TradeVibez

$76400 is a key level. When the next high volume spike occurs on the daily that will be the next "bottom" or at least a spot for a strong entry if and when price returns to it. Obviously, the stronger the outlier in the volume peak, the stronger the support level is if and when price returns to it.

This post is more of documentation of the historical moment that the leading cryptocurrency Bitcoin has experienced today with the passing of Bitcoin ETF approval by the SEC. It was a long awaited event and it has finally happened. But what other major events are happening in the chart right now that also might be historical? Well for one, we can see that BTC has retraced 61% of the way from its low around $15.5K to its all-time-high of $69k. The momentum Bitcoin has seen in the last 12 plus months has been fantastic from a bullish standpoint, but traditional technical analysis - based on Fibonacci - signals that the price of Bitcoin is officially in deep retracement levels, which makes longing the asset at this particular moment very high risk from a trader's perspective. Keep in mind that we are also a few months away from the Bitcoin Halving event as well, which historically has signaled the optimum buying window for the cryptocurrency. If BTC can maintain its support within the year-long rising channel (bearish), there is no reason to assume that an end to the trend is in site. On the contrary, if support begins to breakdown, there are plenty technical reasons for a correction in price to occur, that could send the price back to levels witnessed during the summer. In the meantime, congrats Bitcoin! Perhaps its moment on the world stage as a legit and respected asset class has finally arrived.

The cryptocurrency NEO appears to be gaining strength vs tether as we see that this asset has made a deep retrace of the June 28th low to July 1st high and if the 88.6% retracement level is to hold, there is a bullish argument beginning to develop. We are at resistance however, but if the RSI is told hold true, there is classic bullish divergence in development there that may give this asset the juice it needs to break through and hold. I like targets up around $9.5 and $9.7.

This may be the shortest but one of the more exciting ideas I've posted. Bitcoin since making its higher high at 31818 has shown signs of bullish strength on the daily and smaller time frames. And although we have seen some bullish price action, the follow thru has been at a minimum until possibly now. The higher time frames, that being the 3 day and the weekly, are showing that we have just entered an extremely profitable time period for the bitcoin miners. According to the hash ribbons, we have a buy signal and these are signals that do not flash often. The last one that appeared on the higher time frames occurred in January, 8 months ago. It is at that time when this entire rally up to 31818 began. Keep an eye on the close today as it will close both the 3 day and the weekly. If the supply wall I have illustrated can be broken, we have a lot of strong bullish confluence to take a trade off of going to the last part of Q3.

DOGECOIN Ready For Massive Move To Upside Alt coins are an area of the market I am approaching very delicately. Right now, however, I cannot help but pay attention to the things happening currently on Dogecoin. Although currently getting rejected at a major supply line, selling pressure on the 3 day chart since December has exhausted and has now flipped positive with strong bullish momentum being the result in the price action thus far. Its my belief that this may only be the beginning as not only do we have classic bullish divergence showing on the MACD, but a potential golden cross between the 21 and 50 EMA happening just days away from now. Of course it could be premature to make this call just yet, but with the massive bullish momentum on the MACD combined with the fact that money flow is rising on most of the higher time frames give me the confidence that this cross will indeed occur sooner rather than later. The last time DOGE's 21 and 50 EMA bullishly crossed was around October 25th last year.... this resulted in a 161% move to the upside in just a little over 7 days.

AGLDUSDT Going Parabolic?? Hard to find any clear direction for the crypto market at the moment but one crypto of late that looks interesting may be found in Adventure Gold. Or AGLD to USDT more specific. It has pumped almost 100% but since then has fallen back down and now finds itself at a fairly nice deep retracement spot. A major level of interest for me for a long would be found between $0.66 and $0.63. If the overall bullish momentum we've seen thus far is any indication, its my belief that AGLDUSD is in the midst of going parabolic with $2 being the price it could test in the coming weeks.

Ripple Setting Up for Another Major Breakout Soon?? There's a lot to take in with this small 4 hour chart on XRP, but before we get into the bullish talk, lets take a moment to recognize that there is bearish divergence with a peak on the RSI. Hence the reason for the most recent pullback in price. But has it finished playing out yet is the question? We ask this question due to the fact that theres is a bullish pattern forming that is also giving us different signals on the same RSI. When we look at the recent swing high on this 4 hour chart, we can see that something that resembles what is called a 3 Rising Valleys pattern is forming and although you typically trust these only at the bottom of a downtrend rather than at the top one.. the triple hidden bullish divergence that has now painted could be giving us a signal of a continuation of trend. If this is the case, it is my belief that Ripple will have targets of around 1.04 and ultimately 1.25 eventually.

