BTC USD 4h - A solution is near.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We had to wait quite a long time for BTC to shape a large consolidation pattern. There was some morphing of minor patterns involved along the way (which bears the risk to confuse traders including me) . To me this is the clear and dominant picture for now. We have a ascending broadening wegde in play (call it a 'megaphone' if you like), a shoulder head shoulder AND not to forget an inverse shoulder head shoulder. All three in one . Ideal for your dishwasher...

I already discussed the inverse shoulder head shoulder pattern in my previous idea, although I had it wrong there with regard to the symmetry the market has chosen to develop. You see clearly on the chart there is shoulder symmetry (parallel yellow lines) here, but with other reference points than I originally had in mind.

If current level holds there is a tremendous upside potential. If current level breaks, bulls need to rely on the ma200 to do his/her thing. Undershoot is in that case very likely though, as is a further downward trajectory after a bounce somewhere (probably around that ma200 level). We have dropped out of a large pattern at that moment with theoretically lower levels than the ma200 on the cards.

I know this pattern has been brought to attention already by many members of this highly valued community. It's not a Nikolas Tesla style invention I bring here, I am fully aware of that. I try to keep on track by updating the state of affairs quite regularly. And it fits better doing that from a clean sheet than to keep refreshing a 5-6 days old thread.

Happy and safe trading everyone.
Comment: First resistance zone. Check.

Comment: My personal opinion (and I really recommend DYODD) is that every resistance will play the role it has to play but we will overtake them all.

Crypto twitter is bipolar acting like they are all newbies. I don't get it, frankly. If this scares you, you should probably buy Gold.
Comment: It takes a long time apparently before a decisive move is made. Another retest of the under line (red) had occurred. Still inside the large consolidation pattern.

Comment: Not good for bulls.

First zoom in for a bounce trade

Comment: Bounce can be expected at downwards sloping yellow. Zoom in 1 -3 minutes for entry I ill try to post.

Zoom out 4h. Ma200 nearby but OUT of the 'megaphone' pattern.

Comment: If it wasn't for the ma200 so nearby I would be 80 pervent sure of a further sell off. Now you have to keep in mind that this ma200n is in principle solid (at least temporary) support. Undershoot in BTC is ALWAYS possible. Way too many crazies with overleveraged positions while they even can't trade without leverage. That's crypto.
Comment: 3min zoom divergence rsi pretty clear, first target ma50 3min. That's most of the times what you can expect from a a 3 min rsi divergence, a boune towards ma50 on the same frame.

I missed this opportunity, I expected one leg lower (and rsi divergence on 3 is not that easy to play, in hindsight it is but not live), that still could arrive and then be ready for bounce. If it goes up from here as a LT bull, that's fine by me.

Comment: Ellipse bounce play

Comment: Zoom out daily

ma50 is sweet spot

Comment: Temporary low is set imo
Comment: Could be quite a big bounce.
Comment: Zoom in 5 Binance

I am a big Heikin Ashi fan by the way.

Comment: 15 Binance

I like the RSI setup. I would let longs run for now. Could be a much bigger bounce in play. ST target is met though, but it's too early to close imo.
Comment: Now is the right time to go to Twitter and enjoy the frenzy there. Let longs just run and then you have some free time. Every time over and over again people are losing it there, even people with over 5 years experience in the space, still no clue whatsoever. In a certain way it's useful, it's gauging sentiment. It's important.
Comment: It's like that inspector from that old tv show...What's his name again? "Oh wait one more thing..."

Oh wait we will irritate some traders some more. One extra retest.

Comment: It's binance rather than stamp that gives the best signals right now.

This trend line confluence (you see it often on every asset) I trade ALWAYS on the long side for minimum a bounce. Then I'll check along the road if maybe there is something more than just a bounce in play. In hindsight I had better took some profits at that first resistance zone, cause the synergy was not really there (and I could have seen it, I will clarify later). But hey... that kind of micro stuff is really really difficult to assess rightly all the time. You must be hard on yourself, constantly lookin' for extra deges but there is a limit, it's not meant to become overly perfectionist self torment. The market is quite a beast to tame, just try to ride it some times....
30226 is the horizontal low from a few days ago. If we touch yellow one more time we are right there. Ranges are so huge I personally am not inclined to let my long position ride till there with stops under that horizontal support. It looks near on the chart (and all taken in account, it is crypt after all, it is near) but for a ST trade it's too far away for me. Depends on your personal style how you approach that kinda questions.

I have stops under current low and will make 90 percent sure a new entry at that point (when there is some indication at 1-3 min level).
Comment: Zoom in 5 minutes. I do like the symmetry. I do like my chances.

Comment: Come on now BTC, a long way to go. But this is something, first steps towards a meaningful bounce and who knows we NEVER see 30k again.

Comment: One leg down (sadly)

We are here.

Comment: A bounce again is inevitable. I just hope it not ends at first resistance like earlier today. Two times in a row :-(
Comment: Binance 5

For some reason I expect a vicious move up, I have that feeling, that's the reason I have not sold the previous bounces (in hindsight regrettable but okay, decisions have repercussions).

A more conservative approach (less time consuming as well than catching every trendline bounce, and on occasion being stopped out after which you re-enter again) is to wait at least for the ma20 on the 1h frame to flatten. Then it most of the times is some sort of up and down fight in a rather defined range, after which direction is chosen. Only when it's a V shape reversal that kind of approach leaves you empty handed or you at least miss a good piece of the sweets.
ma200 1min is first resistance and guess what, it has not been taken out yet. I am starting to get really annoyed by those lackluster bulls, so I set auto stop and call it a day for a few hours at least.

Maybe we go up in my absence. Get some fresh air and maybe do some running, although I am not even sure if we are allowed outside after midnight (Covid). Rules change every week is my impression. Safe trading!
Comment: Bulls are getting slaughtered ST, now anything is possible , a flush to 26k, whatever. That trendline 15 min that was support up to 3 times now is broken to the downside and although it could be a temporary undershoot, you just cannot count on that.

ma50 daily and ma400 4h. Those are important levels. We are seeing higher prices than this the coming days but maybe there are better bargains than here.
It's not that we are hanging that far under the channel, it still very well could turn out to be undershoot, but hey look at the ranges. Its 31k to 28k in the blink of an eye. You won't let that run that far against you for a short term trade.

That's recipe for disaster and yet that is what so many crypto traders are doing exactly. Leveraged long in at 31k I say something and not worked with a stop loss strategy. We will see 31k highly likely one of those days but many of them will not be in position anymore. Margin call or panic sold.
Comment: 3min BTC

Above boll. ma50 (red) and I look for a long re entry. That would be a good signal. First time the first resistance would be broken in hours.
Comment: Super hard to find an entry now. Impossible almost. ma20 3 min is a good spot I think.

Comment: Not very much to say (edit: oh wait, I had some inspiration apparently). Just checkin' in myself at my main station, after returning from some business 'out of base'.

Finally, after various failed attempts to gain something on the long side by playing the bounce (quite time consuming, with on multiple occasions stops triggered and hence re-entries needed), I had a valid ticket for a train heading north for more than one lousy station.

I was too eager and early in hindsight yesterday, and I should have been more diligent, patient and yeah altogether more 'wise'. There was no symmetry at all in play at those first bounces. Given the intensity of selling coming from an important consolidation zone, one could reasonably expect that the market would at minimum need some time and space to absorb that action.

One could even reasonably state that I was playing Mr. Dumb and Dumber by not being involved in shorting the market at any given time yesterday.

That's a (known but not fully addressed) issue of mine when I am tumble in 'countertrend bounce'-mode. My mental bandwidth risks to get too much affected by it, hence not leaving the required oversight to play the market on both sides.

In the case of yesterday, clear cut chances have emerged on both the long as the short side, and by far not far fetched ones. It's a retrospective assessment - not subject to all the noise and flaws that are inherent to live action -, but that makes it not less true.

It was a quite substantial bounce from the yesterday low, and it has in a rather swift and direct manner reached the first important horizontal support on the chart. You cannot reasonably ask more from a bounce-play.

Price has dropped from there. I don't rule out at all we go higher later today/night, but it's out of the primary scope of that bounce-play.

I will probably take a closer look at the market sooner than later. If I think I have some reference points to share going forward, I will post it here.
Daily. Not much to say. wave 5 coming (one leg down, let's say 28-26K) then up, or is the low already in? Still figuring it out. Maybe I won't figure it out. Elliott Wave is something I am quite skilled at but not a master.
Comment: It's very difficult right now ton make clear 'predictions' about future price in BTC but my main take is the low is in. We are most likely heading higher.
Comment: Daily.

You could have expected lower than we went, but maybe that's bullish. We didn't touch ellipse zone.

This is the drawing I follow for now.

Comment: Or better, we didn't touch exactly that trendline confluence zone marked by the ellipse. Trading myself now, kinda busy.
Comment: BTC 1h

Action is very choppy to say the least. Still in corrective mode when you look at it at various timeframes. We know BTC likes those horizontal lines from previous highs (rather than bottoms) so I marked them in green. In yellow I marked some kind of channel but it's obvious that could be subject to morphing. I have seen on the web some pennant drawings and I must say I like those. It still would mean a retrace before resuming the uptrend. It is key to at a regular interval go back to the drawing board to check and make amends if ( one deems it) necessary.
Comment: Zoom in 5 min

I expect a bounce here but it's not an easy call. Targets for that bounce I would not set too high.
Comment: ma200 (blue) looks legit as a target
Comment: DANG. I set a higher target this goes too good. ma200 15 next target.
Comment: We went to the target eventually (after an extra low in play, retest of a minor trendline). That action doesn't count anymore after subsequent events/

Btc 1h

very difficult consolidation action, under horizontal red I expect ST trouble for BTC, with the risk heading south towards the under boundaries of the channel. It's difficult to assess right now, I would not rule out at all that the latter will be the case. As a LT BTC holder I must admit I don't like it.
Comment: Binance btc 1h

Left my old lines in this chart and then you get a picture that is not so rosy, frankly. Rather grimm...

We are clearly out of the megaphone pattern and did some sort of retest. I know BTc likes those horizontal supports I have marked in red, it's really typical for btc.

It's impossible to predict future price action at the moment imo, action is too choppy nothing of a trend ST. Some people see a bullish wedge in play at the moment, yeah you could see it but this picture tyells another tale. I keep this picture in mind for further reference points (in the case we are heading south). Each red line is MAJOR support.
Comment: It's in fact the daily without any indicators except some moving averages (most notably the ma50) that gives the most bullish outlook. Heikin Ashi.

Give me a green candle on the daily and I would be so much more confident going forward as a bull.
Comment: Ma50 daily does the magic trick again. It's no magic it's just solid support. But sadly there is no guarantee it never breaks. ;-)

Anyway it's slightly positive for bulls going forward. Ethereum doing fine as well vs usd.
Comment: Zoom in 15

ma200 15 is super hard resistance ST.
Comment: In fact almost any level between here and roughly 35k can be possible resistance, it's a cluster and only heavy MOMO can break that one. Until something huge happens HODLERS will have to wait, but hey that's the basics of hodling.

Trading bitcoin? Of course it's possible, it's choppy but short term support and resistance do their work in a fashion that is certainly manageable, but easier in theory than in reality. Trading a clear trend is always easier and I personally advise to act accordingly and scale down on size.
Comment: 35k really is the sweet spot. A zone of course and look at fakes certainly at 1h and 4h level. A wick above but a close under I mean. Those are the nasty ones.

Comment: Bitcoin stamp 1h.

Price is absorbing the downward action, looks like we are heading ST a level higher.

Comment: BTC 4h

Ma50 4h is always hard when flat or downwards sloping. we did get that bounce as I expected earlier today but the target of that bounce is reached.

Now we are really in a zone with tons of resistance from important ma's and bollingerbands.

3500 zone still the KEY.
Comment: Zoom in 15

Wedge like figure.

Acceleration upwards to be expected when we break upper line. Target Bollinger 4h
Comment: I have the feeling price could be exploding upwards any moment soon. Do your own diligence please but I could not refrain myself from posting it. All the luck and trade safe!
Comment: Magic in the air tonight. Sometimes you feel it.
Comment: Last resistance before the attack of 35k.

I expect it to be broken (after a tiny pullback).

Comment: Quite clear the MOMENTUM is here coming from the whole episode Robinhood and Wallstreetbets , DOGECOIN. It is real and this momentum could lead BTC to break 35k and to new ATH.
Comment: I think the words 'Paradigm Shift' may be used. I don't say those words too quickly, but 2021 will be the year where it will all unfold. Call it the Great Reset whatever you like, it probably will unfold in a battle centralized vs decentralized with btc much stronger than it is now.

You can't fight the big boys with the current tiny market cap. So it will grow. It will grow tenfold and more. Today is an event in that narrative. A day for the history books, yeah I dare to say that, even ifr price cools down coming days (which I do not think will be the case).
Comment: BTC daily

Not many words needed. clear break, bollingerbands could prove resistance (I follow it up closer when that would be the case), but with current MOMO anything is possible to the upside. LONG
Comment: "In retrospect, it was inevitable." Dixit the most influential person on this Planet.
Comment: Silver and BTC are going to MOON togheter imo. Coming weeks.

Wallstreetbets and Satoshibets will dominate the coming days with Musk sprinkling some oil on a red hot fire.
Comment: Retest, bottom should be in around here and UP

Comment: Probably fib 618

Comment: Nope st bottom in now DYODD
Comment: Knowing when you are right but the market wants do do some stophunting. It's little anger, its okay. 618 is a magnet.
Comment: The ones pushing the price down now below what is reasonable, are the ones who are so so eager to buy. Big fish who needs stophunting and all the accessories to fill their bids.
Comment: No individuals except maybe...Musk??? LOL It is not Warren Buffet, although you never know with that lad.
Comment: Bitcoin 4h update

After some much needed sleep, trying to get some oversight in the market(s), most notably crypto which is my main interest at the moment and very likely going forward (let's say months maybe years to come).

Honestly I had not expected that far of a pullback. It still can be considered as a retest, but one of a quite extreme nature. There was a big option expiry yesterday which of course brings volatility. Volatility doesn't necessary mean a pullback after a surge can be expected. Probably there are edges to be find there which are out of my field. I just play my normal play with only recognizing volatility of some nature can be expected,

Anyway, we are where we are now. That's quite an interesting spot, since we are on the brink of pushing above the important yellow downwards sloping line. If that happens, the same bullish outlook remains.
Comment: 4h

Not too bad. For bulls.

Comment: In principle we now should break the line, it's really textbook consolidation the last few hours on the hourly and 15 chart. Lots of crypto tweeters (or twitters, twitterati whatever) are scared as hell and see bearish candles. That's bullish to me although I never trade on that alone. It's not even secondary, it's just fun to mention I guess.
Comment: Zoom in 15

Tiring 'action' in a small range. irritating stuff. I had expected more fireworks today (I am from western Europe, Belgium to be precise, late evening 11 pm here now). Feels like a wasted day. 24h Market, 24/7, difficult to find balance as a trader in crypto, we all know that probably.
Comment: A chartist I like myself very much, posted an update just recently.


I dont know if I am allowed to share the link, but with clear reference to source I think it should be okay.
Comment: I see he morphed his update in a new idea as well.

Comment: Anticipation is key. Searching for huge levels to go in big for a trade is key.

When we go down (not my scenario number one but current price action is sloppy), I look at this picture for a big shot entry (ellipse zone).

(sorry I posted this update AGAIN as a comment first, it's really annoying in the interface but I am to blame of course)
Comment: It's an unusual fib retracement I use (unusual reference 'low', but in btc it works), which gives even more 'confluence' to the importance of the ellipse level. 618 fib. The most important fib level there is, no doubt.

One 'tiny' problem inj this scenario, we lose the ma50 on the daily. ' Quite huge so that means that going in big would require 1) good indication on short frames (even more important than it always is) and 2) the scope of the big trade is primarily that one of a mere bounce trade (so at least a big chunk needs to be sold quite rapidly (short term abc wave up) and with a moderate target, 31-32k looks legit at this moment.
Comment: Long now possible stop under low

Comment: Really don't know if it's the right place here to post this short zoom in entries but the chat section is with all do respect full of trash. And I just try to learn the platform I guess not that many people read in so I just go my way; If it's bothersome please do let me know. I appreciate criticism as well.
Comment: There was a minor bounce, quite a good ST entry play technically, no complaints, it's a chance I will always take, but my trade setup is invalidated afterwards. First minor resistance was already too heavy. Thinking about reopening long but not a clear cut chance at the moment. Tricky. Better wait till there is something interesting maybe around 33k.

