Reveals Ethereum Rebalancing

Ark Invest’s chief executive officer and chief investment office Cathie Wood, is backing up her bold claim that Bitcoin will reach $500,000. In the same interview, Wood revealed her firm’s increasing confidence in Ethereum following the 2.0 update, along with potential plans to rebalance between the two top cryptocurrencies. Ark Invest’s Cathie Wood On Rebalancing Bitcoin And Ethereum Portfolio Ark Invest CEO Cathie Wood is an important figure in the crypto space, recently even joining Jack Dorsey and Elon Musk in the B-Word debate. As the chief investment officer of her firm, any calls she makes are especially notable. Related Reading | Ethereum “Accumulation” Nears Liftoff Phase: Could A Flippening Occur? In the past, she’s speculated that Bitcoin would reach $500,000. And at the recent SALT Conference, Wood reiterated the call to CNBC anchor Andrew Ross Sorkin. The prediction depends on institutions allocating just 5% of their total portfolios to Bitcoin. Should that occur, Wood believes “that the price will be tenfold of where it is today,” she said. “So instead of $45,000, over $500,000.” What $500K BTC looks like | Source: BLX on TradingView.com Wood said if she could choose only one cryptocurrency, it would default to Bitcoin, but then praised Ethereum for its recent growth. Related Reading | Return of Darth Maul: BTC Pumps And Dumps In 5% Shakeout “Our confidence in ether has gone up dramatically as we’ve seen the beginning of this transition from proof of work to proof of stake,” Wood said. However, the Ark CEO said that the firm would “probably do 60% bitcoin, 40% ether” in the future, keeping the portfolio’s focus on BTC. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Return of Darth Maul: Bitcoin Price Pumps And Dumps In 5% Shakeout

Bitcoin price today has been more volatile than normal, and that’s a statement in and of itself. The normally notoriously explosive cryptocurrency rocketed more than $2,000 and nearly 5% this morning, only to then plummet and wipe out the entire rally and then some. The fall took the cryptocurrency down by more than 7% and $3,000, leaving liquidations in both directions behind. What caused the sudden storm, and is this just the calm in the eye, or is the madness over? Pump and Dump Or Face-Off Between Bull And Bear Whales? Bitcoin saw a steep rejection from above $50,000 and bulls are now scrambling to build meaningful support that holds. If not, a deeper drop and a bear market remains a possibility. For now, whales are either playing games, or waging war with one another where both sides are losing big. Related Reading | Bitcoin Price “Pitchfork Channel” Could Pin-Point The Last Dip Ever A sharp move today in markets saw liquidations on both sides of the trade, and the volatility alone now has the market in a state of fear. A pump this morning caused Bitcoin price to rise more than $2,000 and around 5%, only to immediately drop more than 7% and $3,000 to sweep support and lows. Anyone caught buying what they thought was a breakout, is now at a loss. And it all played out in less than one-hour from bottom to top then back down to the bottom. The move pictured above took less than an hour | Source: BTCUSD on TradingView.com Bitcoin Price Rockets On Litecoin News, Crashes After Liftoff The move was driven in large part by the greater crypto market. Digital assets have a close relationship in price action, so when one coin pumps, the rising tide lifts all boats. Today’s wipeout move was driven by Litecoin and a suspicious scenario where a fake press release was distributed claiming Wal-Mart would support the cryptocurrency. When Wal-Mart denied the claim, an almost immediate 30% rally was erased, also taking Bitcoin price back down with it. A Darth Maul is all that remains on the six-hour Bitcoin price chart | Source: BTCUSD on TradingView.com What remains on the chart on higher timeframes, is a what the cryptocurrency community has so affectionately dubbed a Darth Maul candle. Related Reading | Five Bitcoin Price Charts That Suggest Bulls Have Little To Fear This type of wipeout candle is a doji, with an extremely long wick in either direction, forming what looks like the Star Wars villain’s trademark lightsaber. The impact they can have on investors and traders, is almost as nefarious as the LucasFilm icon. Is this it for the shakeout, or is there more pain in both directions to come? Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Price “Pitchfork Channel” Could Pin-Point The Last Dip Ever

After this week’s flash crash in Bitcoin and altcoins, sentiment is back to being bearish just like that. Bears are taking an “I told ya so” tone all over social media, pointing to early 2018’s “dead cat bounce” as evidence of the bear market to come. But according to a pitchfork channel tool drawn across important pivot points in Bitcoin price action, this flash crash could have been the last dip ever before the last leg up, the top is in, and the real bear market is here. The Great El Salvador Bitcoin Bloodbath The country of El Salvador this week rolled out its law allowing Bitcoin as legal tender. Pictures of signs at major brands like Starbucks and McDonald’s adorned with Bitcoin logos have made rounds across social media. Cryptocurrency adoption is happening unlike ever before. Related Reading | Bitcoin Price Bloodbath: Is El Salvador A “Sell The News” Event? During a