Price action in this consolidation... Double Busted Symmetrical Triangle? .. Bull Pennant? ... Bull Flag?... Complex Inverse Head and Shoulders?
Whatever, whoever -is responsible for this incredibly sloppy price action (since reaching a new ATH) has NOT made forecasting these movements a very clear task..
Waiting for some significant volume to determine if this is indeed a breakout, or if it will be one last test of this resistance before a significant correction.
HOWEVER -it's really hard to be bearish on the Corn right now.
EVEN THOUGH:
- DXY is still gaining strength and is heading towards the 200 DEMA, near 93.2%.. a 2.6% positive move. + Hidden bullish Div on DXY (daily RSI) - INV correlation between DXY and BTC/USD has been about 15:1 (1% move up for DXY = 15% correction for BTC/USD) - A handful of indicators are STILL hinting towards BTC being overbought
Confirmations for entry: - 4hr close above 37.9K - Positive volume > 21MA (614.59MM) - 4hr BULLISH confirmation on MACD
RRR for a buy at the breakout price of $37.929 and a T3 $69.474 is about 12.3.. however, if this bullish move is NOT a fakeout, I will let a significant amount of the trade ride the wave of BULLISH MOMENTUM.
Rather bland analysis, but aside from the sloppy price action and lack of volume, I believe this to be fairly straight forward.
What are you all seeing? Do you think bitcoin is headed higher.. or do you think this is a fake out?
Hi the last previous high was at $38,620 (although it was a wick) are you not going to wait till the 4H candle close above that price before making entry?
BitCapJNY
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@ychangsinata, that price really doesn't carry much significance in my analysis, due to a number of reasons. Mainly, it's a deviation from the overall structure caused by Elon Musk putting "#bitcoin" in his Twitter profile. Makers' tactics of large volume fluctuations produce a very similar result -invalidating classical pattern structure on lower timeframes -liquidating over leveraged positions in the process -but on higher timeframes, price action structure remains intact.
A lot of whales hoping to accumulate before the price really takes off. This zig zag/saw tooth PA has the stench of sophistication
Thanks for the comment!
ychangsinata
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Thanks for the reply, the 4HR candle just closed it ticked off all your confirmation signals except it was negative on MACD, did you open your long entry?