Good morning, traders. Bitcoin hit Friday's target of the green box this morning. I have changed the pitchfork from the Modified Schiff to the Schiff as it fits better now that price has printed some movement. We can see that price is above the median of the Schiff Pitchfork, which is bullish. Price is now above the pivot, which is bullish as well. Traders may have noticed the ascending triangle that finished printing this weekend resulting in price pushing through its resistance. The target based on that pattern is the R1 pivot at least, but potentially up to $11525. This is within the green daily supply zone. It also appears that a descending broadening wedge printed. This would provide a target of $11985. These two targets are denoted by the horizontal green lines between the R1 and R2 pivots. I am not sure that price will hit the higher target. If it does, as we can see, that will pull price out of the large bull flag that's been printing since June.
All this being as it is, we cannot ignore the ascending wedge that may possibly be printing as well. These patterns are drawn on the H6 TF, so make this chart yours per the directions below and zoom out to the TF to see them if you are interested. I have included a larger descending broadening wedge on the H4 TF. This pattern has a target of just around $12900, so traders should keep it in mind as well.
H4 RSI is bullish at 60 and Stoch RSI is overbought but has a bit of room left to the upside. H1 RSI is bullish at 70 and Stoch RSI is just now bouncing back into overbought, so it has room left to the upside as well. Traders should become cautious if H1 or H4 RSI drops below their ascending support. If we happen to get a breakdown through the ascending wedge support, then I will be looking for a bounce around $10140. Falling further below that level will have me watching for a bounce at the blue demand zones.
The daily candle is strong and price is finding resistance at the daily pivot currently. The D3 has some work to do to overcome the previous couple of candles. The weekly printed hidden bullish divergence, as we were watching last week. A close at this level or higher should confirm it. Weekly RSI is also nearing its descending resistance, and a close above that level should be an indication that price is headed higher on that TF. Weekly Stoch RSI just dipped into oversold. Overall, volume continues to drop on the weekly which tells us that it is still consolidating at this time.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
All this being as it is, we cannot ignore the ascending wedge that may possibly be printing as well. These patterns are drawn on the H6 TF, so make this chart yours per the directions below and zoom out to the TF to see them if you are interested. I have included a larger descending broadening wedge on the H4 TF. This pattern has a target of just around $12900, so traders should keep it in mind as well.
H4 RSI is bullish at 60 and Stoch RSI is overbought but has a bit of room left to the upside. H1 RSI is bullish at 70 and Stoch RSI is just now bouncing back into overbought, so it has room left to the upside as well. Traders should become cautious if H1 or H4 RSI drops below their ascending support. If we happen to get a breakdown through the ascending wedge support, then I will be looking for a bounce around $10140. Falling further below that level will have me watching for a bounce at the blue demand zones.
The daily candle is strong and price is finding resistance at the daily pivot currently. The D3 has some work to do to overcome the previous couple of candles. The weekly printed hidden bullish divergence, as we were watching last week. A close at this level or higher should confirm it. Weekly RSI is also nearing its descending resistance, and a close above that level should be an indication that price is headed higher on that TF. Weekly Stoch RSI just dipped into oversold. Overall, volume continues to drop on the weekly which tells us that it is still consolidating at this time.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
