Some pullback on BTC in the coming week(s). Then all systems go!
Well, in my last post I had identified a H&S that we were watching to see if it played out. It did not. Bears failed to break the neckline. Failed H&S patterns tend to reverse bullishly very quickly. That it did.
What now?
Well, if you're a bull, waiting patiently to get in before we rocket off, you may have one more chance.
If you're a bear, I am finding it harder and harder to observe many significant bearish indicators.
What I have noted here on this chart is that BTC is currently engulfed in to not one, but two, bearish ascending wedges. These are to be distinguished from ascending triangles, which are very bullish. Ascending triangles have a horizontal top. Ascending wedges, which are bearish, have an ascending top. I am expecting that we might go a bit higher within each one of these wedges, but that withing the next coming week or weeks, we will break down.
If we fall out of these ascending wedges, it is still possible that we travel down to the 7.5-8k range which I predicted in my previous post if the H&S pattern were to play out.
Two more indicators that we are not fully bullish include: a failure to break 54 on the weekly RSI AND, on the weekly chart, we still have not completely conquered the BLUE descending trendline.
I'm not one to tell others how to spend their cash reserves but IMO, it's seems likely a better price could be offered to buyers in the next coming week or so. Try to ward off that FOMO. Hold tight. And wait for your best buying opportunities. I know this is hard, especially sensing that we are very near the end of the bear market and then all signs are GO. So, I don't blame you if you do buy here. I'm just suggesting that you might find a better price in the near term coming days.
Peace and happy trades all!
What now?
Well, if you're a bull, waiting patiently to get in before we rocket off, you may have one more chance.
If you're a bear, I am finding it harder and harder to observe many significant bearish indicators.
What I have noted here on this chart is that BTC is currently engulfed in to not one, but two, bearish ascending wedges. These are to be distinguished from ascending triangles, which are very bullish. Ascending triangles have a horizontal top. Ascending wedges, which are bearish, have an ascending top. I am expecting that we might go a bit higher within each one of these wedges, but that withing the next coming week or weeks, we will break down.
If we fall out of these ascending wedges, it is still possible that we travel down to the 7.5-8k range which I predicted in my previous post if the H&S pattern were to play out.
Two more indicators that we are not fully bullish include: a failure to break 54 on the weekly RSI AND, on the weekly chart, we still have not completely conquered the BLUE descending trendline.
I'm not one to tell others how to spend their cash reserves but IMO, it's seems likely a better price could be offered to buyers in the next coming week or so. Try to ward off that FOMO. Hold tight. And wait for your best buying opportunities. I know this is hard, especially sensing that we are very near the end of the bear market and then all signs are GO. So, I don't blame you if you do buy here. I'm just suggesting that you might find a better price in the near term coming days.
Peace and happy trades all!
Comment:
Second ascending wedge now broken and confirmed on the daily. It remains to be seen whether or not we remain above the blue descending trendline. A break below this could send us plunging ...even lower than the 200dma.
You're not wrong to execute a few buy orders anywhere near the BLUE descending trendline, although I would buy conservatively as I have a feeling we could still go to 7.5-8k as I have been saying all along. And I have been using little Litecoin as my lead indicator as of late. It has broken below it's ascending channel. A move that could signal more lower prices into next week.
Peace and happy trades all!
Second ascending wedge now broken and confirmed on the daily. It remains to be seen whether or not we remain above the blue descending trendline. A break below this could send us plunging ...even lower than the 200dma.
You're not wrong to execute a few buy orders anywhere near the BLUE descending trendline, although I would buy conservatively as I have a feeling we could still go to 7.5-8k as I have been saying all along. And I have been using little Litecoin as my lead indicator as of late. It has broken below it's ascending channel. A move that could signal more lower prices into next week.
Peace and happy trades all!
Comment:
BTC did drop below the bottom line of our ascending wedge ...and then it recovered ...and then it dropped ...and then it recovered.
Currently, BTC is balancing precariously on this very important line of demarcation. Should it stay within the ascending wedge, we should see another run to 10k+ before dropping again. Should we stay below, I think we'll see BTC drop to around the 50dma (7.5k-8k level) before heading quickly back up to lead the crypto bull market once again.
BTC did drop below the bottom line of our ascending wedge ...and then it recovered ...and then it dropped ...and then it recovered.
Currently, BTC is balancing precariously on this very important line of demarcation. Should it stay within the ascending wedge, we should see another run to 10k+ before dropping again. Should we stay below, I think we'll see BTC drop to around the 50dma (7.5k-8k level) before heading quickly back up to lead the crypto bull market once again.
Comment:
Nope. Couldn't do it. And down we'll go!
Nope. Couldn't do it. And down we'll go!
Comment:
Head-and-Shoulders on my RSI is playing out now as the neckline is broken.
Comment:
In the "Buy Zone" now. You should start your buys here. I am not sure how much lower this thing will go. Nor am I sure how long it will hang out in the "Buy Zone".
In the "Buy Zone" now. You should start your buys here. I am not sure how much lower this thing will go. Nor am I sure how long it will hang out in the "Buy Zone".
Comment:
Ooops. The above post was obviously intended for my Litecoin post.
Comment:
Good support at the arrow! May not go much lower. Excellent buy opportunity. Buy. Buy. Buy. Buy.
Good support at the arrow! May not go much lower. Excellent buy opportunity. Buy. Buy. Buy. Buy.
Trade closed: target reached:
Buy targets are present. Closing this post now. Congrats on your patience! Time to make some money on those LONGS now! Good luck traders!
New post coming soon!
New post coming soon!
Stewdamus Trades -
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Crypto predictions, targets, how-tos, and much, much more!
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
Broke down out of the first ascending wedge to hit good intersecting support for a nice bounce. One more wedge. The second longer wedge is the one that I expect could take a few more days to break. Also, we still could go up past 10k before breaking it. Keep this in mind.