Bitcoin Live Weekly Recap - 7/29-8/4
Below is a sample of the work from the Bitcoin Live analysts’ work. This past week the analysts have provided several trading alerts and full reports on the movement in the crypto trading space.
We are still in a wait and see approach for the longer term view of the crypto markets. As Bitcoin is working its way through the downward channel trading range, the analysts have been looking for ideal long exposure setups. This can be frustrating to be patient but it will be well worth it.
Let’s start with the Alt coins and some promising setups from Dean. Big Cheds and Bob.
With respect to Ethereum, Dean notes that the correction off of the 2018 highs, we would be looking at a 12345 wave down with a potential truncated 5th wave. This would mean the lows of the 190’s likely hold, though we have to see if price confirms upward. Even so, Dean still would recommend a smaller position for an Ethereum swing trade.
In similar fashion, Dean looks at NEO and notes some similarities. In fact, many of the alt-coins have similar downward construction. There is potential for a deep bull pennant on the chart construction. He is looking for a monthly rotation higher so take any long exposure.
Big Cheds goes through his full watch list of the alt coin market to provide quick scalping alerts during each week.
- BCH cheds notes that OBV is strong and 342.5 is an area of resistance he would like to breach.
- 1 is what he is looking at for BNB to hold support.
- 2 is a level he is looking to hold for Link to bounce higher.
Bob top 10:
Bob notes that many of the Alt’s have similar chart constructions. BCH is one that fits that mold. Of the charts with that construction, BCH does show promise and Bob is watching for an ideal play.
BNB does not fit that chart constructions but is in a broadening pattern with a slightly bearish tilt. That being said, it is in the middle of the pattern so it has room to run in either direction. Because it does not have a cycle count and until it starts making some higher lows, Bob is taking a hands off approach.
In Peter’s weekly report, he is calmly watching the market as it makes a decision. In his last report, he added a small amount to his long exposure. For now, he is respecting that their could be some bearish scenarios that are building and not chasing.
So, we are in between a rock (emerging parabolic trend on the weekly BTC graph) and a hard place (violated parabolic advance on the daily total cap chart). Periods of shorter-term confusion (daily chart) are most often resolved in the direction of the trend of one larger degree (weekly chart). But in the meanwhile the market is undecided.
It is my belief that another clarifying day will provide the timing for increasing an ownership stake in BTC. In the meanwhile, I am 45% committed with my pot of chips to ownership of BTC. I will not fight the tape if BTC turns down from current levels. The daily chart lends itself to two different possibilities.
A large flag or channel as has been pointed out in a recent report.
A bearish descending triangle. Under this interpretation a decisive move and close below 8947 would put me on the defensive.
I will monitor the daily chart closely in case the downward sloping Daily Chart Model line rejects the current rally. Signs of faltering will lead me to reduce my long exposure.
Big Chonis explored the $10k area as major support that he would like to see hold for the bull run to continue. He also noted that the TD9 count on the daily chart could signal a potential reversal point on August 1st. (As it so happened, price did break upwards)
Interview with Peter Brandt
I also conducted an interview with Peter Brandt. We discussed how Peter adds small exposure at certain points, Raoul Pal's opinion on Bitcoin & millenials and discussed subscriber questions.
Peter Brandt Interview - https://bitcoin.live/video/peter-brandt-interview-73119