Bitcoin Daily Update (day 333)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Consensio: P > S MA > M MA > L MA

Patterns: Phase 7 Hyperwave | A&E
Horizontals: R: $3,992 | S: $3,859
Trendline: At $4,536
Parabolic SAR: $3,539
Futures Curve: Contango
BTCUSDSHORTS: Watching for it to take out the local low at 18,970
Funding Rates: Longs pay shorts 0.0065%
TD’ Sequential: G6
Ichimoku Cloud: Very surprised that we haven’t seen a bullish kumo twist
Relative Strength Index: Testing 70
Average Directional Index: Bull trend on daily. +DI is starting to approach -DI on the weekly.
Price Action: 24h: -0.4% | 2w: +16.3% | 1m: +10.5%
Bollinger Bands: Weekly is very bearish and the MA is in confluence with the TL
Stochastic Oscillator: Sell signal

Summary: I was hoping to see some more follow through out these last 24 - 48 hours. The volume was there on both breakouts (Feb 8th & 18th) however we have petered out at $4,000 horizontal resistance.

The fact that we continue to consolidate above the 4 EMA is a very strong sign as far as I am concerned. We didn’t smash right through resistance and that left us with two options. Get rejected hard and retrace the full rally from $3,600 or see support move up and consolidate.

The longer we continue to support above the 4 EMA the more likely I think we are to pop through it hard and fast. If that happens then my targets are the bear TL and the 200 day EMA .

If not in a position then I would shy away from BTC due to the resistance that is stacked from here to $5,000. However, there are some other options that appear to have less resistance and better risk:reward ratios.

XRP and BCH look ready for a big rally that might lead the rest of the market through this current area of resistance. Both recently had an ABC correction that pulled the price into a golden cross with the 50 & 200 EMA’s on the 4h chart.

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Hey first off congratulations regarding your new opportunity to work with Tyler and Leah... awesome job! Secondly, which time-frame 4 EMA are you looking at? I too watch this EMA for healthy consolidation, especially on the daily for the last few runs up.
+1 Reply
Sawcruhteez nndhawan
@nndhawan, Thank you very much! I use the 4 EMA on all time frames as the first indication of a reversal / correction. I mainly focus on the daily chart but also track the weekly and 4h (when markets are volatile).
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