Good morning, traders. Bitcoin surprised a lot of people with its moves over the weekend, but not you, right? You've been paying attention and not allowing emotion to get in the way. As I have been mentioning was likely, Bitcoin finally pushed through $3950 and found initial resistance at $4040. Remember, I warned you to remain mindful of that $4050 level. What remains interesting is the $4250/$4300 level. I have stated many times before that a break through this level could very well likely propel price toward $5000. I would expect high volume if that happens. The question is, will price get there or will it be rejected by that ATH diagonal resistance? For now, I am expecting a bit of consolidation at the current level with the previous resistance at $3900/50 being tested as support. The $4140 level would be the next target. That would put price at the supply's EQ as well as the diagonal resistance. A push through that level would set up a possible run through $4300 and resultant pump (short squeeze) to the $5000 level targets.
H4 MACD histogram is showing possible hidden bullish divergence printing between March 14th and today so far which is denoted with the blue line. Additionally, H4 RSI has been printing a descending channel and is headed toward that channel's resistance. A break through that resistance should indicate that price is headed higher once more. This weekend's high found resistance at the ascending channel's EQ, so a close above that EQ should have price targeting the channel's resistance at least. We also saw a bullish MACD cross on the daily this weekend. Price remains above the 21 day EMA and HVN, as well as the H4 21 EMA. I would like to see $3850 hold if price breaks down, but it is ultimately a failure of the swing low at $3658 to provide support that would indicate a likely test of the $3300/$3400 level.
Previous D3 candle closed well and price sits above the 21 EMA on that TF. We have had four weekly green candles in a row for a total of about 10% gain. This is the second longest streak of green weeks that we have seen during the corrective market (the longest being the 5 weeks that began April 2, 2018). Although overall still low, weekly volume has remained steady for the past three weeks during these gains as well as 2x higher than it was prior to the drop from $6000. The weekly 21 EMA sits at $4270 currently and MACD's histogram is printing hidden bearish divergence suggesting a bit of a move down if we don't see a squeeze toward $5000 this week. Even a move toward that level will not extinguish the divergence, but it does provide a nice opportunity to safely short toward $4200 afterward and set up continued price appreciation. BTCUSDShorts/Longs ratio is back up to .9824 and oversold suggesting that shorts should be closing and/or longs should be opening sooner rather than later.
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.
H4 MACD histogram is showing possible hidden bullish divergence printing between March 14th and today so far which is denoted with the blue line. Additionally, H4 RSI has been printing a descending channel and is headed toward that channel's resistance. A break through that resistance should indicate that price is headed higher once more. This weekend's high found resistance at the ascending channel's EQ, so a close above that EQ should have price targeting the channel's resistance at least. We also saw a bullish MACD cross on the daily this weekend. Price remains above the 21 day EMA and HVN, as well as the H4 21 EMA. I would like to see $3850 hold if price breaks down, but it is ultimately a failure of the swing low at $3658 to provide support that would indicate a likely test of the $3300/$3400 level.
Previous D3 candle closed well and price sits above the 21 EMA on that TF. We have had four weekly green candles in a row for a total of about 10% gain. This is the second longest streak of green weeks that we have seen during the corrective market (the longest being the 5 weeks that began April 2, 2018). Although overall still low, weekly volume has remained steady for the past three weeks during these gains as well as 2x higher than it was prior to the drop from $6000. The weekly 21 EMA sits at $4270 currently and MACD's histogram is printing hidden bearish divergence suggesting a bit of a move down if we don't see a squeeze toward $5000 this week. Even a move toward that level will not extinguish the divergence, but it does provide a nice opportunity to safely short toward $4200 afterward and set up continued price appreciation. BTCUSDShorts/Longs ratio is back up to .9824 and oversold suggesting that shorts should be closing and/or longs should be opening sooner rather than later.
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.
