BTCUSD - Next significant resistance = 929.50 | #bitcoin #USD
Comments
4xForecaster
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As discussed yesterday: " ... 985 and 1020 are the most immediate targets at this point ..."
First level (985) got hit dead-on. Second level (1020) remains pending.
David Alcindor | 4xQuad.com
4xForecaster
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Hello @ronfkingswanson - As of this time, I am expecting some unwinding from the recent target level. If unwinding does occur, 753.99 offers a reliable support. The top-most line in the chart represents a lower probability target at this point.
From a directional point of view, the tides have changed, but there is no definite bullish reversal confirmation at this point, at least not until some unwinding with support. Once this happens, I expect that it would feed data into our system to generate a higher resolution target.
Overall, our trend definition has turned from bearish to neutral lacking a bullish reversal confirmation, which we like to see in our signals before generating higher target marks.
David Alcindor | 4xQuad.com
ronfkingswanson
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candles closing above 940. really the only resistance you see above is the ATH?
4xForecaster
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Hello @ChsaDos - Yes, a lot of the forecast levels where our predictive analysis define significant levels of resistance or reversals tend to correlate highly with past structures. From a structural analysis, this makes perfect sense. However, our predictive analysis uses other factors other than price, resistance/support levels, pivots. In fact, our main "yardstick" in terms of likely price action definition is derived from non-price indicators. If there is a prior structure in the vicinity, we would use that as an added factor in establishing a strength of signal or grading the relevance of the analysis. Is this answering your question?
ChsaDos
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Yes, thanks!
4xForecaster
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@ChsaDos - One additional comment I wanted to add is that the targets we offer aim for a precise price level. In our archive, where we keep dead-on hits of prior forecasts in Forex, indices, metals/commodities, we define a dead-on hit as the forecast hit typically by either the tip-end portion of a candle, or a level at which a candle closes and produces another candle.
In this particular example, both have occurred: At first, a candle hit and closed at its upper tip-end, and in the second target, a candle transected the forecast line, but closed exactly at the forecast line before producing a new candle.
The difference is subtle, but important, as some of our clients are only interested in trading one candle at a time, given a market direction and a defined target level.
Thank you for your inquiry and for the chance to explain our trading.
Cheers,
David Alcindor | 4xQuad.com
4xForecaster
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985 and 1020 are the most immediate targets at this point, however, we would rather look at the larger timescale where broader market participation adds greater relevance to our data.
ChsaDos
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Seems like you are just drawing historical resistance/highs or is there more to this?
First level (985) got hit dead-on. Second level (1020) remains pending.
David Alcindor | 4xQuad.com