Good morning, traders. We saw price break through its resistance on the H4 and D1 charts over night. Now we just need to see follow through. Trace Mayer's Proof of Keys event happens tomorrow, but has its significance been blown out of proportion? How many people do you really think are going to go through the hassle and expense of pulling their BTC off the exchanges? Human nature tells me very little of the overall bulk, so I don't believe people should be too worried about it, but this is just my opinion.
H4 chart (Bitstamp):
In terms of the local blue TR, price is nearing its resistance once more. The large wedge's target of $3960 still remains. RSI has closed above its resistance and retested it as support. I have also noted support and resistance lines that I spoke about a few days back with dotted black lines. These are potentially forming a symmetrical triangle. Rejection at the current level would have me watching the bottom of the triangle for support. Of note is also the descending dashed red line which is the D1's resistance line. Price's large green candle pushed through it and price then retested it as support a few candles later. As we can see, all of this is taking place within the large purple descending channel that is possibly printing. A close above that channel's resistance should see price ultimately targeting the $4900 level at the least, which would be the next leg up. Since yesterday's large candle, price has ranged between the McGinley Dynamic and the H4 pivot. When it comes to HVNs, price appears to be attempting to push through the current one which would allow it to move up to the aforementioned target which is in close proximity to the swing high.
D1 chart (Bitfinex):
Price action continues to look like demand is in control at this time. We can see clearly impulsive movement up with candle spread widening and volume expanding until about a week ago. Since that time, we have seen choppiness with smaller red candle spread and decreasing volume. Price and RSI have pushed through their resistances, but can easily fall back below them by the end of the day. So, until that time, we should view the longer term TF breakout as suspect. Price remains above the pivot and McGinley Dynamic signalling bullishness for now. A close below those would suggest supply is possibly taking control and the blue box on the H4 chart would remain my initial target with a secondary target of the S1 pivot on the D1 chart.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
H4 chart (Bitstamp):
In terms of the local blue TR, price is nearing its resistance once more. The large wedge's target of $3960 still remains. RSI has closed above its resistance and retested it as support. I have also noted support and resistance lines that I spoke about a few days back with dotted black lines. These are potentially forming a symmetrical triangle. Rejection at the current level would have me watching the bottom of the triangle for support. Of note is also the descending dashed red line which is the D1's resistance line. Price's large green candle pushed through it and price then retested it as support a few candles later. As we can see, all of this is taking place within the large purple descending channel that is possibly printing. A close above that channel's resistance should see price ultimately targeting the $4900 level at the least, which would be the next leg up. Since yesterday's large candle, price has ranged between the McGinley Dynamic and the H4 pivot. When it comes to HVNs, price appears to be attempting to push through the current one which would allow it to move up to the aforementioned target which is in close proximity to the swing high.
D1 chart (Bitfinex):
Price action continues to look like demand is in control at this time. We can see clearly impulsive movement up with candle spread widening and volume expanding until about a week ago. Since that time, we have seen choppiness with smaller red candle spread and decreasing volume. Price and RSI have pushed through their resistances, but can easily fall back below them by the end of the day. So, until that time, we should view the longer term TF breakout as suspect. Price remains above the pivot and McGinley Dynamic signalling bullishness for now. A close below those would suggest supply is possibly taking control and the blue box on the H4 chart would remain my initial target with a secondary target of the S1 pivot on the D1 chart.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.