Hey guys, MM here with a quick analysis on SUBBTC.
Substratum (SUB) has been held from pumping like most alts by this huge resistance around 1870, but now after 4 touches on this resistance it’s time to break it, with various indicators showing bullishness, such as the ichimoku on the 12h, and being above MA7, 25, and 50, I believe we are due for a nice pump. I have highlighted an area where we can place our buy orders, a retest of the MA7(yellow line) would probably be the perfect buy in my opinion. The stop would be below the last wick and the MA50 on the 12h chart.
Buy : 0.00001783 – 0.00001853
Target 1: 0.00002067
Target 2: 0.00002104
Target 3: 0.00002356
SC volume is ramping up, currently trying to break a resistance at 0.00000105 and sitting on the bottom of the cloud on the 1d chart. As the market is currently uncertain, we will be using half of our usual position on this trade.
Current Price – 0.00000104
Target 1 – 0.00000114
Target 2 – 0.00000123
Target 3 – 0.00000141
Stop Loss – 0.00000098
For the past few months BTC has been making a symmetrical triangle, and right now we are sitting at the edge of it, the whole market has been staring at this pattern so we can expect a big reaction out of this formation also taking into account that for the past month the volatility has severely dropped. A bullish break out of this formation could set us up for a retest of the down trend line currently at 7150. Our bias is generally bullish, but you should always take the necessary measures to mitigate risk, remember to set a stop loss in each position you currently have open and take profits if you consider necessary.
Remember guys, it’s better to not lose than win.
Hey guys, once again overly bullish twitter sentiment doesn’t fail to deliver with the price dropping 400 dollars, and, now is being rejected by the kijun in the 4h chart making me feel that we reached the top and we are heading to the bottom of the descending triangle around 5855 USD. The most logical thing to do is to let the price move for a few hours, maybe a day and try to set a low risk and leverage position so you can make some more Bitcoin on the way down.
Yesterday was definitely a really profitable day, but it also was a dangerous one, we should always prefer safer and long positions over quick and risky ones, play it safe boys.
Over the past few weeks the market has been feeling bullish with the current Alt season and Bitcoin surpassing some price expectations, currently sitting on 7289 USD and dangerously close to a big resistance I think that the market is overly bullish without enough confirmation.
Bitcoin barely did a higher low on the last big decline, closing at 6008 USD, it proceeded to recover but in order to confirm a real trend shift, the price will need to make a higher high and this requires an increase of over a 13% to close above 8313 USD, and before we can do that we need to break out of the current downtrend and that requires a close above 7650 USD.
Usually when the market gets overly hyped bad things happen, so i’ll wait to get a clearer view of where the price is heading to before I take any positions and of course i’ll keep you guys updated.
BTC has been doing great since the start of the uptrend, almost 17 days going up since the bottom, today as you can see in the chart, we are testing the uptrend line again but it doesn’t seem to be holding, there’s not enough support and I fear this might be where the downtrend begins.
Now, I’ll give some possible plays that you can keep an eye on to makes some trades:
I drew 2 scenarios to show you some of what I think will happen:
– Purple: Found a hidden bullish div on the 4H, that’s why I drew a bullish scenario here but doesn’t feel right to be longing this area right now, if you want to do it, you can, just enter and set a stop-loss below the trend line.
– Red: I think if we go down to the first support area there could be a strong pump followed by a rejection of the same trend line, and make us go down to the first support area, retest it, break it and test the 1D support area, if we don’t make a good move there, Ill be start looking to long at 5500ish.
I’m personally not trading this area, but there’s some things I’ll keep an eye on and I suggest you do too.
First of all, the monthly candle close, this is very important to give us a good view on whats coming for the next month and it closes tomorrow, I think this will go sideways until then, but for now gotta say, it does look good for now. Remember that this area has been manipulated by a lot of news and fud, this is why its dangerous to trade, for now all we can do is to wait for the next news:
Upcoming ETFs schedule :
Bitwise ETF – 7th Seuptember
Direxion ETF – 21st September
CBOE VanEck / SolidX ETF – 30th September
The last few days Alts have been something glorious, so many opportunities, but the next 5 weeks are going to be somewhat tricky and it all depends on something that we cannot predict or control.
Upcoming ETFs schedule :
#ProShares ETF – August 23rd
#Bitwise ETF – September 7th
#Direxion ETF – September 21st
#CBOE VanEck / SolidX ETF – September 30th.
These 4 dates are crucial, the crypto market is really sentimental and volatile, regardless of the CBOE ETF being the really important one each and every one of those will have an effect on the market. My guess is that the market will take hit after hit until September 30th where we will know for sure the direction of Bitcoin next big move.
Because of this i will be quite thorough with the Alt picks during this period and may even switch the daily Alt play for something more of a market update.
Today ill be just thinking out loud, giving you what I think are the possibilities for Bitcoin next big move.
For the past 10 days Bitcoin has been moving in a 400 point range with nice swings every day. On this swing Bitcoin has been making higher lows while retesting 6600 resistance levels, this brings me to believe that there is a big chance that Bitcoin is getting ready to break this level, having 7000 – 7100 as a possible target zone, in my opinion this would encourage to keep rallying towards the CBOE ETF decision day.
As traders have to be as flexible and unbiased as possible, we have to talk about the other possibility… Bitcoin not being able to break out and having a massive rejection very soon, if this were to happen we would be aiming to 5700 as our first target signifying a lower low and confirming that this bear market hasn’t entered a accumulation stage and that fear and uncertainty are still present.
What keeps me bullish is the fact that the massive drop that we had since 8500 started because of some FUD that I truly find irrelevant, while the SEC decision day for the CBOE ETF gets closer I expect some bullish moves towards anticipation regardless of the result after their decision.
Hey guys, today is going to be just a brief comment.
Alts are untouchable, Bitcoin dominance keeps increasing and the market cap keeps decreasing, making them even more susceptible to the Bitcoin movements. Lately not even key supports have been held, the price just keeps slicing through them. I will stay on high alert for aggressive movements or consolidation that may signal a market reversal, but in the meantime, try to stay away of alts and either trade on Bitmex so you can make some money while this bear market lasts or just move your positions to USDT.
Hey guys, hope you closed the last long call, one of the orders got hit for a 4.3% bounce, today I come with another long idea that its going to be good in my opinion. BTC has been doing awful in the past 10 days, the last hope was at the long area I called, was holding strong until the FUD of the ETF getting delayed came out. But I still got hope with the next area that used to be support on the last iH&S.