Good morning, traders. Bitcoin continues to move sideways as it retraced overnight and found support around the descending red previous resistance line as mentioned it was likely to do during yesterday morning's live stream. This morning, we can see price rising and, now, sitting around the McGinley Dynamic line and HVNs. Traders who were paying attention noticed the 1H bullish divergence in MACD and its histogram, noted by the blue arrow on price, and were able to profit by going long at that time. Currently, any move by price below the ascending dotted black line should have traders watching the December 11th swing low at $3292.65. A 1H close below that should have price targeting the blue December 7th TR swing low at $3210, with a 1H close below that signalling a likely test of the $3000 level. A close above the descending yellow channel that price is printing should have it targeting the 1H pivot at $3617.52. A close above that should leave price targeting the $3970-$4025 area. The 1H MACD is attempting a bullish cross at this time as well.
The 1D remains the same with price printing an ascending wedge/possible bear flag within a large red descending wedge. Possible double bottom printing as well, if not the left shoulder and head of an IHS. RSI is just now peeking back out of oversold following recent bullish divergence. It has been printing higher lows toward the area of resistance around 32-33. Logically, since we are bouncing off the ascending channel's support, we would look for price to target the top of the channel. Reaching that point also puts price at the red wedge's resistance. Don't forget that a close above that resistance sets up a target of $1150 above the point at which price breaches it. Additionally, reaching that target confirms the double bottom (if an IHS doesn't play out first) thereby creating a target of $5430. If the IHS prints, then I will update with a target based on that particular pattern as well.
The DXY jumped up this morning but appears to be potentially topping out. As such, it's been a volatile morning with FOREX USD pairs. I am currently long EUR/USD, but just in the short term for now as the market continues to digest this morning's ECB news, especially in relation to the recent FOMC interest rate remarks. Stocks continue to scream their weakness to anyone paying attention. Yesterday saw more of the same -- early morning buying, then distribution throughout the rest of the day. DJIA gapped up this morning but I don't believe that the market will see much bullishness out of it and I continue to see further downward momentum in the cards.
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.
The 1D remains the same with price printing an ascending wedge/possible bear flag within a large red descending wedge. Possible double bottom printing as well, if not the left shoulder and head of an IHS. RSI is just now peeking back out of oversold following recent bullish divergence. It has been printing higher lows toward the area of resistance around 32-33. Logically, since we are bouncing off the ascending channel's support, we would look for price to target the top of the channel. Reaching that point also puts price at the red wedge's resistance. Don't forget that a close above that resistance sets up a target of $1150 above the point at which price breaches it. Additionally, reaching that target confirms the double bottom (if an IHS doesn't play out first) thereby creating a target of $5430. If the IHS prints, then I will update with a target based on that particular pattern as well.
The DXY jumped up this morning but appears to be potentially topping out. As such, it's been a volatile morning with FOREX USD pairs. I am currently long EUR/USD, but just in the short term for now as the market continues to digest this morning's ECB news, especially in relation to the recent FOMC interest rate remarks. Stocks continue to scream their weakness to anyone paying attention. Yesterday saw more of the same -- early morning buying, then distribution throughout the rest of the day. DJIA gapped up this morning but I don't believe that the market will see much bullishness out of it and I continue to see further downward momentum in the cards.
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.