day that was supposed to celebrate the game-changing crypto asset that gave birth to an entire industry of digital assets, it was instead a day of destruction. Bitcoin price fell by 20% on some platforms, or as much as $10,000 in a single day from local highs around $52,000. The cryptocurrency has fallen hard, but is holding at a key mid-point of a massive pitchfork channel. Last dip ever? | Source: BTCUSD on TradingView.com Pitchfork Tool Could Pin-Point Last Dip Before Bull Peak Pitchforks are usually associated with farming or angry mobs, but certain technical analysis tools also take such a name. Drawing the tool involves staking the pitch at a certain point, and stretching it across price action to fit certain trend pivots. The tool is used subjectively, but when properly drawn can provide the framework for predicting future price movements. What’s interesting about the pitchfork channel, is that each major line drawn is a Fibonacci level. In the chart above, Bitcoin price is holding above the all-important 0.5 Fib – which happened to be the launchpad to the last bull market’s peak. During this cycle, the top of this pitchfork channel was never touched, but the bottom was on Black Thursday. Related Reading | New To Bitcoin? Learn To Trade With The NewsBTC Trading Course! Further validating the line the cryptocurrency is holding at, it also stopped the 2019 rally in its tracks. It acted as support in January and February 2021, then resistance in May and June. Losing the line in 2018 prompted the plummet to the bear market bottom, and before that was the last leg up during the last bull run. With Bitcoin price holding the key mid-point once again, the next direction should be a touch of the top of the channel. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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How Futures Traders Could See The Bitcoin Selloff Coming

Part of what is so special about Bitcoin is the fact that is it inclusive to all, and never in the past required the participation of “smart money” and institutional traders. But to become a multi-trillion dollar asset as it is destined to, bigger players had to get involved to take things to the next level. That next level is now here, and retail investors and traders are in the same market along with whales, corporations, and other high wealth individuals. These elite play in their own ball field, complete with their own set of rules and conditions. Some conditions can be so unique, that it can even help these traders avoid muddied signals coming from retail trading platforms. Here is how that all works. The Great El Salvador Bitcoin Bull Trap Bitcoin has been trading actively for more than a decade, and the network itself active for slightly longer. When it first released, it had no value at all. Today, it trades for $46,000 per coin, which has the cryptocurrency’s total market cap hovering just under one trillion dollars. Growing from nothing to pennies, to a trillion dollars in value, is nothing short of amazing. Even greater of a milestone yet, was what happened yesterday when Bitcoin became legal tender in the Latin American country of El Salvador. Related Reading | How Bitcoin Bulls Can Make September A Month To Remember Rather than soaring sky high as the retail crowd would expect, whales bought the rumor, but sold the news and took out stop losses of overzealous retail traders in the process. How was it that retail was so easily duped, but institutional futures traders were not? It could come down to the unique technical at the Chicago Mercantile Exchange, better known as CME Group.   Retail traders on Coinbase were bull trapped | Source: BTCUSD on TradingView.com How CME BTC Futures Tipped Off Institutional Traders When BTC Futures made their debut on CME in 2017, it was the end of the previous Bitcoin bull run. Institutions made it clear then that cryptocurrencies weren’t yet ready, and shorted the coin to the ground. And it was the first time outside of unregulated derivatives markets that institutional traders could do so. It caused a bear market as a result. Since then, the power of the CME platform has controlled much of crypto price action. So-called breakaway gaps left on CME charts are often filled later in the week. These gaps are left behind, because the Monday through Friday trading desk actually closes down for weekends and holidays – in contrast to the always on markets of Coinbase or Binance. Related Reading | New To Bitcoin? Learn To Trade With The NewsBTC Trading Course! In the comparison between the two charts above, even technical indicators on the CME Futures chart on the left doesn’t exhibit the same bull trap situation. On the evening that Bitcoin was due to become legal tender, the LMACD indicator crossed bullish on the Coinbase chart (pictured on the right), suggesting that a bigger move up was essentially confirmed. But on the CME chart, no such crossover occurred, which was telling of whales’ next moves. The momentum had long crossed bearish, but was waiting for price to react. React it did, and Bitcoin price flash crashed by $10,000 and nearly 20% due to the severe liquidations seen across the crypto space. CME traders could have easily seen this coming, given the fact their chart never had a bullish signal to trap retail traders. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Price Bloodbath: Is El Salvador A “Sell The News” Event?

Today is one of the biggest days in the history of Bitcoin, with one of the most fundamentally bullish moments unfolding: the cryptocurrency has officially become legal tender in El Salvador. But Bitcoin price isn’t responding as expected. Instead, the market has responded with an absolute bloodbath and $10,000 drop per coin. Could this mean that Bitcoin’s big deal was merely a “buy the rumor, sell the news” event? Or despite the selloff will this moment have a lasting impact? Bitcoin Price Sheds Nearly 20% In El Salvador Bloodbath Bitcoin price is down more than 19% intraday on a day that was supposed to be its time to shine. The leading cryptocurrency by market cap before it becomes a teenager has become legal tender in the country of El Salvador. The country itself has purchased 400 BTC to distribute to adults who use the government-run Chivo app. Other nations and individuals are buying BTC in support today of the milestone moment in the history of crypto. Related Reading | How Bitcoin Bulls Can Make September A Month To Remember Having risen from virtually worthless, being bootstrapped via the dark web, to now becoming legal tender of a nation is nothing short of incredible. There is no denying the potential implications of this move and its dramatic impact on cryptocurrency adoption and acceptance worldwide. Yet for some reason, Bitcoin price isn’t responding with the bullish momentum it has had leading up to the law going into effect, but why? Bitcoin price plummeted almost 20% today | Source: BTCUSD on TradingView.com Whales Are Selling The News As BTC Drops $10,000 In finance, there’s adage that says to “buy the rumor, sell the news.” In the case with El Salvador, it wasn’t rumors leading up to today, but rather the build up to the historic debut. Another recent example of such a scenario was the Coinbase Global debut on the stock market. Before that it was Bakkt, and prior to that it was the CME BTC Futures launch in December 2017. Big debuts haven’t been kind to Bitcoin. Smart money investors bought Bitcoin back when the blood was fresh and flowing, knowing full well this day was coming. With the day now here, profit-taking could be setting back the top cryptocurrency by market cap. Related Reading | New To Bitcoin? Learn To Trade With The NewsBTC Trading Course! These investors or traders might not be bearish on Bitcoin, but taking profits is never a bad idea. Blasting through the level could be confirmation the bull run is back on, and smart money being smart – are more than willing to wait for such a signal. The profit-taking might have had an unintended effect of liquidating over-leveraged long traders, which caused a cascade effect of stop losses being hit and causing the price per BTC to tank more than $10,000 as a result. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Ethereum “Accumulation” Nears Liftoff Phase: What This Could Mean For Bitcoin

The conversation across crypto is no longer only about Bitcoin. Ethereum is the most important cryptocurrency to the ecosystem since the former’s creation, and has recently stolen the show. On the ETH versus BTC trading pair, the recent market structure resembles an accumulation pattern moments before the liftoff phase. If the pattern is accurate, a market cap “flippening” could soon become a narrative that rivals the story of digital gold itself. Ethereum, Bitcoin, And Disrupting Digital Finance During the year 2020 and with the onset of the pandemic, all things digital became far more important to the global ecosystem – and no more notably than in finance. Among the other reasons for digital assets to thrive in the 2020-forward economy, was due to the abundance of fiat value being added to the balance sheets of the US Fed. Gold in theory should thrive in such a situation, but instead the world has turned to Bitcoin and its altcoin brethren as the up and coming store of value. As important as this changing of the guard has been for crypto overall – and the fact it could not have been done without Bitcoin – it is Ethereum that is breaking on through to the mainstream. Related Reading | The Chart Pattern That Takes Ethereum To $10K At a price of $50,000 per coin, corporations and institutions are looking at BTC. They are also looking at Ethereum, but it is the network’s users minting NFTs or disrupting traditional finance via DeFi that are the driving before behind the latest trend. At under $4,000 per coin, each ETH is still priced feasibly enough that someone can afford a whole one. Buying up 32 of them, lets the wealthy earn an APY back in rewards through staking. It is regularly in the demand for everyday use in transactions as gas, and fees are almost always high forcing users to pay a hefty sum of ETH in exchange. All of these factors combined could explain why on the ETHBTC trading pair, the asset is in a clear accumulation pattern, and why the digital gold narrative could soon turn toward a “flippening” narrative instead. Is this Livermore “speculative chart” valid? | Source: ETHBTC on TradingView.com Could Accumulation On The ETHBTC Pair Lead To A Flippening? Narratives themselves can be self-fulfilling prophecies if enough believers buy into the tale. The above chart suggests that many have bought into the tale of Ethereum itself, and a wave of more could come piling in. What the chart above also depicts is the ETHBTC trading pair in a Livermore Accumulation Cylinder that technical analysis pioneer Jesse Livermore popularized long before Ethereum was ever launched. Related Reading | New To Ethereum? Learn To Trade With The NewsBTC Trading Course While Ethereum is unlikely to trade higher than Bitcoin on a per coin basis, the total market cap could “flippen” if the above pattern is accurate. The market cap of ETH is more than half of BTC currently, but there are far more coins circulating than in Bitcoin. At current issuance and market cap parity, Ethereum would need to slightly more than 2x against Bitcoin to become the top ranked cryptocurrency by market cap. Given the long stretch of over performance since the asset’s inception, the number doesn’t seem that far off now does it? Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Five Bitcoin Price Charts That Suggest Bulls Have Little To Fear

Bitcoin price is back at $50,000 and until either support at $30,000 is broken to the downside or a new all-time high is set, the direction of the market won’t be as distinguishable. Fundamentally, the network continues to grow, and sentiment remains high surrounding the cryptocurrency space. Better yet for bulls, here are five outrageously bullish charts filled with technical signals that suggest that bulls have very little fear about what could come in the months ahead. Five Bitcoin Price Charts Supporting New ATHs Weekly RSI is holding in the bull zone | Source: BTCUSD on TradingView.com To begin with the easiest chart to read, we’ll present the weekly Relative Strength Index. The current leading cryptocurrency by market cap just reclaimed the de-facto line in the sand between a bull phase and bear phase. For those looking for evidence of a bear market, you won’t find it on the chart above. After the peak was put in December 2017, Bitcoin price immediately plummeted below the line to kickstart the most recent bear market. The weekly RSI is back holding above this line – which following the December 2013 peak was lost and a bear market began. Parabolic SAR and Elliott Wave support further upside | Source: BTCUSD on TradingView.com The weekly LMACD has also recently flipped bullish, but the comparisons to previous bull markets aren’t as immediate apparent. If anything, there are more similarities with the 2013 cycle versus 2017, where the indicator never fell below the zero line after moving above it. Bitcoin price action currently has pushed momentum back above the zero line and is currently crossed bullish. Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You A parabolic curve supports the price action in all examples above and below. Also in the chart directly below, the Ichimoku shows that during past bearish phases, Bitcoin price action sliced through a steep and thin cloud, while price action today is well above the cloud on weekly timeframes. BTCUSD is well above the cloud | Source: BTCUSD on TradingView.com Another bullish impulse would cause yet another steep rise in the cloud, which the cryptocurrency could later cut through to begin the next bearish cycle. But that is likely still plenty of weeks away according to the indicator. Not everything is rosy, however, according to the Ichimoku. Bitcoin is currently above the baseline (Kijun-Sen) and conversion line (Tenken-Sen), but the two lines are still crossed bearish. A bull cross driven by another impulse could do the trick. The Bollinger Bands are curling upward while above the middle-SMA | Source: BTCUSD on TradingView.com The Bollinger Bands on weekly timeframes also hint another bullish impulse could soon be coming. Prior to past impulses, the bottom bands curled upward, before expanding in both directions with price action passing the middle-SMA then riding the upper band to local highs. Another ride up the bands after a third major bullish impulse might be the final trip to the final bull market peak. Elliott Wave International recently shared a video discussing Bitcoin and a potential fifth wave brewing. Packaged with the video was a detailed explanation of the study where Elliott Wave Theory was compared to a “roadmap” that could potentially be followed. Parabolic SAR and Elliott Wave support further upside | Source: BTCUSD on TradingView.com If Bitcoin price really is finishing up a corrective wave four and about to enter a wave five impulse, it would be the grand finale for this cycle. For added measure, the Parabolic SAR is turned on, highlighted in green for the sake of showing a new uptrend could be in its early stages. But the real meat and potatoes of the chart are the waves and their structure. Drawn from where Bitcoin broke down to bear market lows to across both major local highs since the bottom was put in, we have a potential target for where a wave five might end. According to Elliott Wave Theory,  wave two and four alternate in length and severity, and the third wave is typically the longest, strongest, and easiest to recognize. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Wave five is usually around the same length in power and duration as the first wave – and also just so happens to line up with the previous mid-cycle pullbacks. If accurate, the cryptocurrency could run around 325% or higher from the bottom around $30,000 and bring the high of this cycle to around $125,000 to $150,000 per BTC. Fifth waves can extend, however, and match or even exceed the length of a wave three, so truly any outcome is possible with an asset with this much potential application. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Price Forecast Calls For Chance Of Black Thursday Redux

