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Bitcoin, a purely technical view

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9 minutes ago, Mercury said:

the end is nigh!

I wonder how useful those bitcoins will be when the apocalypse comes and the internet connection goes off.  :D

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Just now, dmedin said:

I wonder how useful those bitcoins will be when the apocalypse comes and the internet connection goes off.  :D

LoL! Yes but also Kindles, Smart phones, Social Media and, oh yes, retail trading...  Let's hope for better things.

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Hey guys, we have a short clip on Bitcoin and Crypto index bear movement this month. Let me know what you would like our TV team to produce. They have a lot of time for your suggestions!

Click here for the video. 

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If you don't have time to leave your suggestions on community you can contact Jeremy on Twitter @JeremyNaylor_IG. 

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Coming up on the weekly chart triangle line very fast.  Key break or hold point for me.

XBTUSD-Weekly_221119.thumb.png.b70778e119bb9d0c8aea80ffa8f5b62c.png

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Early days but Bitcoin appears to be motoring after a V-Bottom turn with a bounce off the Weekly/Daily supporting trend lines.  Looks like a retest of the upper retrace/consolidation line (Triangle) is on the cards.

XBTUSD-1-hour_271119.thumb.png.60b690161e39ef2805de16c737edd592.pngXBTUSD-Daily_271119.thumb.png.1d7190ead9579a5b2477a56c03c143b4.png 

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Looks like a potential Head & Shoulders trend change with PMD at the Head turn and with a 1-2 bullish retrace at the left shoulder followed by a neckline break and now a potential upper channel (consolidation) breakout.  If correct this would be a significantly bullish development.

XBTUSD-Daily_070120.thumb.png.ce9266cf28b854a1a1352d5ec5b19ca4.png

 

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Possible breakout retest fail occurring at or around both the neckline and channel levels.  Price is peeping out over an important support/resistance level.  We could still get another leg down on this but Bitcoin does have a habit of breaking out fast...

The move down can be labeled as an A-B-C (1-2) retrace, which is what I would expect in trend change scenario after a head & shoulders neckline break out.  There is PMD on the 1H chart at the recent turn.

Overall I remain bullish on the breakout and trend change back into a longer term rally phase.

XBTUSD-4-hours_100120.thumb.png.7732b82b83822a6e88d29aa36dc72a32.pngXBTUSD-1-hour_100120.thumb.png.08b50f95efe2d7241df5830423c23401.png

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Bitcoin might well be looking to retest that neckline and/or the weekly chart channel line.  Fib 62% (7470) looks favourite to a bullish turn if we do get a bearish move on this.

XBTUSD-1-hour_130120.thumb.png.49f8fd8b4a06807f7861410a6344298c.png

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Another market getting interesting now is Bitcoin.  We didn't get a second test of the weekly channel and neckline as price turned up and posted a new short term high.  There are a couple of important resistance levels to clear (my red lines at circa 8,600 & 10,000) by which time the rally should be well on its way after that classic breakout and failed retest set up.  If we get all that then I would expect a break of the previous high at 14,000 at a minimum and after that who knows...

XBTUSD-1-hour_140120.thumb.png.a8197e0f051d4cc138c7e9aee7b7320b.pngXBTUSD-Daily_140120.thumb.png.2bcc0f98408cbad9efbb3ab2b70ce30e.png

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A buy the dip moment has passed on Bitcoin and with a break to a higher high in prog we may now see a test of the critical 10,000 resistance level.

XBTUSD-1-hour_150120.thumb.png.f8e8589a9c4ce41621298b539ef7a08e.png

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Watch out Bitcoiners!  Quite a bit of resistance at 9000 at present with a possible 1-5 up completed and NMD on the 1H chart.  We could see a bit of retrace price action down here with 8500 and 8300 in focus for a turn back up for another, stronger, assault on 9000.  The Daily still looks LT bullish but a break of 9000 with a daily close above is needed for a follow on.

XBTUSD-1-hour_170120.thumb.png.5cd629b7e44bdb7daa66567d2fe45579.png

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