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The best damn analysis you've ever had the pleasure of seeing. Contact: @Forflies Twitter: https://twitter.com/samiloyal_ (DM on Twitter if you can't reach out on Telegram for whatever reason)
Good follow through in the market & doing well on that long position from the livestream.
+$12,000 up after a few hours and SL at break even.
Still not far enough above 67,000 though to start celebrating.
Assessing market for next positions as usual.
I'll be making all my trades on Bybit & Blofin. You'll get free cash to trade with when you trade using these links (not available to anyone in restricted regions).
- @Forflies
Meanwhile, the altcoin market is having difficulties keeping up with this strength. This is shown pretty well by Bitcoin's increase in dominance, which has been increasing since late 2022 and is up by another 1.56% this week.
At 59%, Bitcoin's dominance is now at its highest since March 2021.
https://www.tradingview.com/x/l1cA1KCe/
- @Forflies
Huge Bitcoin PUMP!
I'm live in less than 10m for my analysis + your questions.
https://youtube.com/live/q9vehki1RVA?feature=share
- @Forflies
Bitcoin initially bounced off the 60,000 dollar level - but it hasn't really done anything since going back up to the 62-64,000 dollar area.
This is a difficult zone to trade. BTC is still in a downtrend, but it's looking pretty good overall. Still - so far, there are just not enough signs of strength to enter a long position confidently.
https://www.tradingview.com/x/wUX8DVEW/
- @Forflies
Bitcoin is looking really bad. If the 61,000 dollar support fails, it's entirely possible that Bitcoin is going to dump back down to the lower trend line of this descending channel at around 51,000 dollars.
BTC needs to bounce off the 61,000 dollar level now. It already attempted to yesterday but ultimately didn't succeed.
In order to make the bulls confident again, I think BTC would have to go back above 63,500 dollars asap, preferably today.
https://www.tradingview.com/x/CaewSYUN/
- @Forflies
Bitcoin is currently trading right at the upper trend line of this descending channel - or it was, until it started to drop down by 3% today.
This could turn into a big problem. Right now, BTC is still looking good and the current drop could just be a retest of the 64,000 dollar range. BTC still has a chance to break out here and go back up to the 70,000 dollar level.
But if this turns into a real rejection, BTC could re-visit the lower trend line of this channel, which is currently located at 52,000 dollars.
It's too early to be worried, but this could still get ugly.
https://www.tradingview.com/x/yDIPt6p2/
- @Forflies
Bitcoin did bounce off that small area I marked yesterday but didn't manage to break out of this channel. It just got rejected by the upper boundary of the channel again a few hours ago.
This is a relatively narrow channel. I think we could see a breakout very soon, perhaps even today.
https://www.tradingview.com/x/6W569p8c/
- @Forflies
Absolutely insane SPX open: 1.6% above yesterday's close! This is a very bullish open. If the SPX can close this daily candle at the same price, it would be huge.
This is a new ATH for the SPX.
https://www.tradingview.com/x/RAdDB0j0/
- @Forflies
Bitcoin has been trading inside a very weak uptrend for 10 days now and dropped below 60,000 dollars once again last night. This uptrend is still valid, but it's not clear for how much longer.
Meanwhile, the SPX is right back at its ATH - or a mere 0.7% below it.
https://www.tradingview.com/x/T9ouMA5n/
- @Forflies
I'm considering a short position with an entry around the 60,000 dollar mark. This is where BTC could meet horizontal resistance, the EMAR on the daily, and a red Ichimoku cloud.
https://www.tradingview.com/x/sTmXLPED/
- @Forflies
I'm live in 5 minutes!
My analysis + your questions
https://youtube.com/live/CjPFQZrXqaE?feature=share
- @Forflies
Bitcoin is still dumping after the decent drop yesterday. The SPX open is in 3 hours and another catastrophic trading day like yesterday could send BTC much lower today.
There are two important areas to watch on the macro: The 45,000 dollar support and the 30,000 dollar support. Given the continued drop over the past 6 months, touching that first support level isn't entirely out of the question. I don't think we're going to 30,000 dollars.
https://www.tradingview.com/x/YWnaqZMe/
- @Forflies
Bitcoin closed its lowest hourly candle in 400 hours yesterday. It then recovered a bit - and then printed a big red candle dropping much further.
It is now getting rejected by the bottom of that red hourly candle I mentioned in the first sentence.
There really doesn't seem to be anything that can stop Bitcoin from dumping.
