The TD counters show the weekly candle has counted down 8 candles and should hit a 9 the candle next week . I say *should* as the 9th candle can be skipped and BTC will starts a new count instead.
Why this matters ? ==================== In TomDeamark counters a clean 1 to 9 candle countdown on a weekly candle indicates upwards movement incoming after the 9th candle. If BTC does not hit that 9 candle, and instead moves upwards then we know the reversal upwards is incomplete and we can expect further downward movement at a later time.
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Still waiting to see if its a 9.
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Moving Average Drama ----------------------------------- The 50 Moving Average Crossing on top of the 20 Moving Average is not a good sign as it usually precedes a drop. So best to be alert here ..
BTC has also ended on weekly 1, which is still a climb up; but i've seen the weekly flip before mid-week to a 9 so lets see if it remains a 1 or will flip to a 9 mid-week.
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The last time the 50 MA crossed the 20 MA on the weekly was in 2014-08-25 so this is an usual event.
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BTC has gotten the weekly 9
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BTC just needs to keep the weekly 9 till the week closes on Sunday July 15th
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This weekly 9 is a good thing to see - Assuming all goes well this should produce a 1 to 4 candle move upwards. As these are weekly candles this will translate be a 1 to 4 week candle move upwards. 7300 and 7700 look to be potential targets .
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BTC - The TD counter is going to start on a "2" in a few hours , This indicates there will be upward movement this week . This does not mean BTC can drop ( we will need to look at the daily candle count for that ), but rather the 2 this indicates there will be upward movement "within" the upcoming week .
NOTE: BTC is still on a potential 1 - 4 week of upward movement since the TD counter hit the weekly 1 last week.
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The daily TD 0.68% counter is currently on a 7 and will hit an 8 later today (sunday). On Monday this daily candle count will hit a 9 . Hitting a 9 on a Daily TD counter indicates a potential 1 to 4 candle pull back which would begin on Tuesday,
But the new count on Tuesday can have several options which iv'e summarized below .
a) on Tuesday BTC begins a pull back for 1 to 4 candles ( 1- 4 days drop ) then continue up .
b) on Tuesday BTC starts a new ( 1to 9 ) TD count up and continue to move up higher; However looking at the daily RSI and STOCH id expect an interweek pull back then BTC moves back upwards .
C) On Tuesday BTC starts a negative count down and drops lower
................We will know on Tuesday what direction BTC picks . It looks like we are heading to 9600 but the path there remains unclear.
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daily count broken and now has flipped back to a 1 , it needs to close above 7405 in the next hour to start the week off good.
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bears are trying to break the count so the week starts off negative. If BTC can get back above 7403 befre the day ends in an hour then the count will flip back from a 1 to a 7 . That 7 is important to continue the count upwards .
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the daily count is back to a 7 . BTC .just need to hold the 7 for another hour to close out the week .
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Cowabunga ! BTC kept the 7 and now has the new candle. The new candle shows as 1 . But thats not important as it can flip to an 8 mid week . The important thing was for BTC to end the weekly daily candle on a 7 and this has been accomplished .
Now we need to wait for the new daily candle to flip from a 1 to an 8 which should happen before mid week. This will indicate upward movement. If there is to be major downward movement I'm expecting it to occur on or after Tuesday .
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BTC also now has the weekly 2 for another week of more upside .
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although the 50 MA on top of the 20MA is not a good sign and they need to switch places in the coming weeks ASAP .
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Its looking BTC may have like another week of upside - 9200 looks like a possibility
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looking at the daily BTC did not yet recover from the daily 9 hit and has taken a 5 day hit - But the count is labelled in green so the direction still appear to be positive movement.
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The new week will kick off in 2 hours and 45 mins , then we will see which direction APAC (asia pacific) kicks off the market ,
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The new week has just kicked off and BTC is moving a bit too close to the 7915 area for comfort. The daily remains neutral and we have to see how it plays out by mid-week. There could be one more week of upside but if BTC breaks below 7800 then its time to re-evaluate.
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This week is a range bound move - Either going to move to 9200 or drop to 7000
Yes we need a bullish alignment of the moving averages, if we can maintain the new uptrend we'll get that bullish alignment. You're doing a great job here, thanks for your steady interpretation which has been very spot on.
mycotoxin
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@Jrdelane, cheers let hope this week is a good one ,
Cryptopile
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@mycotoxin what do you make of the bearish engulfing candle on the weekly?
mycotoxin
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@Cryptopile, if it does happen to hit 5800 its still bouncing back up to to 7300
BTC has had its eye on the 7300 area for a while
see here -
mycotoxin
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@Cryptopile, BTC is just being sly about how it goes about hitting the targets
bokeb
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Well, it's Sunday. Any update, @mycotoxin ? Did it hit red 9?