Hi Guys i wanted to share my take on the BTC charts.Please feel free to comment.Thank You.
Lets start with the latest Daily triangular pattern targets.We have met the 0.786 % down target at 3200.This is precisely where the 200 SMA weekly is sitting. This seems to be holding very strongly where the bulls and bears are having a tough battle. My take on this is between now and the end of Feb 2019 the bears will ultimately meet the 100 % down target of the triangular pattern at 2335.
We then zoom into the 4H chart and find that there is a Descending pattern and within the wedge there is also a triangular pattern broken.The down target of the triangular pattern is 2895 which has not been met yet but there seems to be a small break of the wedge pattern.If the wedge pattern is true then there would be a strong intermediate break to meet the 261.8 up target of 4861.The reason i say this is that there is a strongest resistance of a the bigger bullish descending wedge forming where it would be rejected to then come down and meet the 100 % down target of 2335 target.This should complete the huge descending wedge by the end of Feb 2019 and a break out of this huge Bullisg descending wedge would finally end our bear market with a very powerful breakout into a Bull market.
This a the bigger picture of the daily and i have also placed the weekly chart showing where the descending triangle ends at the end of Feb. 2019
As we can see that there was a clear break of the wedge pattern.There are 3 TP. 3834,4226 and 4861.
At 4861 is where it shall meet the biggest of resistance on a daily chart where it could be rejected.
If the bears still want to make a double bottom or even go below to the final down target of 2335 there is a possibility just to flush out the final push down for the big spike and end the week above the 200 weekly SMA.
I shall keep you posted as we progress into the bears turning into bulls i believe in the next couple of months.
rgill
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My apologies.Revised chart on the 4H wedge pattern.
The targets are 3974,4367 and finally 5000. At 5000 is where it is going to get very crucial like i said where it meets the daily major resistance.
rgill
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This is not trading advise but my trading ideas which i am willing to share.See follow up of trading chart.
1st TP was met at 3974 with around 500 pips pocketed and now gone to break even followed by trailing SL.
Heading for 2nd target at 4367. I still see that if it gets to our final target of the wedge of 2.681 fib level around 5000 then it will be the real test of major resistance of this run.
Still think that it would get rejected and come back to 3200 to create a double bottom or if it breaks that support then the 100 % target of 2335 should be finalized to complete this bear run.
It has also another support around the 2895 mark.Lets see how it pans out.
rgill
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Just hit our 2nd TP at 4367 = 900 pips. Having taken a total of 1,400 pips from the entry we are on our way to the final TP at 5000 where we face major resistance of this retracement.
The original trade has not change and is still intact.If we get rejected at the 5,000 level i will be looking at shorting it as we wait for the final down leg at 2335 to complete this bear run.
Cheers and have a great XMAS and a Happy New Year. B e safe and merry.
rgill
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Hi Guys, Just got stopped out in the last posn of our long trade at 4019 locking in another 950 pips.The total profit for this trade turned out to be 2,350 pips.
In this down break it also broke a rising wedge pattern and it should stabilize between the 61.8 and 100% down target which are between 3674 and 3851 where there is a support line from the bottom.
The 5000 target was not met earlier so there is a good chance that it get there and finally get rejected at the major resistance point.
It would then make some sense was meeting the final BTC down target of 2335 where the Bears will complete and it should a turning point for the Bull to begin.
Good luck and enjoy the holiday season. Cheers mate.
rgill
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Hi Guys,
We had a 61.8 retracement of the rising wedge but with good support levels as anticipated. This gives us another opportunity for another potential trade set up to go long.
The set up is a near completion of a Rev H n S pattern. Entry for this trade is going to be a little bit different.
This is not trading advise but my trades which i am sharing so do your own due diligence and risk management.
Enter 3 stop Buy entry orders @ 4250. SL @ 3750.
TP1 = 4782 after which go breakeven followed by trailing SL for the other 2 TP's
TP2 = Between 5055/5137
TP3 = 5712
The candles should remain within the rising linear regression channel drawn out.
If we get rejected between 5000 and 5712 then we shall be looking for a short entry for the final down target of 2335 bottoming out of this Bear market.
This should be one of the last trade before the Bulls turn around and complete the end of this Bear run.
Cheers mate and have a Great holiday season. See chart details below.
rgill
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No worries mate,most welcome.At least we see the light at the end of the tunnel approaching.Cheers
rgill
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Overall BTC is still bearish but there are some good trades in the counter trends. The long trade above is a safer entry but because BTC found support @ 3800 entering 1 posn @3800 and the other 2 posn will still be @ 4250.
So there are 3 posn's so the TP1 will be @ 4782 then go breakeven for the other 2 posn and start training SL for TP 2 5137 and finally TP3 @ 5712.
If we get stopped out at our traing SL after TP1 then we shall be looking for a short entry for the final down target @ 2335.
This chart is the bigger picture of where we are headed.
MY48
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thnx
rgill
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@MY48, Latest updated chart. Trade is progressing very well.
First entry was made at 3800, still waiting for 4200 Rev H n S break as pending stop orders awaits this break. I expect the 100 % target to be met within the bearish rising channel by the 23rd of Jan. where i placed a vertical line.
Overall this would be the point of rejection where BTC goes into a free fall to meet its down leg target of 2335. If it goes to plan we shall be looking at a short trade from point of rejection.See charts for details.Cheers & Thanks
At 4861 is where it shall meet the biggest of resistance on a daily chart where it could be rejected.
If the bears still want to make a double bottom or even go below to the final down target of 2335 there is a possibility just to flush out the final push down for the big spike and end the week above the 200 weekly SMA.
I shall keep you posted as we progress into the bears turning into bulls i believe in the next couple of months.