Bitcoin price is making another attempt at the time of this publication to take back $50,000 and hold. With the Ichimoku indicator turned on, the leading cryptocurrency by market cap is also trying to hold above the cloud. Losing the cloud under similar circumstances the last time around, resulted in one of the nastiest selloffs on record with Black Thursday in March 2020. Could such chaos be in the forecast for crypto? Holding Above Cloud Could Prevent Black Thursday Repeat Until either Bitcoin sets a lower low, or blasts cleanly above $50,000 and makes a crack at its current all-time high, debate will rage on regarding if the bull market will continue or if a bear phase has begun. Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone Currently, there’s a battle breaking out between bulls and bears, and while at first glance it would seem $50,000 is the prize, price action is trying to hold above the Ichimoku cloud – also called the Kumo – on the three-day timeframe. Bitcoin losing the cloud could cause a deeper correction | Source: BTCUSD on TradingView.com In an attempt to use the cloud from the past to forecast the future, losing the cloud on the timeframe could result in a similar style collapse as Black Thursday. A red cloud represents bearish strength in the market, so although Bitcoin is rising, bears might still have the upper hand. A Theory On Where The Bitcoin Correction Will End If such a fall happens, the lower low doesn’t necessarily mean a downtrend has started. The pure definition of a downtrend is a series of lower lows and lower highs, which will be what happens in Bitcoin if the top cryptocurrency reverses here. Even Black Thursday itself was a buy signal, marking the completion of an ABC correction. According to Elliott Wave Theory, following each impulse wave, a corrective wave follows. Another ABC correction would result in a lower low | Source: BTCUSD on TradingView.com In an ABC correction, the C-wave is always lower than the A-wave. Adding credence to the idea, both rallies on the way up saw similar sub-division. There is no guarantee that a C-wave will arrive. Also, impulse waves move in the primary direction of the trend, and the current corrective wave could be a wave-four in a larger formation making any downside relatively moot. Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You The larger formation suggests one final wave five up before the bull market is over, and the wave five will be one to remember. When it is all said and done, if the formation is valid, Bitcoin could see its worst bear market ever to follow. Similar thoughts on #bitcoin – potential ending diagonal. pic.twitter.com/HYyBIEGyxN — Tony “The Bull” Spilotro (@tonyspilotroBTC) August 7, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Breakout Beyond $50K Brings Bull Market Fractal Back In View

Bitcoin price is back above $50,000 and its return to the key resistance level has brought a potential bull market fractal back into focus. The bullish fractal in question suggests that another leg up in the crypto bull cycle is coming, matching the epic 2013 rally grand finale. If the potentially repeating price pattern playing out similarly isn’t quite enough to convince, two separate technical indicators on monthly timeframes also appear to match the conditions that prompted one of the largest rallies in the cryptocurrency’s history. Is A Clean Break Of $50K The Trigger To The Final Leg Up In Crypto? Bitcoin price is back retesting $50,000 and while the level itself might be a clear phycological barrier due to the rounded price around halfway to most long-term targets, it also happens to be the median of the asset’s logarithmic growth curve. The logarithmic growth channel has held the cryptocurrency within its boundaries for its entire existence, containing each bubble and supporting each bust. If Bitcoin passes above the median, things could move quickly | Source: BLX on TradingView.com Past bull market cycles have always concluded in the red zone, and the fact that the top cryptocurrency by market cap never made it there is the best argument for why a peak hasn’t yet occurred. Related Reading | Weekly Bitcoin Momentum Cross Bullish For First Time Since March 2021 Whether or not the bull market has ended is heavily debated, but with Bitcoin back around $50,000 an answer should be near. Past performance isn’t indicative of guaranteed future results, but beyond Bitcoin brushing up against the log channel median, there are also a number of other factors that match up almost perfectly. Bitcoin Fractal Resembles 2013, Momentum And Relative Strength Also Similar Comparing price action isn’t often enough to convince most analysts, especially if other market conditions are different. However, the conditions surrounding the 2013 final leg up and the current state of the 2021 cycle are also eerily similar. During both rallies, Bitcoin paused after passing above the log median, fell back to the 1.618 golden ratio Fib extension level, and then made a successful attempt at touching the red upper boundary of the log channel. The similarities between the two cycles are stacking | Source: BLX on TradingView.com The Relative