BTCookieMonster

Bitcoin - Your Hopes. Dreams, Nightmares, & Fears 2.0

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a continuation of a previous analysis of the same title, the link to which can be found in the comments section below.
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On the Daily BTC             has reached the lower trend line from mid June with a Hammer Forming on the current Daily candle with 13 hours to close...




The Godmode indicator on the Daily is showing a Long Fire...



On the 4 Hour Bullish Divergence is beginning to play out...


The movement from the low of 5755 (6/23/18) to the high of 8506 (7/23/18) has now retraced to the 0.886 Fibonacci level...


The 4 Hour chart below shows perfect Fibonacci levels for the current retracement indicating the possible end of the current movement down with a bounce at the current level should be expected...


The 4 Hour chart is also showing a Tri-Star candlestick reversal pattern which should confirm a reversal with its close above 6112...



Comment: 4 Hour closed $0.80 higher than the previous 4 Hour candle...lets see what happens here, a possible double bottom at 6008.10 could occur before a reversal...
Comment: Here we go..
Comment: Target 6600
Comment: BTC price retraced into the Golden Zone between the 0.618 and 0.786 Fibonacci levels with a second bounce at 0.5


The price is contained within a potential Triangular Bottom Reversal with declining volume...


This is a pattern that we have seen during the past with a significant reversal following it...


On the 4 Hour and the Daily we can see that the Godmode indicator is still signaling long, so I am expecting a break up with a maximum high of $7400.

Comment: One more dip below VWAP?
Comment: Yep...
Comment: BTC failed to make another new high and the 1 Hour Godmode fired Short...


The freshly closed 4 Hour Candle, nearly a Gravestone Doji, is Bearish.
Comment: The Daily looks like a drop below $6k is imminent...
Comment: Below is the 1439 Minute chart, one of my favorite secret tools. When the Godmode blue line touches the purple expect red.



The Daily candle close will dictate the rest of the week.
Comment: $BTC lost support at the 0.886 and broke below the lower trend line...


Next support at 5755 and 5400, RSI still has plenty of room to drop, currently at 31.1375 on the Daily...


Weekly candle looks brutal and Godmode on the Weekly shows more down before up...


The more I look at this the more I believe that this is currently Wave 3 of C Wave with the 1.618 landing at 3154...


Which lines up the correction perfectly with the Retracement Fibonacci levels.
Comment: I am thinking possibly something like this for the next move...
Comment: If the Daily closes anything like it currently looks right now, then I would be looking for a healthy long...
Comment: Descending Broadening Wedges are bearish...
Comment: The Resistance.
Comment: ABC Corrective Wave Bear Flag completed with Advance Block Candlestick pattern om 30 Min/1H/4H prior to the daily Candle close; Godmode firing short up to the 1 Hour...




Daily Candle closed as a hammer showing a diminishing selling power, but does not guarantee end of trend.
Comment: Declining Volume and a break of the upper Bollinger Band lead me to believe a drop is imminent...
Comment: Volume Increased with $BTC breaking the upper trend line of the Expanding Declining Wedge; Still no Short signal on the 4 Hour or a break of the Upper Bollinger Band...


Price reached the 1.618, I anticipate a return to VWAP at 6320 before an attempt at the 2.618 target of 6700...
Comment: The past two runs have retraced to just above the 0.618, I expect similar here...7200 at least.
Comment: Do we see a 3rd Black Crow?
https://www.northcoastfestival.com/
Comment: Please disregard the link above, that was a mistake.

Correct Chart:
Comment: Descending Wedge straight to the Fibonacci Golden Zone...
Comment: Right now this is looking like a strong possibility...the most recent high would be Wave 3 with the drop an ABC Wave 4 and a Wave 5 target of 6866...


Locally...


That would put the bounce at the 0.618
Comment: Wave 3 target at the confluence of Fibs at 6600...
Comment: Paint ze bull flag...
Comment: Amendment: first Wave 3 target 6600, top at 6800...
https://www.tradingview.com/chart/qh1Ai2Cl/
Comment:
Comment: Back to my original count...
https://www.tradingview.com/chart/x7LgNEYW/
Comment: Back to my original count...
Comment: Another strong possibility...


Weekly MACD and RSI are not giving hope to the bulls...


And Godmode on the weekly is not saying up here either...
Comment: Daily Godmode is coming up pretty high and fast for this to be a bull run, and looks very familiar...
Seems to be having RSI rejection at around 60
Reply


@BTCookieMonster I think its another failed Inverse Head and Shoulders!!!
+1 Reply
@Kirs_Trader, Agreed!
Reply
@yklinker, very nice
Reply
4H Candle printed lower high. 45 min godemode shows short signal along with 30min and 1hour. Breaking up with a higher high on 4H cold signal inverted H/S or beak down would signal 5K move. Just my opinion.
+1 Reply
My thoughts on this is that it will need to go down to the 5K area to pick up the volume waiting there to push a huge bullish engulfing candle to signal a bull rally. A lot of industry people have talked about the need to test and the downward channel that its in and being reject on a close above the 1H 100ema will take some power and consistent volume to overcome. Just my 2 cents.
+1 Reply
@Iwagsz2, sounds good. I'm using the 4 Hour Godmode for my exit signal.
+1 Reply
Iwagsz2 BTCookieMonster
@BTCookieMonster, I have found faults with 4h godmode. It never signaled the break from the top. I do pay attention it's signals but I don't rely on it too much. It's usually very accurate in most cases.
Reply
Iwagsz2 BTCookieMonster
@BTCookieMonster, It did signal 4h sell off so I was wrong on that.
Reply
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