Bitcoin: Where To Now?

First of all, let me thank all of you in Brisbane that came along to the event over the weekend, I had a great time and enjoyed your company (especially the bar tab to see the Wallabies win).

Right now we see Bitcoin falling at a decent pace, that is fine with me but where do we go to next and how do we play this?

There are still spots for Melbourne so get in NOW:

By Trader Cobb -

G’day everybody, hope you’re well. For all of you that have been in Sydney, and also been through our Brisbane courses, wanted to say a big hello and thank you And to the wonderful Wallabies, thank you for finally giving me something to cheer and shout at the screen about in a positive sense. There’s been a few broken TV screens in my household because of you. And finally, I got to rejoice. So thank you to the Wallabies. Long may this continue. Now guys I wanted to take you through what has been a bit of a brutal run on Bitcoin for the last couple of days, and just talk to the market in general. We’re looking across the top 10 at the moment. Bitcoin is the one that’s sorta copping the hiding and I just wanna look at a couple of potential outcomes. For a start, this little bullish candle that we saw earlier in the week, I was sort of pretty happy with that, if it were to break to the upside, but, alas, we did not. We’ve continued to fall, and if we go through a couple of these time frames, I didn’t mean to hit the two, that meant to go to the weekly, I just wanted to point out, it’s getting a bit messy up here, you know? The trading conditions are not very good. Oh well, sorry, I shouldn’t say that. There are trades available, but as far as the continuation of some of these USD pairs, especially Bitcoin, it’s been a bit lackluster. And look at this consolidation period, it could go a lot longer.

We’ve seen consolidation periods back in late 2015, ’16 and also, backend of 2016 to ’17, when that market really started to run. Now, this is definitely in an up trend, on the weekly, for now, but I wouldn’t say we’re overly, like, right now the way the market characteristics are playing out, I wouldn’t say we’re overly bullish right now. As a matter of fact, if we were to break down through these lows, 9084, then we would actually have a lower high and a lower low. And it’s a very real possibility at this stage, as it is messy. Now I certainly did think we were gonna see a nice run, especially after we saw this bullish count on this one both break. I thought that was a good sign, and we might actually see a continuation there. But at the moment, we’re just not seeing it. So what does that actually mean? Lets go to the daily and have a look at what we’ve got going on right now. Of course we did see a pretty strong run straight up, looking to see if we can hold a 50% and 10 thousand rough region. We’re talking 50 to 60 1.8, and both of those levels, would have us above 10000, but the only reason I’m doing that is because, 50% pullup, we’ve just done it. These are healthy pullbacks and this could be a point at which we could find, like over here, a higher low. Now it doesn’t have to be a massively higher low, it can just be a slight one. You know, we can come further down, touch 10000 and bounce, I don’t really know. But what I’m hoping to see here, is I’m hoping to see this market continue back higher. At the moment though it’s just really hard to read it, anything other than further downside, just simply because that’s what the chart’s telling me. If I go from the daily, multiple of two down to the 12, Lower high here, lower high here, lower low here. The down trend’s in play. From the 12 to the eight, very clear. From the the eight to the four obviously a very fast cascade falling, and we continue to see that. As far as trading opportunities go, few and far between. I haven’t had any to the short side, and because momentum’s just starting to pick up now, is the only time I might consider it. And what I’d be looking at is little cradles or pullbacks for Fibonacci booster trade. Now of course I need to see the cyclicity of this trend pick up and get better and stronger. It’s not there just yet, and we do of course have divergence across many of these time frames leading up to the one hour. I’m patiently waiting. I’m happy to short it, but it’s just taking some time. And that’s the reality of trading. We do have periods of time when markets are outstanding, and we get lots of very easy to find trades. There’s other times when we’ve got to sit on our hands and those that have been trading for a while will certainly know that.

Guys, that’s what I wanted to bring to you, a bit of an update on what’s going on here on Bitcoin. The rest of the top 10 not falling as hard as Bitcoin for the most part. So interesting to see how the alts are playing out. Go and do your scans and, yeah, just take care. Take care. Be careful. Don’t go over the top with your trading and, yeah, I hope to see you guys. Oh, that’s right, Melbourne. If you’re coming to Melbourne, excellent. If you’ve not yet got your spot, get along. Look, a lot of the feedback we’ve been getting from people that have already done the courses is that it was a big help. It helped tie things together. It’s a much lower price for those of you who have already gone through the Bronze, so, yeah, check it out. Get yourself along, and I look forward to seeing you in Melbourne. If not, hey, no dramas at all. Just keep yourself tuned in and let’s see where we get to. Have a good one guys. Great to be back in the office. See you soon. Bye for now.

Categorised in: