In my last post I talked about the final fight take place in the 4 hours candle at exactly 2018-04-20 20:00 UGT time, and the importance of that candle. Finally it happened that the bulls took control over the situation and left bears and shorters burned. Well we got a beautiful $8940 and just now the price has broken it to 9010 without any fomo at all. There is a couple of important facts to consider of why the volume looks terrible and why the price is not making $100 up per minute:
1. The price has broken the kumo (cloud) in the thinest part. A thin kumo means no volume, easy to break and even more easy to reverse the price below it.
2. Right to the end of the green kumo (possible reverse trend) there is a beautiful shaped bear kumo with a considerable downtrend. In my opinion the price wont ignore it.
We just have made a new high at 9010 and back to 8950. Have you seen the price going back any time that a new high has been broken? You don´t often see it, here is different. When the price breaks a nice fat kumo in a daily or 4 hours chart, the price rapidly moon, like LTC breaking the kumo in the 4 hours chart.
Right now we just breakout from the biggest downtrend line, and we supposed to have heavy volatility, even more now because we have broken the 1 day chart kumo, which should be a very bullish sign to enter the market, but there is no new money entering, weird isn´t it? Also the 4 hour chart is showing a big hole in supports, which suggest a good price retracement, and together with the other aspects that I explained, brings an idea that we could see a very cool price reversal starting in 1-2 days.
However, this is not an exact science so things could change suddenly before you noticed. The price is facing the last high at 9165, which will be tough to break it, but if we do it and price reaches levels around 9250, I will abandon any bear idea so far and I´ll heavy load my long positions.
Here is another screenshot of how the 4 hour chart looks in ichimoku. In fact, my take is that the price will start going down in no more than 8 hours, let´s see!
Trade safe folks!
1. The price has broken the kumo (cloud) in the thinest part. A thin kumo means no volume, easy to break and even more easy to reverse the price below it.
2. Right to the end of the green kumo (possible reverse trend) there is a beautiful shaped bear kumo with a considerable downtrend. In my opinion the price wont ignore it.
We just have made a new high at 9010 and back to 8950. Have you seen the price going back any time that a new high has been broken? You don´t often see it, here is different. When the price breaks a nice fat kumo in a daily or 4 hours chart, the price rapidly moon, like LTC breaking the kumo in the 4 hours chart.
Right now we just breakout from the biggest downtrend line, and we supposed to have heavy volatility, even more now because we have broken the 1 day chart kumo, which should be a very bullish sign to enter the market, but there is no new money entering, weird isn´t it? Also the 4 hour chart is showing a big hole in supports, which suggest a good price retracement, and together with the other aspects that I explained, brings an idea that we could see a very cool price reversal starting in 1-2 days.
However, this is not an exact science so things could change suddenly before you noticed. The price is facing the last high at 9165, which will be tough to break it, but if we do it and price reaches levels around 9250, I will abandon any bear idea so far and I´ll heavy load my long positions.
Here is another screenshot of how the 4 hour chart looks in ichimoku. In fact, my take is that the price will start going down in no more than 8 hours, let´s see!
Trade safe folks!
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The price has started to retrace before I thought!
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I forgot to say that for a proper trend changing, the green line (chikou span) have to break the red line (kijun-sen) and that is not happened yet.
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The volume is a disgrace right now, this is going down.
Oh, for those who says that this is a bull trap, this is not at all. Is just the way the market works. Bull trap is a pump and dump scheme, where big volumes are moved in a matter of minutes up and down.
Oh, for those who says that this is a bull trap, this is not at all. Is just the way the market works. Bull trap is a pump and dump scheme, where big volumes are moved in a matter of minutes up and down.
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Retest of the trendline is a fact. No more than 7 hours to touch it.
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That could be a nice entry for scalpers. Expect a rebound.
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This seems a hammer reversal to me.
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I adjusted the fibonacci retracement from the last low to the last high. Will the price rebound at the trendline or will test the fibo level at 8400? Most likely looks that will taste the 0.236 fibo.
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Well well, Bitcoin is still facing a volume issue. We finally kissed the trendline and a expected bounce sent the price to 8869. I just checked the 5 min chart and the price is not showing respect at all for the kumo supports. Breaking the kumo again to the downside will make the price not going back to our last high.
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The price is making what I call reversed pattern in the 5 min chart. This is the 2 options that I´m seeing so far. If we manage to break the kumo, price will tend to drop further.
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And it happened, the price just entered in the downside of the kumo, let´s see how it reacts.
In the other hand, we are entering the kumo in the 30 min chart and I found another reversed pattern in the 45 min chart.
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A break of the line that I marked in green means likely a retest of the last high at 9020.
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We are facing an important candle in the 30 min chart. If we hold the price below the 8020 mark before the candle ends, will confirm this mini downtrend so far.
Bitcoin is showing fierce resistance in the 15 min chart on the green line that I marked just before.
Bitcoin is showing fierce resistance in the 15 min chart on the green line that I marked just before.
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Last 7 minutes to see see if this is mini downtrend going up or down, exciting!
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Ok so things are going as expected. I´m seeing a big reversed patter in the 1 hour chart as well, which is a clear sign of bearish momentum.
Expect more drop for at least 30 min.
Bulls, don´t open a long trade now in BTC or any other alt!
Expect more drop for at least 30 min.
Bulls, don´t open a long trade now in BTC or any other alt!
Comment:
And it happened! the price touched the fibo level that I marked a few days ago with an spike at 9215. I was a bit anxious anticipating the price to fall from the last high at 9045 and everything could happen now, however I´m not buying yet. I had a buy order at 9070 and sold at 9200, so I took a cut from this little pump. Now I have a buy order placed at 9250 expecting the price to go around 11k first if the price don´t respect this last high. Let´s see!
Comment:
Ok I moved my buy order to 9460. Right now with this volatility the order could get triggered and reverse in a matter of minutes. If we continue the uptrend, 10850 appears as first target to take profit, but most likely we will try to break again the famous resistance at 11800.
