Sunday, August 25, 2019

BTCUSD Technical Analysis (06-12-19)

Hi Everyone!

This week probably gives off a lot of mixed emotions; some may see it as boring and choppy, while others may see it as fast and exciting, and some are probably just patiently waiting for the breakout. Either way, it doesn’t change the bigger time frame.

The drops we’ve seeing are great for context as they show us the obvious: a lot of selling is going on which has been shifting the momentum from bullish to bearish – reducing the chance of a move above $9000 at the moment significantly.

The blue arrows in the image below identify the drops I’m speaking about:

https://www.tradingview.com/x/EoQbKk4n/

It’s really important to note here that we’re looking at the 4hour time frame, and that there’s a lot of action happening within those candles.

https://www.tradingview.com/x/PjcPVWLC/

Some may see a wedge, chop, the right shoulder of a H&S… but they all mean the exact same thing so you don’t have to worry.

If a candle of significant time (30m+) close above the resistance at 8100, then support is gained and we will not be going down anymore.

For more context you can view the trade setup on a live chart through Tradingview:



BTCUSD Head & Shoulders by BTCNN on TradingView.com

And here are related analysis following the entire move from the high:

https://www.tradingview.com/chart/BTCUSD/oGzdYCFp-BTCUSD-Bearish-below-8830/

https://www.tradingview.com/chart/BTCUSD/BzBHbsnO-Bearish-progression/

https://www.tradingview.com/chart/BTCUSD/FH4Pk386-BTCUSD-Holding-here-could-fill-out-the-double-top/

https://www.tradingview.com/chart/BTCUSD/LFmMBUtO-Let-s-call-it-a-bull-trap/

 

More Articles

First Cryptocurrency Law Firm in Canada Welcomes Global Clients

Cameron-Huff, a technology lawyer on January 3 launched the first cryptocurrency law firm in Canada. The date corresponds with Bitcoin's 10th anniversary, and based...

Sending Bitcoins from One Wallet To Another

Sending cryptocurrencies between wallets can either be a walk in the park or a tedious task depending on method employed by the sender. For...

Facebook Whitelists Coinbase Cryptocurrency Ads To Be Shown in...

In a follow up of an earlier story that reported Facebook's change of heart about cryptocurrency ads on their platform and how some ads would...

Disney Shows Interest in Company That Owns Bitstamp and...

The Walt Disney Company, an entertainment conglomerate has shown interest in purchasing NXC, the parent company of Nexon. NXC also owns a...

Exchange-Based Cryptocurrency Trade and P2P Trade, Why Each One...

According to recent research conducted by Worldcore, the report shows Morgan Stanley, Exchange Based Cryptocurrency Trade thrives more in Malta than most countries and...

#SaveTwitter: Crypto Community Demands Action Against Crypto Scams

On Tuesday, the cryptocurrency community shook the Twitter world through their request for an action from the Twitter against the rising cases of crypto...

No Worries: Bithumb will Reimburse Lost Money of Users

After the incident of Bithumb hacking in South Korea, the company announced that all lost money will be fully reimbursed to their users. Bithumb as...

Bitcoin Drops to its Lowest Price Within a Month...

Bitcoin's wavelike movement is not an uncommon phenomenon, but it appears the downward trend has become more frequent. The digital asset which began the...

Chinese Floodings Have Affected Bitcoin Mining Processing Power

The processing power of the bitcoin network, that is, the number of operation that the network can make, has gone down considerably since last...

Monero’s (XMR) Price Surges by 27 Percent, Gets Launched...

It's April 2nd and the market is looking green thanks to Bitcoin's bull rally. For Monero (XMR), the 13th largest virtual currency...

Antalya Homes Sells 9 Houses in Turkey For Bitcoin

Despite Bitcoin's price trend in 2018, its adoption is on the rise. The number of people with cryptocurrency wallets has increased by 32 percent...

Bitcoin Price Stabilizes at $6,550, Analysts Optimistic About Stellar...

Over the past day, bitcoin has been stable in the area of mid-$6,000 values,  After having a rise to $ 6,800, only to decline...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...