Good morning, traders. If you watched my last video update on that other social media site that Tradingview won't allow me to mention, then you know that I had two possible symmetrical triangles that may be printing on the daily TF. There is the immediate one that I drew on last Friday's TV update, but then I discussed the possibility of a slightly larger one where this current movement is still part of wave D with a small move down for wave E remaining before the final thrust up to complete wave 3. In either case, that should provide a $6400-$6700 target. Remember, that target is derived as the height of the flagpole from the pennant breakout, so the range is there for now as we figure out which triangle is printing. Also, the higher wave 3 completes, the more bullish price becomes as the likelihood of the $6000 level providing support increases.
As mentioned on Friday, a move up like this would continue to build the case for a comparison to gold's correction. And, if so, then you can likely remove all hope of sub-$5000 prices again as wave 5 would target $7400-$8000 and the $6000 level would, then, provide support once more. With D1 ETHUSD currently printing a triangle and D1 LTCUSD printing a descending wedge, both of which are nearing breakout, why would you continue to short Bitcoin? It makes absolutely no sense.
We are currently printing our 4th daily doji candlestick in a row, just under $5300. Volume has continued to drop as expected due to price's range becoming tighter. You can see the higher lows building toward resistance at the top of the daily TR. I have both possible running contracting triangle resistances noted: the first in black and the second in red. CME Bitcoin futures expire on Friday, April 26th. I warned earlier this month of the possibility of price moving sideways through the end of the month as price consolidated before breaking out. The question is, are you still in the disbelief stage or have you accepted that Bitcoin is bullish? While movement in the markets is never guaranteed, I see very little, and continually dwindling, support for any bearish scenario at this time.
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.
Remember, 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.
As mentioned on Friday, a move up like this would continue to build the case for a comparison to gold's correction. And, if so, then you can likely remove all hope of sub-$5000 prices again as wave 5 would target $7400-$8000 and the $6000 level would, then, provide support once more. With D1 ETHUSD currently printing a triangle and D1 LTCUSD printing a descending wedge, both of which are nearing breakout, why would you continue to short Bitcoin? It makes absolutely no sense.
We are currently printing our 4th daily doji candlestick in a row, just under $5300. Volume has continued to drop as expected due to price's range becoming tighter. You can see the higher lows building toward resistance at the top of the daily TR. I have both possible running contracting triangle resistances noted: the first in black and the second in red. CME Bitcoin futures expire on Friday, April 26th. I warned earlier this month of the possibility of price moving sideways through the end of the month as price consolidated before breaking out. The question is, are you still in the disbelief stage or have you accepted that Bitcoin is bullish? While movement in the markets is never guaranteed, I see very little, and continually dwindling, support for any bearish scenario at this time.
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.
Remember, 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.