In general it's lousy action and from a LT bull perspective I don't like it. It's more of a feeling, I will need more reference points really to gauge things more objectively.
Comment: 2h frame

Bollinger ma50 confluence could prove to be support (That type of confluence is my all time favorite trading tool no doubt, notably with regard to positioning a trade (entry and exit). I don't use the 2h frame that much but in this setup I think it is a valid support area.

More important however, 4h frame

ma50 (red) should hold otherwise I foresee trouble for bulls, quite serious trouble days to come.
Comment: 3min zoom in

Wedge , so up and retest channel? Maybe more than a retest?
Comment: Okay, after last night short term hit and miss action of mine, I had some urgent business to attend to away from home.

Now checking in thoroughly. A smartphone is nice and well but you cannot trade on it. At least I can't.

Btc 4h

The ma50 is still intact! It's a miracle (or not?)
Comment: Bollinger bands have moved upwards nicely so that's a solid support zone together with the ma50 ('red moving average'' on the chart). If we break that support and the bollingerbands curl downwards, it's almost a certainty to say we go to yellow under in a swift and dramatic fashion.

I have a bullish bias, so the latter is not my favorite scenario. But you probably know already my bias is bullish on many occasions. ;-)
Comment: Look I don't want to be again in the situation I am all euphoria to see it being reverted completely (the Musk hangover), but sorry can't help it. Lookin' sweet. Bollingerbands 4h is the minimum target for this move or I start to think I am jinxing the market. ;-)
Comment: There is only 1 resistance that is clearly visible and that is a minor one imo, on the 15 min horizontal. we are there now I don't expect much of a retrace.

Comment: Should really really work on an idea but btc trading makes it impossible to elaborate.

Ready for a moonshot this one, IOTA. I try to work it out later today (and will see if it's not already posted in abundancy.

You can never rule out another retest (and low) but oh boy a lot is coming together here, not only this timeframe. Massive confluence, this is a gem really for making a tenfold on your investment (I never advise to go all in, it is crypto of course)

Alt season is here now, I am sure. What about btc vs usd during altseason?
Comment: Btc is wearing me out lately, really wearing me out mentally.

Ellipse interesting, 15 min zoom in

Game of short term support and resistance
Comment: 4h still above ma50.

This is just some brainstorming, some possibilities I try to chart, there are quite many trendline combinations possible. I like parallel channels they often bring something that remains hidden when you just connect highs and lows respectively on the upper and under side.

It's not some kind of personal game about guessing the exact combo the market chooses in advance or something like that. That would be kinda childish and even harmful.

I just seek some insight, some options to anticipate on a trade setup, yeah some spots to do something simple as that. Like on the 15 minutes chart posted above my 4h update, I probably will engage into a long trade when we arrive in that flattened ellipse where some lines converge. It wouldn't surprise me though if the market bounces higher. It's just where we are now I don't see good opportunities to position myself without the risk being dumb ass stopped out.
Comment: I am indeed jinxing the market lately, with my updates. ;-)

We have reached the target that I had expected yesterday, namely the upper bollingerband 4h frame.

The minor horizontal resistance I mentioned yesterday, played it's part. It proved harder than I had foreseen. It certainly was not a no show.

bollingerbands ma50 4h.
Comment: I am not going to post anything today or even night for that matter, that could contain anything interesting about BTC market direction. Whoever still reads in here, she or he is warned.

Jinx Fear. You should not underestimate that and you should respect that. Just like you need to respect the Power of the PAmp. You have also the Power of the Jinx you need to pay respect to.

I said it on Twitter last night, I said you guys on Twitter, "please guys do respect the power of the Jinx and the Jinx will leave you alone from then."

