Just providing a better shot of the red trendline, it has been somewhat of a magnet for price:
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in the midst of a nice dump...but still have not made new lows, as long as we don't, there will still be hidden bear div. If we do then we may need some cool down, well see.
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While the 2h hidden bear div was cancelled with that lower low, zooming out to the 4h we have a nice hidden bear div on rsi, and potentially MACD as well. The 1d MACD histogram is now on its way down, and RSI as well so the 1d picture is not looking great.
I think the question is can we get back over $1750 and hold it? If we can this uptrend can continue and that was yet another bear trap on the way up. If not we may need a healthy correction to the 14xx/15xx's. Stay tuned, the trend is up so I lean towards that for now.
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*zooming out to the 4h we have a nice hidden *bull div (excuse me)
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*If we lose the 50 MA here (seems to be happening as I post)...100 MA is next, and considering the bearish divergence on the weekly, I would say we will likely make it to the pink trendline (around $1450). Something to be aware of.
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The price flashed below the 50 AM for a bit but sprung right back up and it held as support. Price has reacted very well, and the 4h hidden bull div proved prescient. We are now breaking back into the channel and it looks like we'll test the red trendline.
Looks real bullish, if we continue on up we will prob cancel the bear div on the 1 week rsi which would make the $2283 real likely:
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First we had the smaller inverse h + s which is now serving as the head in a potentially bigger inverse h + S: If support holds here...looking good.
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Buyers stepping in on the 50 MA on the 4h...let's see if we can hold it, losing that would be a bad sign, but looking good:
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Broke below the 50 MA on the 4h (at least for now) and the daily is looking pretty bearish, could not remain above the 1.618 extension at 1750, and RSI heading down: Considering the bear div on the 1 week chart for RSI, things are starting to look like we will go back to test the pink trendline around $1450.
*If the price gets back above the 50 MA fairly quickly, then we may be okay. Those are my thoughts for now.
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Still flirting with the 50 MA...and now we have a triangle which once broken will likely set the trend for the week:
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Just broke the triangle to the upside: Looking great.
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Target reached : )
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lc_parente
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Don't you think that on 4hrs time-frame there is a possibility of hidden bullish?
ltc-joe
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@lc_parente, yes I pointed that out, did you see my lat update?
ltc-joe
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@btc_joe, oh I'm realizing i accidentally said hidden bear, I meant hidden *bull. Thanks I will fix that.
lc_parente
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@btc_joe, My pleasure in help! =) It is a little bit annoying that TradingView does not let us to edit the same bullet comment in case of mistakes =\
f-73
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2135$ so far.
What's next, dip to 1860$ ?
exceLqa
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It's look like inverse H&S, but inverse H&S should have high volume on right shoulder necklace brake, i don't think that it's a case now.
lc_parente
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@exceLqa, I really do not like H&S! There is H&S every-fucking-where! This is ridiculous ¬¬
Above on 4hrs time-frame from Kraken (and my others) there is a possible H&S formation, too. Damn =\
ltc-joe
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@lc_parente, haha well look, I am just pointing out the formation, the rule is that the pattern is confirmed on a break of a neckline, yours is a good one to watch for as well...
ltc-joe
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yes i'm just pointing out the pattern forming, but it is not a valid break out yet until the neckline is broken, agreed.