Good morning traders. Price printed a new 2019 high of $6336.93 in the past 24 hours. The more bearish among us continue to watch on in disbelief and reload shorts each time they're liquidated. The Bitfinex premium, which was recently almost $400, has now dipped to $120 while price has continued to rise. The Bitfinex Shorts/Long ratio remains at its highest levels ever. Overnight, price found resistance at the daily R2 pivot which had price hitting our target from May 8th. Among other more recent trading notations, I mentioned that as we were nearing the R1 pivot we would likely cross it, return to test it as support, and then target the R2 pivot. This is exactly what has happened. Price, during this time, has become increasingly parabolic which has me waiting for the final strong thrust up -- the last move before this leg is completed. I am not sure if we will get it, but even if we don't, I will stop out in fantastic profit.
I still believe, especially now that we've made it to $6300, that the most reasonable course of action is to see price shoot up toward the upper $6000s to complete that parabolic move, and then consolidate in the $6000s for wave 4 before completing wave 5. So I am currently holding for the $6800 level, but have no problem exiting around $6500 if price action dictates that I should. If we can get wave 5 to end around the weekly/monthly pivot at ~$8000 then we can potentially see price returning to $4900/$5000 before starting its next large leg up. I am torn, however, as $6000 seems more likely to support price since it held as the floor throughout 2018. But because that lower possibility is there, I want to be sure you note it. In either case, it should be an easy short.
This 1H chart shows price's current consolidation TR. Price has basically continued to trade in the upper half of the range which is generally considered bullish. That doesn't mean we can't see a Spring into the lower demand at $6160, but that is all that I would currently expect if price does drop lower. If it does happen to extend lower, then traders should be watching the demand noted at $6056 and $5890. For right now, a break through the top of the local horizontal TR should have price targeting the top of the ascending channel and a push through the channel's resistance should bring the ~$6800 target into play. I am watching for price to leave the descending red channel's resistance as an indication that price is likely ready to move up. The 1H Stoch RSI is oversold at this time suggesting a move up could come sooner (today) rather than later (tomorrow).
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.
I still believe, especially now that we've made it to $6300, that the most reasonable course of action is to see price shoot up toward the upper $6000s to complete that parabolic move, and then consolidate in the $6000s for wave 4 before completing wave 5. So I am currently holding for the $6800 level, but have no problem exiting around $6500 if price action dictates that I should. If we can get wave 5 to end around the weekly/monthly pivot at ~$8000 then we can potentially see price returning to $4900/$5000 before starting its next large leg up. I am torn, however, as $6000 seems more likely to support price since it held as the floor throughout 2018. But because that lower possibility is there, I want to be sure you note it. In either case, it should be an easy short.
This 1H chart shows price's current consolidation TR. Price has basically continued to trade in the upper half of the range which is generally considered bullish. That doesn't mean we can't see a Spring into the lower demand at $6160, but that is all that I would currently expect if price does drop lower. If it does happen to extend lower, then traders should be watching the demand noted at $6056 and $5890. For right now, a break through the top of the local horizontal TR should have price targeting the top of the ascending channel and a push through the channel's resistance should bring the ~$6800 target into play. I am watching for price to leave the descending red channel's resistance as an indication that price is likely ready to move up. The 1H Stoch RSI is oversold at this time suggesting a move up could come sooner (today) rather than later (tomorrow).
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.