Strength Index on monthly timeframes also is behaving similarly, with Bitcoin just a few grand away from blasting back into bull market territory – a zone it spent very little time in comparative to the 2017 bull market. The RSI making a double top with a lower high to form a bearish divergence would signal the end to the bull run. Related Reading | Why An Ongoing Bullish Bitcoin “Retest” Might Result In New Highs The LMACD, the log-based version of the MACD, a momentum tool, also is exhibiting a similar upward turn after a near crossover. Such a move is distinctly bullish, and often results in a powerful upside move. The bullish conditions could propel Bitcoin price beyond the log channel median, and toward the red zone of the channel. Targets for the end of the cycle would be upwards of $125,000 based on the current location of the upper boundary, but as time progresses this peak gradually moves higher. Markets are cyclical, and history often repeats. When it doesn’t, it still often rhymes. And while past performance doesn’t guarantee future results, according to Sir John Templeton, the four most expensive words in investing are “this time it’s different.” Will Bitcoin blast off toward $125,000 and higher from here? The similarities between #Bitcoin in 2013 and 2021 continue to grow. Peak will be in red. Currently around $125,000. I tend to think $144,000 when it’s all said and done. pic.twitter.com/4IU504uxPt — Tony “The Bull” Spilotro (@tonyspilotroBTC) August 23, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Why An Ongoing Bullish Bitcoin “Retest” Might Result In New Highs

Bitcoin price is still well below its former record, but the top cryptocurrency by market cap at the time of this writing is making another attempt to reclaim lost support near all-time highs set earlier in the year. The “retest” thus far is holding above a key level, and when compared to past peaks in the crypto market, this time almost certainly appears to be different. If the repeating pattern yields different results yet remains to be seen, but a unique outcome this time around would suggest a rally to new highs. The Four Most Expensive Words: “This Time It’s Different” According to Sir John Templeton, the most dangerous mindset in investing is assuming that “this time it’s different.” Markets are cyclical and price action often exhibits fractal-like patterns. Even Bitcoin itself appears to repeat in cycles every four years based on the built-in issuance mechanism called the halving. Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe Despite this predictability, how the cycle unfolds can present itself in unique ways. For example, the 2014-2015 bear market was a deep, rounding structure, leading to a dramatic rise and top in 2017. A failed retest led to additional lower highs and a descending triangle pattern that ultimately broke down. A retest of former support turned resistance is thus far holding | Source: BTCUSD on TradingView.com In 2019, Bitcoin rebounded from the most recent bear market bottom, starting a new cycle in cryptocurrencies. After topping out below the asset’s former all-time high the same year, the remaining resistance above led to another failed retest and sustained bearish phase. Bitcoin has topped once again, but this time the subsequent retest appears to be holding which could lead to new highs ahead. Lack Of Resistance Could Lead Bitcoin Back To Price Discovery The lack of resistance during this phase of the cycle could result in a different outcome from the past two tops, despite Sir Templeton’s advice. Past retests also failed below the middle-line on the Bollinger Bands, which is a 20-week simple moving average on the below weekly chart. BTC makes it above the middle-BB on this retest, not on others | Source: BTCUSD on TradingView.com The current retest has made it above the middle-Bollinger Band, which in an of itself can be used effectively as a signal to buy or go long. Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You Note that during the last bull market, once Bitcoin price was able to hold and stay above the middle-SMA, the uptrend rarely took pause from that point on. It is also when the leading cryptocurrency by market cap blasted off into the final stages of the last bull market. So, is this time really different? With no resistance above, reclaiming this level with a successful retest couldn’t possibly be more bullish for Bitcoin. After a failure to move higher, often markets retest a range. If successful, prices might pass through the previous range. If unsuccessful, price finds a range below instead. With less resistance than past tops, the most recent #Bitcoin retest might be bullish. But BTC must hold. pic.twitter.com/0uznyPk5kC — Tony “The Bull” Spilotro (@tonyspilotroBTC) August 19, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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The “Father Of Trend Following” And The Indicator That Says Bitcoin Is Still Bullish

