[Red Apple] "Wait until breakout $7100~7200"_BTC/USD_18.08.29

Let's analysis BTC

If you are busy, you can just read below briefly
'A. Briefing '
'E. Summary and Strategy'
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A. Briefing
. Approaching important level($7100~$7200)
. Just before touching descending trend line
. Indicators showing over-bought

B. Daily Chart

a. Trend
Just before touching descending trend line

b. Candle
possible to be Three White Soldiers pattern -> today's candle is very important

c. EMA
being resisted by 100EMA

d. Sum.
penetration of 100EMA and descending trend line -> completed three white soldiers pattern -> possible to additional go up -> high possibility for Bullish market

C. 4H Chart

a. Trend
Reversal based on Dow theory

b. Candle
Bearish Tweezers top

c. EMA
in right order

d. Pattern

horizontal pennant or ascending flag pattern -> breakout up-ward -> completed target

e. Fibonacci

0.5 is important level for additional rise.

f. Sum.
There is Tweezers top pattern. This could be not really important signal because it is found out from low frame chart(4H) but if it cannot breakout continuously, btc price might be dropped down.

D. Indicators

a) RSI and CCI showed bearish hidden divergence like blue arrows in past and now, RSI and CCI are showing the divergence again.
b) Stochastics is becoming converged.
c) MACD : there's possibility for golden cross since Jan. 2018.
d) Sum.
If you check daily chart, bearish divergence more definite but also MACD shows positive signal. In this confuse situation, personally, correction phase at least will be come since $7100~$7200 is working as resistance.
check out the direction of breakout on Stochastics
but keep saying, do not trade with only indicators!! This is just your assistant for trading

E. Summary and Strategy

Recommend that Wait until breakout of purple box. even it is broken, there is descending trend line just above. always keep thinking about it.

But, if you really really want to trade as aggressive traders, check harmonic patterns from above chart in short-term(30M).

Trade with your standards.

if i catch 'buy signal' and something special, 'll comment

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Thanks. :)

Comment:

rebound from prz of Gartley and Bat. if you bought BTC, recommend take short profits with checking penetration of 20EMA.

Comment:

0.382 level was selling point. Touched.
For your reference, when you trade using harmonic pattern, fibonacci 0.382, 0.5, 0.618 are selling level.

Comment:

There's possibility to be formed rounding bottoms(or cup and handle). in this case, breakout of neck-line is important and after that there will be found 'entry point'. However, if BTC is approaching neck-line, it usually falls down. that's the why keep recommending take short profits.
but there are doubtful points about the pattern ;
1. volume
2. too short period
3. no good rounding shape(personally)
Therefore, need to take a bit time to be confirmed.
When the neck-line is broken later, i'll mentioned it again.

Comment:

Touched 0.618.

Comment:

Now, it is moving sideways.

Comment:

There are 2 scenarios.
1. Drop : check whether BTC is supported by ascending trend line and Fib. 0.382
2. Rise : check whether neck-line and Fib. 0.5 are borken
This is the end of my idea.
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