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BTCUSD daily price action

  • #561
  • Oct 25, 2019 8:39am Oct 25, 2019 8:39am
BTC: Price: $7,650 | MCAP: $138 Billion | 24-Hr Volume: $17.18 Billion

Short-term trend: Bearish

Bitcoin is witnessing a corrective bounce. The short-term bearish outlook would be invalidated if prices close above the former support-turned-resistance of $7,714 (Sept. 30 low).

A rejection at that level would bolster the bearish setup and could yield a deeper drop to $7,200 and $7,000.

The odds of another big sell-off appear low, as bitcoin has charted a death cross – a bearish crossover of the 50- and 200-day averages. The lagging indicator trapped sellers on the wrong side of the market in 2014, 2015 and 2018.

Note that the U.S. Federal Reserve is expected to deliver 2019's third 25 basis point rate cut next week. The narrative that BTC is a hedge against monetary easing may bode well for the cryptocurrency over the next few days.

The outlook would turn bullish if and when prices rise above the Oct. 21 high of $8,314, invalidating the lower highs setup.

Long-term trend: Neutral
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Money = Labour coupons
  • #562
  • Edited 10:00am Oct 25, 2019 9:41am | Edited 10:00am
9000 first target.
EDIT
According to my indicators the weekly is in a pullback of a rising trend, topping out in June, any movement down from here, would or could be to as low as 4000 however the rising of the price if the pullback scenario is confirmed, 12000+ would be insight, bear in mind the selling duration could be a lot longer than the buying duration to move the price, no one wants to miss the rise, the upside is unlimited, only my thoughts,no advice intended, I have been wrong, Detector.
I don't need to be good at the game, only good enough to beat my opponent,
  • #563
  • Oct 25, 2019 10:48am Oct 25, 2019 10:48am
Intraday traders - Caution. The break of support has not followed through. Wait for price to resume down before taking an entry.

Remember today is the CME futures settlement for Oct 19'. Price tends to drop as it has this week into the settlement, trade sideways over the weekend and resume upwards on Monday after CME settlement.

Long term - Price rising above $8,000 nulls the break of supports and sets up a nice entry back toward the trend which is still upwards on the daily time frame. With a stop below the recent break this possibly allows for a good entry with a nice risk to reward.

Inserted Video
  • #564
  • Oct 25, 2019 10:54am Oct 25, 2019 10:54am
Bit coin rising now, 3 weeks made up in one hourly bar.
I don't need to be good at the game, only good enough to beat my opponent,
  • #565
  • Oct 25, 2019 11:00am Oct 25, 2019 11:00am
Quoting detector
Bit coin rising now, 3 weeks made up in one hourly bar.
Indeed. Thank you for the update.

Break of support now null and void as price has risen above $8,000.

This possible false break was mentioned here as price did not follow through on the break.

Inserted Video
  • #566
  • Oct 25, 2019 11:01am Oct 25, 2019 11:01am
Quoting Kenobi
{quote} Indeed. Thank you for the update. Break of support now null and void as price has risen above $8,000. This possible false break was mentioned here as price did not follow through on the break. https://youtu.be/gDH3ggNE92A
This is before any rate cut.
I don't need to be good at the game, only good enough to beat my opponent,
  • #567
  • Oct 25, 2019 11:05am Oct 25, 2019 11:05am
Next week's presumed 25bps cut (barring major shock will be the last).

From there the Fed should be focused on providing liquidity which be more effective policy.

If so, super bullish for Bitcoin.
  • #568
  • Oct 25, 2019 11:11am Oct 25, 2019 11:11am
Quoting Kenobi
Next week's presumed 25bps cut (barring major shock will be the last). From there the Fed should be focused on providing liquidity which be more effective policy. If so, super bullish for Bitcoin.
The market will be quick to get this up ahead of the mass frenzy that's about to repeat,if it happens, bit coin was dismissed, never take off, until it became reality.
I don't need to be good at the game, only good enough to beat my opponent,
  • #569
  • Oct 25, 2019 11:39am Oct 25, 2019 11:39am
OK, bye all, enjoy the bun fight, this thread will get revived with all wanting to know more, thank you for the likes, enjoy.
I don't need to be good at the game, only good enough to beat my opponent,
  • #570
  • Oct 25, 2019 1:31pm Oct 25, 2019 1:31pm
Quoting detector
OK, bye all, enjoy the bun fight, this thread will get revived with all wanting to know more, thank you for the likes, enjoy.
New target short term 9500, there not going to let this fall by the look of it, every slight pullback has created buying opportunities, no news about the rise, if this doesn't speak volumes.
I don't need to be good at the game, only good enough to beat my opponent,
  • #571
  • Oct 25, 2019 5:21pm Oct 25, 2019 5:21pm
We haven't seen this big of a jump in BTC since Sep 2. I'm thinking BTC goes sideways this weekend and into next week.
  • #572
  • Edited 5:09pm Oct 26, 2019 4:57pm | Edited 5:09pm
Quoting cryptocow
We haven't seen this big of a jump in BTC since Sep 2. I'm thinking BTC goes sideways this weekend and into next week.
Not being a pundit here, but think there will be no sideways, only linear, I could be wrong but the weekly was in a pullback, a dead short as some have assumed, and this is what the market wants, walkers, the about turn has probably triggered many stops and taken many by surprise, but it was no surprise,
and I quote,
"Why the ambition to lose money on a falling asset after all?!?"
EDIT
Sorry I was not in agreement and lacked any likes because of it, going against the grain/crowd is never something that is liked, it's not me who changes things, but who sees things changing.
I don't need to be good at the game, only good enough to beat my opponent,
  • #573
  • Oct 26, 2019 10:01pm Oct 26, 2019 10:01pm
Quoting cryptocow
We haven't seen this big of a jump in BTC since Sep 2. I'm thinking BTC goes sideways this weekend and into next week.
Well I guess I was a bit wrong

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  • #574
  • Oct 27, 2019 1:38am Oct 27, 2019 1:38am
Uuuh, short sqeeze now, or what ?
Oooooo, this is called futures dreaming!!!

Long sqeeze, short sqeeze, long sqeeze, short sqeeze... pumpy-dumpy, humpty-dumpty..
Who's playing there, who's real money are flying all over this crappy market ?!?!
This shitcoin is a joke!
Member
  • #575
  • Oct 27, 2019 6:28pm Oct 27, 2019 6:28pm
Quoting detector
{quote} New target short term 9500, there not going to let this fall by the look of it, every slight pullback has created buying opportunities, no news about the rise, if this doesn't speak volumes.
Within a whisker.
I don't need to be good at the game, only good enough to beat my opponent,
  • #576
  • Oct 27, 2019 6:35pm Oct 27, 2019 6:35pm
Quoting TudorIoan
Uuuh, short sqeeze now, or what ? Oooooo, this is called futures dreaming!!! Long sqeeze, short sqeeze, long sqeeze, short sqeeze... pumpy-dumpy, humpty-dumpty.. Who's playing there, who's real money are flying all over this crappy market ?!?! This shitcoin is a joke!
It's no laughing matter when longs are being squeezed, same is true for shorts, someone is loosing, I can only hope not too much damaged was caused, that includes you if you had a short position.
I don't need to be good at the game, only good enough to beat my opponent,
  • #577
  • Oct 27, 2019 6:58pm Oct 27, 2019 6:58pm
The price on open has gapped, however and not to assured, this is traded without a break, suppose this is true of all currencies over the weekend, how this will have any effect on the chart could be unknown but gaps are rest assured, closed, my take could be an ultimate spike down if the price is to continue without a reminder.
I don't need to be good at the game, only good enough to beat my opponent,
  • #578
  • Oct 27, 2019 8:07pm Oct 27, 2019 8:07pm
Quoting detector
I can only hope not too much damaged was caused, that includes you if you had a short position.
Haha, I don't think Tudor needs any sympathy.

If BTC goes to zero he will show you none
  • #579
  • Edited 1:31am Oct 28, 2019 1:09am | Edited 1:31am
Quoting cryptocow
{quote} Haha, I don't think Tudor needs any sympathy. If BTC goes to zero he will show you none
Quoting detector
{quote} It's no laughing matter when longs are being squeezed, same is true for shorts, someone is loosing, I can only hope not too much damaged was caused, that includes you if you had a short position.
Yeah, true, I had a short there ...but not serious damage (don't gamble on money you can't afford to lose!)
And the cow-lady is right, I won't regret if yo'all get busted when bitcoin will go to zero (or minimum mining retability) ...it's just business, nothing personal!

Ok, I'm lying, I love you guys!
Member
  • #580
  • Oct 28, 2019 4:06am Oct 28, 2019 4:06am
Some good news from China has arrived. What the chart is telling?

1) The highest volume on up-bar with next bar down. A lot of SLs of sellers were triggered when price broke out above 10k. Many FOMO-buyers and their bots entered long (they planned new ATH above 20k). But what did happen next?

2) ND - attempt to advance on low volume. Weak activity caused by lack of buyers - BTC is too expensive around 9800. Next SB confirmed ND.

3) The decline culminated in Panic Selling bar around 9k. What next? We got Panic+SLKB+NS sequence around 9k.

4) So, the appearance of this DB was very promising for bulls.

5) But what did happen when price achieve the previous zone of weakness 9800? ND = No Demand and SLKT (Stop loss killing at Top). Bearish sequence.

6) Here is ND+SB and Bearish Cha Cha.

So, after Major FOMO sign, 9800 is controlled by bears. Currently, the bearish wave is developing.

from the facts above, I'd like to expect more bearish development with attempt to breakdown 9k.

Remember, we have Huge 3-months 10k-13k ZOW overhead.
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Oleg Alexandrov, market analyst. Find me in Google
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