When Bitcoin price is in an uptrend or a downtrend, it is usually obvious and undeniable due to just how powerful things can move. For example, the cryptocurrency soared from $3,800 to $65,000 during the most recent impulse. Although there was a large setback, a trend-identifying indicator created by the “Father of Trend Following” suggests that Bitcoin is as bullish as ever, and after a defense of an important conflict line, the cryptocurrency is ready to blast off higher. The Bitcoin Uptrend That’s Not Yet Ready To End After Black Thursday in 2020, Bitcoin price went on a year-long uptrend that came to a climax this past April around the same time Coinbase Global (COIN) was listed on the Nasdaq. The first ever cryptocurrency climbed more than 1,500% and reached more than a $1 trillion market cap. The correction wiped out more than 60% of it, and left the market reeling enough to question if the cycle had concluded. Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe Mixed signals are everywhere, with many pointing toward a bear market, with others are saying the integrity of the bull market was never quite broken. Sideways price action following the selloff has made the current trend a lot less clear. However, zooming out using the Donchian Channels technical indicator on monthly timeframes, the uptrend holding becomes a lot more visible – especially when comparing past market cycle tops. After defending the median, bulls should make a push higher causing the upper band to rise | Source: BTCUSD on TradingView.com All About The Donchian Channels And How To Use Them The Donchian Channels indicator was created by Richard Donchian in the mid-20th century. He was later nicknamed “The Father of Trend Following.” The tool itself is used to help identify trends. An asset begins trending after making it through the median which acts as a line of conflict between bears and bulls. Expansion of bullish or bearish energy then causes the channel bands to widen. Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You The median is best defined as a “mean” that assets return to after a period of trending. A successful defense of the median, typically results in another wave to the primary trend. If that trend is up, like what Bitcoin price is currently showing, then the upper channel should theoretically expand as prices rises higher. Past bear markets in Bitcoin began when the median was lost, which caused the asset to trend toward the lower channel band instead. And past bull markets each had several pauses in the upper channel before another push higher was made. Could the recent pullback just be the first of many more to come as Bitcoin climbs toward the eventual climax to the current market cycle? Donchian Channel on the monthly says #Bitcoin still plenty bullish after defense of the median. Donchia-say you weren’t warned. pic.twitter.com/LMPwBGR5RP — Tony “The Bull” Spilotro (@tonyspilotroBTC) August 18, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Weekly Bitcoin Momentum Cross Bullish For First Time Since March 2021

Bitcoin price has been unable to get back to $50,000, but with momentum at its back for the first time on weekly timeframes since March, the top cryptocurrency might blast right on through it. Here’s a closer look at the significant bullish crossover brewing, but also what crypto investors might need to beware of if the market continues to consolidate further. Bitcoin Momentum Indicator Crosses Bullish For First Time Since ATH There is a battle of the words waging on across the crypto community – a fierce debate over if Bitcoin has started another bear market, or if the bull market has final leg up ahead. Only one side of the trade will be right in the end, but which? Time will decide, but in the meantime analysts are trying to determine the highest probability direction the top cryptocurrency goes next. Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe Trend strength indicators suggest that bulls are in control, but momentum has been in bear’s favor since the peak in late March and early April 2021. Around that time, Bitcoin price was trading around the current all-time high of $65,000, when the LMACD crossed bearish and the downtrend first began. After last night’s weekly close, however, things have flipped back bullish for the first time since. Weekly momentum has crossed bullish above the zero line | Source: BTCUSD on TradingView.com Pivotal Point In Crypto Market Cycle Is Clear With LMACD The LMACD is the logarithmic version of the Moving Average Convergence/Divergence indicator and better accurately represents momentum in Bitcoin price on the log scale. Although the signal is indeed bullish, Bitcoin bulls are not yet out of the woods. Such crossovers are less reliable when markets are consolidating, and depending on the macro climate, crypto could move sideways a lot longer like it did in late 2019 and 2020. Crossovers with consolidation are less reliable | Source: BTCUSD on TradingView.com At that point, however, there was still leftover bear market resistance to contend with, which doesn’t exist today. The picture above also shows that the LMACD remains above the zero line, which suggests the asset is bullish in and of itself. On the last two of the four bullish crossovers were above the zero line, and only the third signal so far that produced a significant rally. How will the fourth finish? Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You It is important to note, however, that crossovers tend to be hard fought. Take the chart on the lower right, for example. The monthly price chart opened bearish just like the weekly opened bullish, but there is an ongoing struggle between the two opposing market forces: buyers and sellers. Both the daily and monthly are also at inflection points | Source: BTCUSD on TradingView.com The daily LMACD on the left hand side also warns of a potential bear cross on lower timeframes, which could put the bullish crossover on the weekly in jeopardy and the bearish crossover on monthly timeframes deeper into the red. What the critical momentum indicator appears to suggest, is that the crypto market is at a major inflection point based on momentum, and could explode in one direction or another depending on what happens in the next two weeks ahead as August comes to a close. #Bitcoin crosses bullish on the weekly LMACD while above the zero-line. Bullish and bullisher. pic.twitter.com/5qUWnzLIWy — Tony “The Bull” Spilotro (@tonyspilotroBTC) August 16, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You