Maybe it's a little bit 'out there', 'whoe hoe', but you gotta believe in something. Everybody does...And I believe in the Power of the Jinx and the Pamp. And many other entities but that's for another update maybe.
Comment: Oh boy oh boy, so sorry guys/girls (or wait for girls I say Ladies....Gents like to be addressed as 'guy's in the trading pit).

I just needed to make a reference to the most funny two (no make it 4) minutes I had this year. It's still quite some time before the year ends, but they will need to come in very very strong to beat that. It's impossible to come even close imo. And the urge to bring something myself was simply too great to withstand. Nature calling....

Look I understand what Tradingview has in mind by banning any external link to the platform, I endorse it, but it's a pity now.

I am looking at the source in my next 'free' window and will try to guide you to the content (spoiler alert: it's on twitter). Unless - and that is what I hope - you already have seen it. LOL double LOL
Comment: CryptoChimp

That's the guy on twitter I was hinting @.

Respect the Pamp

A satire of Ivanontech his Youtube 'performance'. Brilliantly done, masterful job, he has synched it to the speech of Di Caprio in the Wolf of Wall Street. "Respect the pamp!"

Still not jinxing, myself, still waiting.
Comment: It's clear we are better off than a few days ago. One hurdle to go.

And it's no rocket science. ;-)

Comment: Moving average 50 on all timeframes, it is so so important. It is the Valhalla of trading, I like to thank John Bollinger as well.
Comment: My expectation, let's say favored scenario (we all know we are not gonna take out the high without some sort of consolidation/retrace-).

Under trendline channel for sweet spot ST long.

LT longs please let them run. let them run the whole 2021 and beyond.
Getting there, no knife catching please, wait for some consolidation 3min chart or pattern forming around that level. Zoom out zoom in.
Next trendline hit, hit it at market long
Comment: This one I meant, sorry

Comment: Quite hard now, looks like market has bottomed but stepping in here is superdangerous imo for a ST term trade. Sometimes it just is a miss, waiting waiting and not getting @ target. maybe later on after some consolidation or who knows we do touch that trendline against all odds.

Consolidation I look at 3min level mainly for entry (lager frames for the (ellipse) spot zone)
Looks bottom-ish
Patience is rewarded

Long zone
I think we have a low, stops, invalidation under yellow
Comment: Zoom out 4h.

If this current area does not hold, it's immediately ma50 4hs which is quite far away, easily 36000 we speak. Ranges stay enormous, it's 500 dollars in the blink of an eye. That's bitcoin it won't change. You need to work stops and re-entries or this market eats you when daytrading (or swingtrading, it counts there as well)
Quite a classic how it plays out, until now. Under line of the broadening falling wedge is often not reached in the latter stages/subwaves, hence you need to look at another (secondary) bottom line (on the chart marked in green) to locate the low.

Danger with this figure is the fact that - due to the broadening nature of the pattern - a next low will be set seriously under the current one. You can't let that run, it's a big mistake many people make when trading this figure. They tend to reset their stops during the process the price still trades in the wedge. Recipe for disaster.

Most of the times it happens when you have not located the low neat enough (cause the wedge boundaries are not always exactly met, hence you are tempted to buy in late) to put your position in the win and move stops at break even point or somewhere around that level.

I have been there myself tons of times in the beginning of my trading endeavors, I speak from serious experience. Main drivers of the disaster: 1) no valid stop strategy, 2) not enough skill to make decent short term entries (after having located the zone in which you possibly want to operate). The two are really connected cause it's so much easier to work stops once you are not underwater from the beginning. And as a novice trader that's exactly what happens most of the times, you go long and it won't take long (matter of seconds, minutes) you encounter problems with price trading under your entry.

Anyway, those meanderings applied to this specific topic: The pattern looks nice and cosy in the beginning, but when it goes against you it turns out to be very nasty.

It's a figure that is subject to morphing as well. It starts as a quite clean minor wedge like figure. When it starts to broaden quite extremely, an acceleration down under the under boundary is quite likely as a bonus (flush). It's indeed a flush for margin longs without stop strategy.

Either the flush will be reverted and the pattern will 'hold' or the wedge will in the subsequent price action turn out to be a tiny secondary pattern, almost invisible on longer frame charts. The under boundary of the wedge will in many of the latter cases act as resistance (it appears it could turn out to be a fake spike down, maximum confusion for longs and shorts).

So it's not that when you see a wedge unfolding you can be quite sure it goes up eventually (again a beginner mistake, sloppy careless trading cause "'it will go up anyway, if it's not here than it's somewhere in the neighborhood, chillax")

Wave symmetry of the wedge is perfectly at this point, so in my opinion the low should be here or else the pattern will turn out to be nasty and hard to trade on the long side (either side actually). So I am not re entering long until ma50 4h, once yellow is broken.
ST target was met (upper side wedge)

Now I think we could see a new attack and upwards break.
Comment: A very meager attempt to go up, danger short term for a sell off. Not the mother of all sell offs maybe, but we know the wedge boundaries, for starters.

Comment: Plausible scenario 4h frame

45 min frame to fit the picture

First support zone. Caution, I am doing nothing right now.
Comment: Less caution, bottom likely in, at least further bounce, stop under red

Comment: 4h zoom out

I still think the ma5 4h (red) could be a target, that's one leg lower. But it very could be that the low is already set.

ST Longs which are in the win? I would say - of course if it"s in line with your own trading rules -, let them at least partially (half of the position looks legit) run for longer than a very short ride towards first (minor) resistance. Aiming for the break maybe of the 41-42k high.
Comment: Stay long, zoom in 30 min

Comment: Zoom in 5, moving out of the wedge.

Comment: I am really trying to respect the 'Pamp' of others lately. Trying to not reject the Pamp from my own life. :-)

Quite hard though, whenever I accidentally pop up the Tradingview chat I get flooded with posts containing one single word, DOGE with the symbol of a rocket or moon as interpunction. It's really like all one brain cell people have finally found each other acting in concert.

No this time I did not participate cause I had expected it to correct further before a new Pamp should arise. Ah well, next time. It's a joker coin but he gets pumped up over and over again. High volume as welll, the highest volume on Binance in btc, highter than Ethereum. On Robin Hood Doge is listed as well, and I bet it is played massively over there too, probably even the main driver for the - let's be honest -- ridiculous behavior. But it is something to really acknowledge and take into account. It's one of the high voume coins/tokens in the space. Hence legit top 10???

In the mean time I am getting a little worried about btc. It's the Dancing procession of Echternach the last few hours. Two steps forward, one step back or even the other way around at times.

The same goes for my alt plays on which I have placed some extra 'bets' earlier today: Iota, Ada, Eos and Neo in particular.

XRP as well, no 'fan' of it, certainly not wearing a hat or shirt with "XRP forever" printed on, but it is a token that has the innate ability to pump. They keep hanging now, my selection, quite frustrating. Cause they show so much upwards potential even short term. Patience is key.

Bitcoin, ma50 15 and Bollinger now. Not going to add myself. IF not in position, it's a possibility.


Nice work
+1 Reply
W0lfRAider Dyslexic_boi
@Dyslexic_boi, Thank you very much for the feedback. Appreciated!
Cheers for the post!
+1 Reply
@domyx, Thx a lot! Let's see how it unfolds. I am LT BTC bull but that is no reason to have too much of a bias going forward and certainly not medium term. It's gonna be a wild ride full of opportunities! Steer clear!
domyx W0lfRAider
@W0lfRAider, Yes, I'm a bull looking long term, but these days feeling a bit bearish. Think it might drop down below 30k and stay there for a while, but will see - time will tell.
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@domyx, see my updated idea. If we go down one more leg, it highly likely goes up from there again. For some reason, I always post my updates mistakenly in the comment section and one cannot delete a comment. Hence I edit to 'zero' till I learn. :-) I am a slow learner at times but after a while there always is progress.
domyx W0lfRAider
@W0lfRAider, Cheers, good stuff. I also don't do any trades now because it's too much uncertainty. Let's see what happens when triangle brakes. Keep up posting! :)
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Amazing setup here. Really
Anticipation is key. Searching for huge levels to go in big for a trade is key.

When we go down (not my scenario number one but current price action is sloppy), I look at this picture for a big shot entry (ellipse zone).

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