Bitcoin continues to challenge the 6800 resistance area as the last 24 hours worth of trading have kept price levels hovering in this zone. As BTC continues to fight this level, the mid-scale and daily chart continues to show the short-term long pattern that has created the inverse head-and-shoulders pattern that has formed. The continuation of the long pattern seeks the ultimate destination at the 7200 mark(which also happens to be the next resistance point beyond 6800). This marks the major pivot area for BTC, and at the least should see a retracement, if not before this level.
Ethereum sustained its uptrend and now is resting on an important pivot. My previous notes suggested we may be in a larger ABC. If this is true then we can expect one more move up before an ultimate crash down. In order to sustain a possible leg up, we must sustain H4 pivot of 450-454. Watch for the H4 STOCH to come down to reset while price sustains H4 Pivot. Dropping down to H4 pivot will lower our topside for this next possible leg up to about swing high or slightly above. If price manages to not break Swing High we will have BEAR divergence confirmation on the D1 chart.
Bitcoin travels beyond the breakpoint to the upside after a long bout down as it breaks the 6400 resistance level us US (CST) overnight trading. This has been a challenge for the last several days that saw BTC hold the 6k level solid, and for those of you following, should have been the watch indication to see how well the break occurs. The break overnight now puts BTC at the 6640 price point with resistance next at the 6800 level. Support and Resistance stand firm at 6k/6400/6800.
Bitcoin followed the Rogue path once again with a retracement or continuance in the uptrend as it certifies its recent hold on 6k support. As BTC now seeks the 6400 resistance mark, there are a few things to consider. BTC hasn’t quite given the best scenario for a pivot so far – and going into a new week, there isn’t the base that was quite expected. What exactly does this mean? Frankly, a 6k support that was more firm or at the least another 6400 resistance test by now would have been a better situation. The market, however, rarely ever conforms perfectly. So that leaves BTC with the next best option for reaching new heights: hoping that the recent pivot hold will continue even with the overall downtrend still intact and more than 1/2 of the previous leg up being taken back. Statistically, this will be a difficult feat.
Bitcoin overnight (US CST) has continued to hold the 6k major support area as it seeks to create a higher low for the bulls. The only area of concern as far as Rogue* Wave pattern shows is that price has already taken back more than 1/2 of the previous leg up – giving way for a greater possibility of the overall downtrend to continue longer-term. Still, with a tight range and ultra-low volatility once again, BTC continues to give a reason for bulls to make short-term longs; there is opportunity currently at bay.
Bitcoin has continued to trend down with the slowdown of the fallout apparent in the last twenty-four hours or so. As BTC broke bounds by snapping the 6400 support area, it also managed to maintain the longer-term major support area at 6k flat. This was also shown yesterday on the same daily scale as there was previously a pivot at around 6300. However, this hasn’t quite been the case on the daily close* level. The previous candle close on this scale was 6249, a mere 51 points away from the 6300 level. As close as this was, this shows a sign of BTC attempting to hold that pivot zone and thus far it maintains a close distance with current price trading at about 6259 – matched with ultra-low volatility for the day.
Ethereum experienced a lot of chop these past two days in trading and our call yesterday to short the bounce has not yielded the desired results/targets. We are still very much in chop territory so entering into any position before a break of upside or downside can be seen as extremely risky. The question now is was that all downside ETH had to give.
Bitcoin struggles once again as the fallout continues with today’s trading stopping out many. With BTC now trading at about 6185, there is no denying that the 6400 mark is not going to hold as support any time soon. The struggle of BTC to maintain that levels came and went, and now BTC’s primary objective is to hold 6k flat as support. This will also be quite difficult as BTC’s downward projected path has been laid out by Rogue* Calculation not only for weeks now but months ago. The 5800 target level was solidified as a long-term trend target. The long-term bottom trend line additionally stands at about 5500 is price continues beyond the 5800 mark.
Robinhood keeps expanding at a pace that even its biggest fans haven’t predicted. Not only has its valuation continued to skyrocket (currently stands at $5.6B), but their ‘cost free’ crypto trading platform is bringing in millions of new users, even as the bear market in cryptos rages.
And now this – Robinhood has announced even more crypto brands have been added for crypto enthusiasts to trade.
The company said in an announcement on Thursday that Litecoin and Bitcoin Cash have been added for Robinhood Crypto users following strong demand from customers for crypto assets beyond the current options of bitcoin and ethereum.
As part of the announcement, Robinhood also claimed it now has over 5 million users on the platform following the expansion of its crypto trading service to 17 U.S. states.
The company’s co-founder and co-CEO Baiju Bhatt previously said he expects Robinhood Crypto to be able to cover the entire U.S. by the end of 2018 as part of a plan to become one of the largest cryptocurrency platforms.
It all adds up to one of the biggest retail threats to Coinbase as the dominant crypto brand in the United States. Coinbase’s issues with customer complaints have been well documented here, and Robinhood continues to push into the space and steal market share.
We’ve heard rumors that Coinbase is pushing into the institutional space (GDAX/Coinbase Pro) because they are getting their teeth kicked in on the retail side of their business. In other words, Robinhood is crushing them and their margins.
Expect that to continue and for Robinhood to keep pressing the envelope in this space. We also expect them to further develop their lending platform and margin business. Frankly, the crypto space is tailormade for those two business lines.
Oh, and it doesn’t hurt that Robinhood is currently a media darling. While Coinbase manufactures public relations hits, Robinhood’s organic coverage is lapped up by the financial media. Will be very interesting to see where these two firms stand a year from now.
Ethereum has been trending down in the last 24 hours and I called for a short set up near 450 but as we can see, we still have not met that. I assumed we would touch our zone before H1 BULL DIV formed but looks like BULLS needed extra help. The wave 5 target was also not met as we did not reach 414 but all is well if you sat on your hands and did not enter.
Now we must find out what does ETH want to tell us today.