Bitcoin's Squeeze in price is building momentum upwards

3 Nov

https://www.tradingview.com/x/9XtG7Muo/

I hope you are well this Sunday.

If you have been following my Bitcoin thread this weekend, you will know that price has further to fall, if the Bitcoin market is to tank downwards. What I am saying is that we are in a squeeze moving price down and up which contracts price and causes the squeeze effect, which quite frankly is needed in circumstances where volumes are again low this weekend.

But this squeeze is building momentum in the Bitcoin tank.

Bitcoin price has recently tested the level just under 69000 which is a big support level. Unfortunately some Stop Losses would've been triggered and price has taken the liquidity and moved higher. I never like to promote a stop loss level to someone, but I think it's reckless if I do not in circumstances where price tanks.

Please take a look at a recently Daily Chart of Bitcoin. I present Fib Levels & Fib EMA's 8,13,21,55. Both are supportive of price to move higher from current levels. 69,000 and thereabouts is the support zone and I think this level will hold.

https://www.tradingview.com/x/9XtG7Muo/

3 Nov

Catatan

Daily-chart zoomed In look at Fib Levels and Fib EMA's

3 Nov

Catatan

The Daily Chart will tell it more accurately.
But here is the same FIBS' idea on a 4HR.
Fib level 38.2%, the lower level supporting price is 68,592, but I don't price will go much lower than current levels.

3 Nov

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This is a link to my analysis on bitcoin yesterday (bullish bias)

3 Nov

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This is the setup currently triggering to buy
Price retracing to 38.2% to fulfill buy-orders.
Price is about to pop upwards.
If you are going to buy-in at least keep a Mental-Stop. But a Hard-Stop if you do not like to watch the price action.
Volatility and movement upwards soon.

3 Nov

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4HR RSI / Stochastic's in an oversold area & in an undervalued area regarding price
This equals a recoil in stochastic's and rsi to bullet price upwards.
Buy entry is Stochastic's moving past and > than 20 Stochastic's zone. RSI will follow or lead.

3 Nov

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Long Bitcoin at current levels.
The price will pop first on the 15m Stochastic's. Watch the cross above 20 level on Stoch'

3 Nov

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It's a lot of hard work on another low volume weekend, making it harder to predict outcomes in price action on low volumes, but the smart money is watching for the turnaround in price.

3 Nov

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The only issue with Fib levels is the Subjectivity amongst traders and various views. But the ones in the know, nail it almost every time.
I looked at the Daily Chart again for a Swing Low to Swing High and this is what I straight away arrived at. Price took support from 61.8%.

3 Nov

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Trade Idea: Long. WAit for Volume surge. 2m chart above yellow 21ema.

3 Nov

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If price breaks above 21 ema on the 2M chart that I am watching. We should see the increased volume and buying. This means an aggressive but quite possible safe Stop Loss could be placed at about 68,350. But setup is not until price moves through the 21EMA on 5M.

3 Nov

Catatan

I am still focussed on immediate action on lower timeframes, 2M for me currently.
Price has been moving across and under a triple top.
I predict we will blow over this Top any minute with increased volume I was talking about which is a BUY.

3 Nov

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It's mostly about Volume when we consider all the other indicators.
Volume OBV recently moved upwards and across my volume breakout line.
If you took a trade with a Stop Loss, move it up a bit to the swing low level. Continue to do that as price leaps upwards more, so that you get out of the trade if an uptrend gets shaky.

3 Nov

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Another Buy Setup Triggers right on 50% Fib Levels. But we are already in the trade.

3 Nov

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The Bitcoin price is a bit bumpy at the moment because price on the 2m and 3m charts has moved upwards to a Double Top. At a Double Top either of 2 things usually occur sometimes a 3rd which would be flag and contraction of price across your screen prior to a move up and through the TOP of pattern. The other 2 are, firstly price breaks out and through the TOP resistance or a Triple Top is created and that can push price back down again.
What is interesting is that the Bitcoin price has been moving up and down in a triple top since February 24. They are very bearish patterns at the Top of a TOP 1 and TOP2, following a TOP3 price breaks out more often than not to the upside. But the main point I want to make is that Bitcoin Fundamentals had nothing to do with its poor price action since February, it was declining in price due to these massive Triple Tops on the Weekly timeframe which are bearish at the top and bullish at the bottom but depending how far price has dropped for it to be bullish again.

3 Nov

Catatan

Weekly Bitcoin:
When price is falling out of the ordinary, check all higher timeframes for Top1 Top2 and maybe Top3 if formed, because double-tops on daily, weekly and monthly even can cause big shifts in price down and up.

3 Nov

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Another buy opportunity Rubber-band trade back to the Longside at the 38.2% Fib level. Sell-off caused by price weakness in Double top lowertimeframes.

3 Nov

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Bitcoin BUY order standby

3 Nov

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Stop Loss: 68,347

3 Nov

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Buy now at Market or up to 68,500.
SL: 68,347

3 Nov

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For less chance of a stop out,
Buy the break ABOVE 68,400 or thereabouts
SL:68,355
It's going higher they do are doing there best to stop traders getting in at at these good RR levels.

3 Nov

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It's starting to line up on all the timeframes.
Off the 1hr time frame.
Buy current price up to 68,300
SL:68,139 (swing low)

3 Nov

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I created another analysis as this thread is getting a bit long.