Bitcoin price is near $50,000 and everyone wants as much of the ultra-scarce cryptocurrency as they can. Investors have been known to sell their homes or take other wild risks to get their hands on some.  However, there are ways to get BTC for every little effort, or by doing mundane, everyday things like shopping for groceries, dining out, and even walking down the street. Even more interesting is that many of these offer this Bitcoin for free up front for signing up, or as a reward for participating in some type BTC-back program.  Best Ways To Get Bitcoin For Free As Bitcoin grows, we’ve put together a list of the best of the best of these programs for the biggest chance to get Bitcoin one way or another.  Lolli Lolli tops our list because it gives and gives but asks for so little back. In fact, it costs nothing to use, but earns you up to 30% back in BTC on purchases from select retail partners.  These aren’t nobody partners, either. Lolli’s current lineup includes Macy’s, Nike, Best Buy, GameStop and so much more. In the market for a PS5 anyway? Activate Lolli in your browser or from your smartphone to take advantage in a few clicks.  Lolli’s smartphone app also offers a “daily stack” where users can get free sats each day and up to a $100 surprise worth of BTC. New users also can get $5 in BTC with the code M8C4QM.  BlockFi BlockFi’s credit card is a rather new addition to the company’s line up of products, which generate interest on idle crypto assets. The big pitch here is that every purchase you make gets you 1.5% back.  The reward is doubled during an introductory period, so depending on how much you spend, the more you can stack. Bitcoin rewards are paid monthly into a BlockFi account that begins to generate up to 4% APY, compounding any BTC rewards you earn.  Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe If you’re the type to pay off your balance regularly, running regular spending through the BlockFi card instead can net some serious crypto holdings in no time, for doing things you’d be doing anyway.  With a price chart like this, earning even a little BTC can make you a lot of money | Source: BTCUSD on Tradingview.com Fold Card and Fold App If the fact that BlockFi is a credit card and debt rubs you the wrong way, there is also the Fold card, offered by the makers of the Fold App. The Fold card is a debit card you fund yourself, so there’s no debt involved.  Fold got its start offering BTC back rewards on gift cards, but has evolved into a much larger service. In addition to still offering gift cards with a substantial amount of sats back, there’s also a daily wheel users can spin for a chance to win free sats.  Related Reading | Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle Users of the Fold card also can spin a prize wheel following each purchase made. Prizes range from a sats-back multiplier to a full BTC. There are also unique prizes presented depending on the current prize wheel partner. Registering for the Fold App also offers free BTC for signing up.  Coinbase Card Coinbase also offers a debit card, however, this card doesn’t debit dollars from an account, it debits cryptocurrencies stored in wallet which are converted into dollars at the point of sale.  The merchant gets paid in dollars, but the user pays via their crypto holdings. In exchange for using the Coinbase card over other cards, users are offered either Bitcoin back or Stellar (XLM).  The catch here is that although it does reward you in crypto also, the Coinbase card will eat into your crypto assets, so depending on your goals, other options might be better suited for you. However, Coinbase offers $10 in Bitcoin when you sign up.  sMiles If all of these other ways to get Bitcoin rewards require too much effort on your part, what about doing nothing more than walking around? Amazingly, that’s exactly what this smartphone app offers.  sMiles tracks your steps by connecting with your phone’s health app, and then gives you free sats depending on how many steps you’ve taken for the day.  The company appears to be laying the groundwork for other ways to earn BTC, such as gift cards, videos, prize wheels, and more. It also uses Lightning for its backend. I have a sneaker addiction that pays for itself. How? I buy all my @Nike #AirForce1 from @FinishLine or @footlocker using @trylolli and paying via my @fold_app card. The #Bitcoin I earned in 2020 is worth more than a dozen pairs of sneakers. pic.twitter.com/N2h9mPFJkd — Tony “The Bull” Spilotro (@tonyspilotroBTC) June 7, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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