Good morning traders. Price has now hit the three pattern targets and moved above the November 18th swing high. BTCUSD Shorts and Longs, both, dropped on the overnight move up but Longs have already started to recover this morning. I mentioned that Shorts were printing a daily bearish divergence and it seems to be playing out at this time. Daily Longs remain just above oversold and Stoch RSI is just now trying to push out of oversold. The Bitstamp and CME gaps have been filled at this point and the sideways movement through April appears to be re-accumulation with uprise as I have mentioned before.
Having now moved through the November supply zone, it is most reasonable to assume that it will provide support having flipped to demand. Spot order books show significant visible supply overhead through $6000, with most flashing at $5900-$6000. However, if price takes off upward then the likelihood of much of the orders being pulled is increased substantially as traders attempt to wring every last dollar of profit they can. The chart shows no real interest on the 12H chart until $6040, with the HVN at ~$6300 looking like a rejection point. Price is currently butting against the 2018 low prior to the drop through $6000.
The ascending red support line, on the 12H and smaller TFs, denotes a possible bottom to an ascending triangle with the November supply being the triangle resistance. The target based on the height of the triangle is the EQ of the next supply zone around the R2 daily pivot at $6460-$6550. This would put price around the 300% extension of Wave 1. We can see that daily RSI is just pushing through its descending resistance which should indicate further price advancement. Daily Stoch RSI is bullish at 56 with room to run as well.
Exiting anywhere between here and $6550 would not be shameful at this point. There is a lot of supply above which means price can be rejected at any point, and locking in profits in an area of no real confidence is never a bad move. I remain long at this time, looking at that $6460-$6550 target but have no problem exiting prior to that if the chart gives me reason to do so. It still seems most reasonable that price will top out between $6250 and $6550.
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.
Having now moved through the November supply zone, it is most reasonable to assume that it will provide support having flipped to demand. Spot order books show significant visible supply overhead through $6000, with most flashing at $5900-$6000. However, if price takes off upward then the likelihood of much of the orders being pulled is increased substantially as traders attempt to wring every last dollar of profit they can. The chart shows no real interest on the 12H chart until $6040, with the HVN at ~$6300 looking like a rejection point. Price is currently butting against the 2018 low prior to the drop through $6000.
The ascending red support line, on the 12H and smaller TFs, denotes a possible bottom to an ascending triangle with the November supply being the triangle resistance. The target based on the height of the triangle is the EQ of the next supply zone around the R2 daily pivot at $6460-$6550. This would put price around the 300% extension of Wave 1. We can see that daily RSI is just pushing through its descending resistance which should indicate further price advancement. Daily Stoch RSI is bullish at 56 with room to run as well.
Exiting anywhere between here and $6550 would not be shameful at this point. There is a lot of supply above which means price can be rejected at any point, and locking in profits in an area of no real confidence is never a bad move. I remain long at this time, looking at that $6460-$6550 target but have no problem exiting prior to that if the chart gives me reason to do so. It still seems most reasonable that price will top out between $6250 and $6550.
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.
