MarcPMarkets

BTCUSD: Price Poised To Push 9600 Level?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD             update: 8859 minor reversal zone support holds price as it is poised to test the 9616 minor resistance level . A close above this resistance will signal renewed bullish momentum which is more likely to lead to a retest of the 11700 double top area.

The pin bar that appeared off of the 8659 level a couple of days ago is the bullish clue. As you can see, price did not continue higher immediately off the pin bar . There was a bearish candle that appeared first. This candle which is nothing more than noise, looks a lot more dramatic on smaller time frames, enough to suck people into shorts or shake people out of longs. This is why I always emphasize evaluating the bigger picture first. The low of that initial pin bar was never compromised. This bearish failure translates into a bullish sign.

The 9616 level is the .382 minor resistance of the recent bearish swing. Once price closes above this level, it will confirm that a new bullish leg is in progress. Are there swing trade opportunities here? Yes, but like I wrote in my previous report, the specifics to this trade will be published elsewhere. Even without a specific call, there is enough information here to quantify risk and anticipate reasonable targets.

Keep in mind, the fact that price has pushed into the current support has also signaled for me that the near term expectation of this market is a range bound environment. That means the 10422 to 10943 minor resistance (.618 of recent bearish swing) and the 11700 peak area have a higher chance of preventing a broader break out. IF prices tests these levels and shows immediate signs of failure, I will be prepared to lock in more profit on the position trade that I am managing at the moment. IF price just blows through (still possible) I will take no action and let the winner run.

In summary, many less experienced traders often think in absolutes: IF THIS, THEN DEFINITELY THAT. You can't operate in these markets with such limited thinking. Even gauging precise probabilities is more appropriate for PhD's in Statistics, and not practical for speculators looking to capitalize on short term market movement. What is more practical is having the ability to question the market at all times by maintaining a flexible mindset. As price pushes off the current support, and it is strong as proven by the inability to make a new low, how should it behave at the 9616 level? What should the candle look like? How should a strong market present itself upon testing a minor resistance? How should it close? What about if the pin bar low is taken out instead? What does that mean and how does it change expectations for yourself and the herd? These are the questions that you should be asking and answering as the market provides new information.

Questions and comments welcome.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





No. It's ready to push to 11600 now
+1 Reply
I agree with you that we will be going up or at least attempting to break that downtrend we've been in lately.

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bearthedog1319 CryptoManiac101
@CryptoManiac101, how many times are you gonna try n ride off other peoples posts? Stop spamming this shit. If people wanna see it, they can go to your profile.
+2 Reply
@MarcPMarkets when you and others indicate "must close above/below price XYZ", are you referring to 1-day close (which i believe is shown on most charts as 24:00/midnight UTC time)? Also, how interpret if the close is right around the resistance level (~9600) but fractions of a percent below it? Or if it is about to close above resistance but then a last minute drop happens and so TECHNICALLY the day close is lower than the resistance level.

Maybe easier way to ask the question, is how interpret if BTC closes at high 9500's today (in about an hour from now would be the day close if i assume correctly above), and also taking in consideration BTC had been trading in the 9600's for much of the day?

Thanks for the help. Always find your posts clear and insightful.
+1 Reply
Thanks Marc!!!
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Do you have another platform you publish on? Telegram/discord/blog?
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@MarcPMarkets, I still trying to understand the truncated wave V near 11.700. My doubt here is: after this 5 waves up from 8.400 to 9.600, have we ended wave B???
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Thank you Mark, you are the way of wisdom. I think there is an artificial force that has been pushing down prices to raise the price of bitcoin, looking for a herd that will push the price higher. Unfortunately for them, everyone is careful to follow events with caution, even pigeons who bought at $ 15,000 - $ 20000 are cautious. In addition there are no new buyers, so it is difficult to get out of this situation which is the result of greed and manipulation.
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@henkes, the "artificial force" was Mt Gox, they sold ~3.5k BTC at market price since December: https://www.mtgox.com/img/pdf/20180307_report.pdf
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Aldonio Aldonio
@Aldonio, * 35k my bad, no edit button, sorry
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