ETH Ready for Another Leg Up There is 3 day hidden bullish divergence on Ethereum. Currently holding above the POC of a value range scaled from the 880 low to the all time high. This level also just happens to be a shallow common 23% retrace area that ETH has held nicely above for 3 months now. If this divergence is to playout, I like 2403 as the first main target which would be +30% move to the upside.

Bitcoin About to Repeat 2020!?! In mid August 2020 bitcoin was putting in something on its daily chart eerily similar to what is happening currently with the bitcoin price action. That 2020 chart is not shown here, but just to quickly recap for those who were not around then, bitcoin was coming out of a long bear market, putting in higher highs and higher lows, to the point of finding itself overextended inside of a rising parallel channel with triple bearish divergence on its RSI. This of course would result in a violent yet swift correction to the downside that sent the price to levels most people at the time was not anticiapting. Fast forward to the present, and when we look at the chart, what is happening? Bitcoin is coming out of a bear market, putting in higher highs and higher lows, finding itself now overextended inside of a rising parallel channel with triple bearish divergence on the RSI ladies and gentlemen. Keep in mind that one does not need to view this as a fractal. Simple technical analysis tells one that when you have ascending price action accompanied by a bearishly diverging RSI, a correction most of the time ensues. As of yet, we have not had the corrective follow thru in price action but as we enter into the new trading week, one has to believe it is now imminent. So what levels should we be interested in as a buying opportunity if we breakdown? I can start off by saying that a shallow move to the downside is extremely optimistic. And although price can reverse at any random point, it would not be wise to go long if we are to react at any shallow pullback in price. It is my humble opinion, that if we are to confirm a breakdown of the key 29500 level on the daily, the most optimum level for a long would be at the deepest level possible where one can strategize a proper stop loss. That would be the 88.6% fibonacci retracement from our recent high down to 24758, which puts the entry at about 25500. This also is an area where a value range low is located which gives this spot great confluence. Bitcoin in August of 2020 made this same deep retrace to a VAL area before finding a bottom. And not just a bottom but THE bottom. Bitcoin would never come back to those levels ever again and would run all the way to 69k. That is why everything in this idea is so important. What about levels before 25500? One has to believe that there is some sort of bounce area before the extreme value area low. If we look at the present chart, we see a nice range between our 61% retracement (27500) and the point of control (POC) of the value range at about 26800. Any level above those 2 will be extremely thin and will most likely result in nothing more than a dead count bounce. Short sellers will jump heavily at any bounce if and when we begin to breakdown which is why any bounce at a shallow retracement will be difficult to trust as a bottom/reversal spot. Many people are beginning to flip their bias short, so naturally, one must gameplan if this does not playout. A scenario in which this bearish idea may be invalidated, could come about if price action maintained itself above 30k while the RSI and any other bearish looking oscilators reset. If the RSI can find itself back into the neutral zone before a breakdown occurs, there would be hope that a severe correction in price may be avoided. One way or another, however, something now has to give and correct itself. The question, is will it be the indicators, or the price action on the chart just as it did nearly 3 years ago to date. Either way, one last buying opportunity of a lifetime for the number 1 cryptocurrency asset could be just on the horizon.

Bitcoin in MAJOR Trouble? Recently I posted an idea about bitcoin breaking out and running to much higher prices and shortly after, the number 1 cryptocurrency asset attempted to take the first step to doing so. However, there was no follow-through in price action and now Bitcoin finds itself in a very vulnerable position. It is still very bullish in my opinion and I do believe more price action to the upside is coming, but right now Bitcoin has painted several bearish signals on its chart that must be discussed. One of them being a bearish reversal candle on the daily chart. More specifically referred to as a bearish engulfing candle. They form at areas of resistance and are often validation of weakness in price action such as bearish divergences for one example. There are other bearish reversal candles as well.. this is just one of them. We also have major weakness in relative strength as we have now confirmed triple bearish divergence on the daily RSI. There is also a strong case for bearish divergence on the weekly timeframe as well. For now it is expected for us to remain in the trend but with all of this major weakness in the market, follow through sell pressure could come at any moment. We are now heading into the weekend, so the price action over the next few days will be unreliable. This could be a good thing as this may give unsure traders time to adjust or hedge their positions. If and when that breakdown occurs, there are levels of interest that we will discuss. But for now as we head into the weekend, we must simply wait until institutional markets open back up on Sunday evening.