Meanwhile, the SPX printed a big green candle on Friday and is very close it setting yet another all-time high.
https://www.tradingview.com/x/6T8xyP46
- @Forflies
Bitcoin lost the 61,000 dollar support yesterday once again and is now trading at 59,000 dollars. It is really not looking good for Bitcoin here. If the 61,000 dollar level turns into resistance again, we could be looking at Bitcoin dropping below 56,000 dollars again in the next few days.
https://www.tradingview.com/x/5Gi6W5iu/
- @Forflies
Live in 10m
https://youtube.com/live/YrhDiLGPNrI?feature=share
- @Forflies
I'm live in 5m to discuss this Bitcoin price action!
https://youtube.com/live/yt_OQCxw_Qg?feature=share
- @Forflies
Bitcoin is still looking strong and this 7-month descending channel does finally seem to be broken. It also seems like BTC successfully overcame the 66,000 dollar resistance.
Bitcoin's performance is especially impressive considering that the SPX dropped 0.77% yesterday, which might not sound like much, but is actually a significant drop. Even with that, BTC managed to close yesterday's daily candle at +1.5%. The current BTC daily candle is at a decent +1.1% right now.
https://www.tradingview.com/x/w5E3IeSy/
- @Forflies
Bitcoin sliding below 60,000.
Live in 10 minutes
https://youtube.com/live/ntPdUH3fhc4?feature=share
- @Forflies
Bitcoin isn’t showing much strength right now. Despite sitting at a key support level, BTC hasn't been able to bounce back. At this point, a drop to $51,000 seems like a real possibility.
https://www.tradingview.com/x/9OvPwEw1/
- @Forflies
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- @Forflies
Bitcoin is getting closer to a potential breakout beyond the 64,000 dollar resistance.
This could open up an amazing long position with entry right at this resistance. A successful S/R flip could launch BTC towards the 68,000 dollar level and the potential profit of this setup to +55%.
https://www.tradingview.com/x/2488TLT1/
- @Forflies
Bitcoin broke out of this sideways channel a few hours ago and almost hit the 65,000 dollar mark. It now back inside this channel, but this is a pretty good sign and indicates that Bitcoin wants to continue pumping and moving up.
If we get a bounce off the middle of this channel next, we could be in for a breakout.
https://www.tradingview.com/x/KwjMBqBe/
- @Forflies
Bitcoin is still nowhere near breaking the 6-month downtrend, but it has at least broken the 50-day downtrend. While this is a good sign, it is unfortunately just not enough to be bullish again.
What's also very important to note here, is the fact that BTC printed a big red 4h candle right after printing its biggest green candle in a long time. This shows that the bears still have a massive amount of control, and it might not be that difficult for them to push BTC below 60,000 dollars again quickly. This could likely happen today already.
https://www.tradingview.com/x/5NwSIRuS/
- @Forflies
Bitcoin is still trading right at the crucial 58,000 dollar resistance. Based on how many times it's been retesting this level, there could absolutely be a move to the upside relatively soon - but the fact that this didn't happen yet highly implies that we're in for another boring weekend. Unfortunately.
https://www.tradingview.com/x/wjh52gIC/
- @Forflies
Bitcoin followed the SPX on Friday when it dumped, and it followed the SPX yesterday when it bounced.
Today, things are back to normal as the SPX is trading sideways and Bitcoin is dropping. It's not a big drop, but the first interaction with the 58,000 dollar resistance level made it clear: Bitcoin is still extremely weak.
If it doesn't reclaim the 58,000 dollar level very soon, BTC could easily sweep the local low at 52,500 dollars in the next few days.
https://www.tradingview.com/x/2uQEAcRg/
-@Forflies
Bitcoin is down by another 2.6% today, so the slow bleeding out continues. The last time we've seen BTC above 60k is now 7 days ago and BTC is probably going to close the lowest daily candle in a month today.
In my opinion, a drop below 50,000 dollars is quite likely to occur in the next few weeks.
https://www.tradingview.com/x/WopdFKhz/
- @Forflies
Bitcoin is dumping of course, but this time it seems to actually have a reason: The SPX just had a very bad open and is down by a massive -1.2% within the first 50 minutes of trading. This is a really, really bloody open.
Remember: The SPX is still very close to a new ATH, meaning it has a lot of potential to drop lower. Bitcoin is already in big trouble, but if the stock market keeps dropping, it could get much worse.
https://www.tradingview.com/x/1mlTUNaG/
- @Forflies
Bitcoin just swept the local low and is about to drop below 58,000 dollars. The 58,650 dollar level could be a potential short entry in the near future.
There is not strength to be find as BTC is heading into the weekend. BTC now lost a total of 5% in the past 24 hours, and 11% in the past 5 days.
https://www.tradingview.com/x/AUJ3lqHg/
-@Forflies
Bitcoin is still trading inside this sideways trading range at 64,000 dollars. It entered this range last Friday and has not left it since.
A move up here could send BTC towards the 67,000 dollar area, while a breakdown could cause it to retest the 61,500 dollar area (nice potential long entry).
https://www.tradingview.com/x/UC0sWFx0/
- @Forflies