Crypto Tests At All-Time Highs: Bitcoin Sentiment and Ethereum Uptrend

Bitcoin Sentiment Riding High The Google Trend Momentum Check (GTMC) is staring down another test with Bitcoin (BTC/USD). A run-up in Google search interest in Bitcoin accompanied the run-up of Bitcoin to all-time highs. Google search interest is a proxy for sentiment. Accordingly, Bitcoin sentiment is running at extremes relative to recent levels. Per the … Read more

Bitcoin Price Failure: A Magnet At $10K Crushes Breakout

Bitcoin Price Failure In late May, a “price failure” in Bitcoin (BTC/USD) sent me to the sidelines. I decided to retreat to wait for a breakout and accumulate a new position on the way up. Two months later the moment arrived. The U.S. dollar (DXY) broke down and Bitcoin broke out. As a result, I … Read more

Why Nigeria Tops Google Searches for Bitcoin

I often use Google searches to understand the context for trading in Bitcoin (BTC/USD). I formalized this strategy into the Google Trends Momentum Check (GTMC). Consistently, Nigeria tops the list of countries with Bitcoin searches. A recent article in Bitcoin.com titled “Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the … Read more

Bitcoin: A Breakout After A Refreshing Pause

Two weeks ago, I examined the sharp pullback in Bitcoin (BTC/USD) and concluded that the cryptocurrency was taking a refreshing pause ahead of the next breakout. The breakout is here. This breakout is a double bonus as it represents a bullish (upside) resolution to a Bollinger Band (BB) squeeze. Such breakouts are tradeable with well-defined … Read more

Bitcoin: A False $12K Breakout Creates the Pause That Refreshes

Trees do not grow to the sky – even cryptocurrency trees with Bitcoin leaves. The old adage describes a core rule of the physics of price momentum. Whether buying or selling, traders and investors eventually exhaust themselves – whether existing resources are too low to maintain buying pressure or motivated sellers finally run out of … Read more

Bitcoin: One More Bet On A Continued U.S. Dollar Breakdown

Bitcoin (BTC/USD) is surging through a long overdue breakout of the $10,000 level.

The U.S. Dollar Index Breaks Down The U.S. dollar broke down last week. The weekly chart below shows the U.S. dollar index (DXY) closed last week at a near 2-year low. Numerous anti-dollar bets are gaining fast thanks to the U.S. dollar’s breakdown. The cryptocurrency Bitcoin (BTC/USD) is joining the party. Bitcoin joins the anti-dollar … Read more

Bitcoin: Latest Price Failures Plant Me On the Sidelines

Price Failures The furious rally in Bitcoin (BTC/USD) from the March lows helped take my mind off the on-going downtrend in price. Since the last major peak in price at $13,880 on June 26, 2019, BTC/USD has made a series of lower highs and lower lows. The last peak in price was on May 7th … Read more

Bitcoin Breakout: March Losses Behind, $10K Ahead

Bitcoin (BTC/USD) is surging after a convincing 200DMA breakout.

The Bitcoin Price Breakout Bitcoin (BTC/USD) wiped away my wariness about the price action with one clean breakout that finished a reversal of March’s steep losses. For about five days, Bitcoin was teasing its way toward a challenge of overhead resistance at its downtrending 200-day moving average (DMA). During the previous day, Bitcoin gained about … Read more

Bitcoin Faces New Challenge Near A Reversal of Its March Crash

Bitcoin (BTC/USD) has had an interesting – and surprising – relationship with the recent crash in financial markets. Bitcoin fell 39.1% on March 12th just as the crash was accelerating. The S&P 500 (SPY) continued to sell off for another week and a half after Bitcoin crashed. By the time the S&P 500 bottomed Bitcoin … Read more

The Quick (and Hopeful) Case for A New Bitcoin Bottom

Bitcoin (BTC/USD) has liquidated alongside financial markets...until this past week.

My first warning on Bitcoin (BTCUSD) came when Bitcoin failed to push through overhead resistance from October’s brief and failed run-up (see the horizontal line above) despite the bullish case being made at the time about the breakout. The most convincing warning came when the cryptocurrency sold off with the stock market in late February. … Read more