So what now ? Don't worry, that's just the beginning.
A massive short squeeze was enough for BTC to break up both MA100 ( Blue ) and MA50 ( Green ) and move over 6300$.
This is something we saw back in 2015 and it basically confirmed the end of bear trend.
While it's highly likely we'll see a deeper "technical" pullback on the upcoming days/weeks ( as MA50 still lags under MA100 ), Bitcoin is poised to move much higher on medium term and it's quite likely to consolidate over MA20 ( red ), as it did back in 2015-2016. As you noticed MA20 did turn up already.
MA50/MA100 crossover would finally confirm a strong and firm uptrend.
This is something we saw back in 2015 and it basically confirmed the end of bear trend.
While it's highly likely we'll see a deeper "technical" pullback on the upcoming days/weeks ( as MA50 still lags under MA100 ), Bitcoin is poised to move much higher on medium term and it's quite likely to consolidate over MA20 ( red ), as it did back in 2015-2016. As you noticed MA20 did turn up already.
MA50/MA100 crossover would finally confirm a strong and firm uptrend.
Comment:
Technical pullback ongoing
Comment:
Let the pullback unfold, withiut hurrying.
As you may nitotice a topping formation ( head & shoulders ) is playing.
As you may nitotice a topping formation ( head & shoulders ) is playing.
Comment:
A textbook pullback to FIB 0.618 and previous resistance ( now support ) at 6300$.
All in one night.
Good to fill some orders.
Accumulate on further weakness, wait for some consolidation.
All in one night.
Good to fill some orders.
Accumulate on further weakness, wait for some consolidation.
Comment:
Comment:
Broke up the rising wedge, already up 100$.
A small gift for daytrading, enjoy.
A small gift for daytrading, enjoy.
Comment:
We recently had a TD Count=18 on Daily.
That's a ***very rare*** occurrence.
A TD strip > 9 or 13 means a rather long sequence of days seeing a rising price.
While this has little or no importance at all short term, it has some potentialy interesting implications for the medium term scenario.
Look at the chart below:
Here's two things i want to point out:
1) TD strips exceeding 13 ( red square ) are extremely rare on downtrends / sideway market ( a single red line span ).
2) TD strips exceeding ( all squares, except the red one ) are pretty common into uptrends ( blue line span ).
3) The first TD strip exceeding 13 sequence after a bottom usually marks the start of an uptrend ( see green squares ).
Got the message ?
We''ll see whether we have an "early bird" here or not.
That's a ***very rare*** occurrence.
A TD strip > 9 or 13 means a rather long sequence of days seeing a rising price.
While this has little or no importance at all short term, it has some potentialy interesting implications for the medium term scenario.
Look at the chart below:
Here's two things i want to point out:
1) TD strips exceeding 13 ( red square ) are extremely rare on downtrends / sideway market ( a single red line span ).
2) TD strips exceeding ( all squares, except the red one ) are pretty common into uptrends ( blue line span ).
3) The first TD strip exceeding 13 sequence after a bottom usually marks the start of an uptrend ( see green squares ).
Got the message ?
We''ll see whether we have an "early bird" here or not.
Comment:
A shame i cannot fix the typos :(
Below the fixed message. Sorry.
--
Here's the things i want to point out:
1) TD strips exceeding 13 ( that single red square ) are extremely rare on downtrends / sideway market ( red line span ).
2) TD strips exceeding 13 ( all squares, except the red one ) are pretty common in uptrends ( blue line span ).
3) The first TD strip exceeding 13 after a bottom usually marks the start of an uptrend ( see green squares ).
Below the fixed message. Sorry.
--
Here's the things i want to point out:
1) TD strips exceeding 13 ( that single red square ) are extremely rare on downtrends / sideway market ( red line span ).
2) TD strips exceeding 13 ( all squares, except the red one ) are pretty common in uptrends ( blue line span ).
3) The first TD strip exceeding 13 after a bottom usually marks the start of an uptrend ( see green squares ).
Comment:
Short term:
Comment:
!!!
!!!
Comment:
Rising wedge and divergences shown got confirmation.
Comment:
Comment:
Healthy pullback please ?
Comment:
Posted elsewhere, 1 hour ago.
Hanging man + evening star in formation.
We've seen it in action already ;)
Hanging man + evening star in formation.
We've seen it in action already ;)
Comment:
To first log support.
Comment:
Approaching uptrend support.
Comment:
Medium term view, by comparison withj 2015-2016:
Comment:
BB bisector should be considered support.
Comment:
Further medium term considerations:
1) MA100 ( green ) is first true support.
2) MA50 ( blue ) still have to cross over MA100, meaning currently uprend is still fragile.
3) MA20 ( red ) is climbing fast. Once 2) is done it may become short term trend support.
Further medium term considerations:
1) MA100 ( green ) is first true support.
2) MA50 ( blue ) still have to cross over MA100, meaning currently uprend is still fragile.
3) MA20 ( red ) is climbing fast. Once 2) is done it may become short term trend support.
Comment:
Rebound already over 11200$.
There's a chance it may nail 11700-12200$ area.
There's a chance it may nail 11700-12200$ area.
Comment:
Target area reached, crossroads ahead.
Comment:
Why crossroads ?
Because we had a pullback to previous support ( dotted red ), now resistance.
It's the upper bound of a broader rising wedge, with a -seemingly- smaill flag within. 12200-12500$ is resistance.
Short term price can move either way, with a slight bearish bias.
Use some caution and wait for market to pick some direction.
Because we had a pullback to previous support ( dotted red ), now resistance.
It's the upper bound of a broader rising wedge, with a -seemingly- smaill flag within. 12200-12500$ is resistance.
Short term price can move either way, with a slight bearish bias.
Use some caution and wait for market to pick some direction.
Comment:
A diamond or not a diamond ?
Comment:
Diamond top are among the *worst pattern to deal with*, as the may actually be half staffs as well.
Anyway, we have some noticeable risk of a topping pattern here.
So better acting accordingly and reduce risk.
Anyway, we have some noticeable risk of a topping pattern here.
So better acting accordingly and reduce risk.
Comment:
Alreay 500$ lower, but less resembling a diamond.
Mixed scenario.
Mixed scenario.
Comment:
Inverted H&S, strong resistance ahead.
Comment:
Short term it may rebound, as 9400$ should act as support ( hopefully ).
Otherwise it would be rather ugly.
Anyway, mediium term i would expect a further low, unless 11800$ is recovered before monday.
Seems unlikely so far, we'll see.
Otherwise it would be rather ugly.
Anyway, mediium term i would expect a further low, unless 11800$ is recovered before monday.
Seems unlikely so far, we'll see.
Comment:
Breakout of descending channel, pullback to previous support unfolding.
Unless price breaks through 11000$ resistance area bears will keep control.
Unless price breaks through 11000$ resistance area bears will keep control.
Comment:
Rejected already.
best bet for the bulls would be a further inverted H&S, with a right shoulder ideally above 9800$.
Anyway, unless the bulls manage to pierce through the previous support in 11k area bias keeps bearish.
best bet for the bulls would be a further inverted H&S, with a right shoulder ideally above 9800$.
Anyway, unless the bulls manage to pierce through the previous support in 11k area bias keeps bearish.
Above the latest update for my BTC medium term ( 1W ) analysis.
You can read relevant previous posts here:
January 2019:
April 2019: