Good morning, traders. Price finally began pushing up a bit later into the evening, yesterday. I'm still looking for the $11100-$11200 target. But traders should make sure they're watching the yellow box. That's $11050-$11250 which is the ascending light grey dotted channel resistance to the descending red dashed 2.5 month resistance. Based on the height of the orange local TR, the target should be close to $11190.
H1 Stoch pulled back a bit and now has room to pop. H4 continues to have a good bit of room as well. The H4 RSI is printing bearish divergence. However, there is still 2h left in the candle so it's a possibility, but not a done deal yet. That being said, I wouldn't be surprised to see it print as I am initially expecting a pullback at the confluence of resistance overhead. What I find very interesting at this time is the H6 RSI nearing a break of its 2.5 month resistance. It seems more likely than not that we may get a good pop when/if that happens.
Daily continues to look good after the two dojis, other than the Stoch RSI being so well into overbought. But as mentioned multiple times before, it can remain this way for weeks. You might've noticed the ascending pitchfork is a bit different. I changed the final anchor to what I believe may be the end of wave 2. In doing so, the current possible end of wave 4 is almost lined up perfectly. If that's the case, then we usually expect wave 5 to target a parallel line from wave 1 or wave 3. The shorter blue target is based on the height of the symmetrical triangle that has been printing since June and the larger blue target is based on the height of the flagpole if this is a pennant. Note that the latter target aligns with a parallel line from the end of wave 3.
Until price actually gets above the descending red resistance and the June swing high, we don't have to think about these larger targets much, but just keep them in mind if we head up sooner rather than later. Don't forget the D3 printed and confirmed hidden bullish divergence with the last candle which also confirmed the hammer reversal and was bullish engulfing. Finally, weekly hidden bullish divergence confirmation is in play with the weekly candle printing a large bullish engulfing at this time and RSI pushing through its 2.5 month resistance. Stoch RSI is attempting to cross bullishly on this TF as well. But we still have another couple of days left in the weekly, so no counting chickens before they're hatched.
Starting next week our Bitcoin market analysis and morning video updates will no longer be free. However, we are providing a significantly inexpensive option for traders who are members of our free Discord. Benefits include access to our premium Bitcoin channel where Bitcoin market news, info, discussion, trading tips/tricks, and analysis is provided throughout the day and night by TWC and our members, multiple daily video updates and live streams, and discounted full premium access just to name a few. If you are interested, be sure to join the free Discord and look in the announcements section for details and pricing. ____________________________________
Be sure to hit the "thumbs up!"
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.
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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
H1 Stoch pulled back a bit and now has room to pop. H4 continues to have a good bit of room as well. The H4 RSI is printing bearish divergence. However, there is still 2h left in the candle so it's a possibility, but not a done deal yet. That being said, I wouldn't be surprised to see it print as I am initially expecting a pullback at the confluence of resistance overhead. What I find very interesting at this time is the H6 RSI nearing a break of its 2.5 month resistance. It seems more likely than not that we may get a good pop when/if that happens.
Daily continues to look good after the two dojis, other than the Stoch RSI being so well into overbought. But as mentioned multiple times before, it can remain this way for weeks. You might've noticed the ascending pitchfork is a bit different. I changed the final anchor to what I believe may be the end of wave 2. In doing so, the current possible end of wave 4 is almost lined up perfectly. If that's the case, then we usually expect wave 5 to target a parallel line from wave 1 or wave 3. The shorter blue target is based on the height of the symmetrical triangle that has been printing since June and the larger blue target is based on the height of the flagpole if this is a pennant. Note that the latter target aligns with a parallel line from the end of wave 3.
Until price actually gets above the descending red resistance and the June swing high, we don't have to think about these larger targets much, but just keep them in mind if we head up sooner rather than later. Don't forget the D3 printed and confirmed hidden bullish divergence with the last candle which also confirmed the hammer reversal and was bullish engulfing. Finally, weekly hidden bullish divergence confirmation is in play with the weekly candle printing a large bullish engulfing at this time and RSI pushing through its 2.5 month resistance. Stoch RSI is attempting to cross bullishly on this TF as well. But we still have another couple of days left in the weekly, so no counting chickens before they're hatched.
Starting next week our Bitcoin market analysis and morning video updates will no longer be free. However, we are providing a significantly inexpensive option for traders who are members of our free Discord. Benefits include access to our premium Bitcoin channel where Bitcoin market news, info, discussion, trading tips/tricks, and analysis is provided throughout the day and night by TWC and our members, multiple daily video updates and live streams, and discounted full premium access just to name a few. If you are interested, be sure to join the free Discord and look in the announcements section for details and pricing. ____________________________________
Be sure to hit the "thumbs up!"
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.
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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
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