Bitcoin – Yes It Did Hold $10,000
My focus now is on the bitcoin weekly chart. Cryptotraders need to be aware of all time frames and with a 33% pullback now having happened it is of interest how this weekly candle closes. Looking forward to seeing Sydney course attendees next weekend!
#Bitcoin #CryptoTrading #CryptocurrencyEducation
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Everybody, welcome to the Trader Cobb Crypto Show. A very interesting day. Very interesting indeed. I got a short yesterday on Bitcoin. Pretty much just wrapping up, following through, just short of a 10,000, very similar to what we saw of our 11,000 earlier in the week for which I was at an event, I didn’t get too short that one.
This one was a stop-out, and the interesting thing is, is just how Bitcoin’s moved. Of course, it is now very erratic and it is a pair that I’m looking to stay away from, just for a little while, keep an eye on it, and just see what it does next. And what do I do in these times of erratic behavior? I tend to step out to the higher time frames to get my direction. So the daily, look it’s pulled back into just about 9,000, it got very close to my first port of call, of 9,088, right? If I look at the weekly time frame and talk to that for you, we’ve got a bullish candle in the cradle and it has had its pullback.
How far has it pulled back, well, let’s just have a look at this right now. It got back 33.83%, look it’s not the average of 35.25 that we saw way back in 2017, but it’s a substantial pull back and it’s a pullback that looks strong. We may not see anything lower here on Bitcoin and it wouldn’t surprise me if we did close like this, break the high and continue to move on breaking the 2019 highs and then on to, potentially, all-time highs in the coming couple of months. So I’m very interested to see what it does today, given the fact that that spike did occur very, very quickly.
Bitcoin’s at 10,634, back above the ten-grand mark, obviously, it’s up 9.83% and a very, very strong day on Bitcoin, there is no doubt about that, and it’s kinda changed the tone in that one day from this downtrend and putting that weekly now back into a nice bullish candle there in that cradle zone. So as I say, I am going to be sitting on the sidelines and watching what goes on. On Ethereum now, well, we’re up 7.69%, sitting at $227.
Ethereum is still very much in a downtrend on this daily time frame and it does look to me like, we all know that all the rising tide, what do they say? Lifts all ships or I think I’ve got that saying wrong, but if Bitcoin’s to go up, Ethereum’s probably going to creep with it. It’s definitely not been performing at the same rate as what Bitcoin has been, but it has been following along that’s why we see Ethereum Bitcoin chart diving quite heavily. No interest around any trading opportunities here I’m well and truly staying out of that right now. EOS is back above $4 at $4.12, up 7.50% today again, another good day there.
Also, a good day that it still very much in a strong downtrend, again, I’m happy to sit out of that and just wait and see what the market does. Still, Illumen is up 10%, a big spike, again it’s shot up and shot back down at one stage. It looks like, to the eye, would have been maybe 20% up. It’s up 9.9%, just hanging in there with Bitcoin at the moment. XRP is playing a game of its own. It’s held that support at 28 cents, 28.5 cents, and it’s up today, but only 3.33%, at 32 cents, 32.1 cents, sorry, still is at 8.8, I forgot to mention that. Litecoin, another really strong day on Litecoin.
On the daily chart, we’ve had two very big days. As a matter of fact, we’ve seen 26% upside in the last two days on Litecoin and it does look, it has had a strong, strong move and, as far as the weekly goes, let me just pull that up for us. I’ll talk to them weekly. The weekly time frame, it’s pulled back into that cradle zone. It’s gone actually deeper than the cradle but it’s got a big bullish candle.
I’m really keen to see how these weekly candles close and what comes in next week, as far as, do we break the upside there or do we continue to struggle? That’s what’s my interesting, sorry, that is what is of interest to me at the moment and that’s what I’m sticking with. Bitcoin cash is at $315. Now, there is resistance there at 335, there was a little bit of resistance there and support has broken down through there and we’re reapproaching that level.
We’re at 315.75 cents, up 8.17% Binance also, $29.11 it’s up 5.37% not really much going on there from my point of view, it did have a solid bounce of $24 flat and we are holding. Tron another big day, so the last two days look very much the same as the Litecoin, 9% yesterday and today we’re at 13% so we have seen quite a resurgence in Tron.
It’s a pretty average looking chart if I’m honest. The downtrend was really nice. Now we’ve got on this daily a bit of a cluster of nothingness. Sure, there’s lower high and a lower low, but the bigger picture is that we are kind of in a bit of a consolidation, so another one I’m happy to just sit back and watch.
Cardano of course, another one that’s been in a very strong downtrend, had a nice resurgence today, up 7% sitting at 5.8 cents one I’m willing more than happy to leave alone. So across the top ten, we have seen some strong gains, Bitcoin’s dominance is sitting I think 65.8%, very high, one of the highest if not the highest this year.
And from my point of view, as I say, I will repeat myself again, I’m willing to wait now probably take the weekend out from the markets unless something does happen that brings me back and I just wait and see how these weekly candles close, because for me, I believe that that is the key as we have seen a 33% pull back and if we break the, well, depending on how the weekly closes, if we break the high of that weekly early next week, then we could see continuation to further upside, breaking to new 2019 highs. I don’t see there being as high a probability of a consolidation.
Just backed off the fact that in 2017 each time a weekly did break to the outside, we did see some very strong runs. That being said, this is 2019, so we need to be aware and ready for all scenarios. Now, guys, I’m looking forward to meeting those of you who have already paid to come along for next weekend’s two day course. I’m really, really excited about it actually, it’s gonna be a big, big weekend. Can’t wait, if you haven’t got your spot we’ve only got a couple left so get in there, get involved. Brisbane is the one that follows after that and then Melbourne after that.
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Categorised in: Free VideoTags: Binance, bitcoin, Blockchain, Cardano, Ethereum, Litecoin, trading, XRP