Flag pattern that I mentioned is broken to upward. Can go higher ???? Then, Let's start the analysis for today's BTC/USD chart.
If you are busy, you can just read below briefly '1. Briefing ' '4. Summary and Strategy' and click '+Thumb up, +Follow' :-)
1. Briefing # Sideways Movement # Penetrate 100EMA # Resistance of Neck-Line on Bitflyer market(refer to yesterday briefing)
2. Day 1) Trend Trend line is being supported
2) Candle Spinning Tops -> not importance
3) EMA a. penetrate 100EMA(orange) -> focus on support b. 20EMA(red) and 50EMA(purple) will be crossed soon.
3. 4H 1) Trend Same as Day analysis
2) EMA the distance between candle and 20EMA(red) is closer. there is possibility to retest 20EMA.
3) Pattern Patterns in previous briefing Double pattern : support neck-line and then going to top again -> Can be changed to Triple Top or Rectangle Flag pattern : broken upper side. now upper side should be supported.
4) Indicators a. Hidden Bullish Divergence was found in previous briefing and Bollinger Band also had possibility to go up-side in short term due to 1H frame. Check the result from Purple Arrow on the chart. b. Now, normal Bearish Divergence is shown from RSI , Stochastics and CCI in 1H frame chart c. Candle is touching upper band of Bollinger. it means it can go-down to base line of Bollinger.
Using Indicators just for a reference And check empty accumulated volume range in previous briefing
6) Fibonacci Heavy accumulated volume range 0.382 ~ 0.5
4. Strategy and Summary Almost Same as previous briefing. Bullish View : Penetrate 100EMA and upper side of flag pattern but firstly, neck-line in BITFLYER market should be broken. If you are conservative trader, check this line. Bearish View : I expected market correction will be done at least to Fib. 38.2% (about $6800) and heavy resistance is existed upper side. Therefore, should be careful always before penetration of neck-line
If you think my idea is helpful for you, Click '+Thumb up, +Follow' :)
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low volume when flag pattern was broken. then, we know many traders are now recognizing rectangle pattern rather than flag pattern. In this box, candle's moving up and down these 3 days. Focus on the direction of breakthrough.
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candles keep moving sideways in rectangle box. I guess it will be decided to head up or down soon. keep concentrating on the movement.
Hope my briefing helps your trading. Then, see you next briefing.
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Suddenly, BTC candle touched neck-line on BITFLYER Market. And then goes down. also the distance between ema and candle getting closer... if it goes under 20EMA, be careful...