Early Reversal Signal; Speculative Path; New Bullish Target
Friends,
So, it takes a declaration of war to turn the populace's back to Bitcoin and cause it to rally quite forcefully. At this point, our prop strat system has posted an early bullish reversal signal, pending confirmation of market reversal to the topside.
Nonetheless, we decided to take a step back and make use of our momental lines. To be clear, while the momental lines may have the appearance of parallels to channel lines, they are drawn using dynamic points defined throughout the chart from price action, and extended on either side of the core defining line to present these channels.
The difference between channel and momental lines is that channels tend to have a limited life, representing a shorter price footprint with upper/lower borders, which once broken, will invalidate the life of the channel left behind.
In contrast, momental lines represent a persistent footprint of the price action and each line can be reliably cut/pasted and maintain a relevance to price's position. We use these lines to further confirm our predictive analysis and forecasting, which are defined independent and outside of the price field - weird? yes, but this geometry/mathematics redundancy works to solidify layers of proofs in defining our targets. Yet, remember that nothing is full-proof.
In the current analysis, we have received an early reversal signal which we were able to contrast against price action based on analyses and follow-up technical comments we have offered in the course of the price decline. By redrawing the whole chart, we decided to "clear the mind" and see whether anything would change. Turns out that nothing much has in terms of overhead resistance.
Now that significant overhead resistance have fallen and in light of our reversal signal, we would like to bring your attention to the 776.98/734.28 range, as well as a momental line whose channel projection suggests a partial break out - As of this writing, price has in fact been pushed back, demanding a significant stronger bullish force to overcome it. So, as price consolidate, this strengthening might be preparing, and in which case, one should expect a "BACA" (i.e.: "Break Above, Close Above") that level to consider a market commitment to the topside, as far as price action goes.
From our system, we hope to receive a bullish market reversal confirmation sooner than what price action can provide. A premature low probability target has been defined based on a layered Great White Pattern. Again, signal confirmation is key here.
OVERALL:
Market has turned around; directional bias veered from bearish to neutral until confirmation.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting
-----------------------------------------------------
Get our forecasts, signals and analyses on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
So, it takes a declaration of war to turn the populace's back to Bitcoin and cause it to rally quite forcefully. At this point, our prop strat system has posted an early bullish reversal signal, pending confirmation of market reversal to the topside.
Nonetheless, we decided to take a step back and make use of our momental lines. To be clear, while the momental lines may have the appearance of parallels to channel lines, they are drawn using dynamic points defined throughout the chart from price action, and extended on either side of the core defining line to present these channels.
The difference between channel and momental lines is that channels tend to have a limited life, representing a shorter price footprint with upper/lower borders, which once broken, will invalidate the life of the channel left behind.
In contrast, momental lines represent a persistent footprint of the price action and each line can be reliably cut/pasted and maintain a relevance to price's position. We use these lines to further confirm our predictive analysis and forecasting, which are defined independent and outside of the price field - weird? yes, but this geometry/mathematics redundancy works to solidify layers of proofs in defining our targets. Yet, remember that nothing is full-proof.
In the current analysis, we have received an early reversal signal which we were able to contrast against price action based on analyses and follow-up technical comments we have offered in the course of the price decline. By redrawing the whole chart, we decided to "clear the mind" and see whether anything would change. Turns out that nothing much has in terms of overhead resistance.
Now that significant overhead resistance have fallen and in light of our reversal signal, we would like to bring your attention to the 776.98/734.28 range, as well as a momental line whose channel projection suggests a partial break out - As of this writing, price has in fact been pushed back, demanding a significant stronger bullish force to overcome it. So, as price consolidate, this strengthening might be preparing, and in which case, one should expect a "BACA" (i.e.: "Break Above, Close Above") that level to consider a market commitment to the topside, as far as price action goes.
From our system, we hope to receive a bullish market reversal confirmation sooner than what price action can provide. A premature low probability target has been defined based on a layered Great White Pattern. Again, signal confirmation is key here.
OVERALL:
Market has turned around; directional bias veered from bearish to neutral until confirmation.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting
-----------------------------------------------------
Get our forecasts, signals and analyses on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster