Based on DeMark analysis of 1W chart, we're due for 1-4W pullback. This trade is based on a 1D chart breakdown of Ichimoku supply and Pitchfork center line. Anticipating a 9 Setup finding support at Pitchfork/Ichimoku levels, we buy and andticipate selling at Pitchfork resistance. Price can break out so taking partial profits or waiting for confirmation from Candlestick reversal patterns with price confirmation would be best.
Sell: 4777
SL: ???
Buy: 4300 (25%)
Buy: 4100 (25%)
Buy: 3850 (30%)
Take Profit: 4650
Sell: 4777
SL: ???
Buy: 4300 (25%)
Buy: 4100 (25%)
Buy: 3850 (30%)
Take Profit: 4650
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From a 1W perspective we're expecting a Dark Cloud Cover, Bullish Engulfing Pattern, or Evening Star.
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From a 1M perspective we're expecting a bull market until November.
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12H expecting MA 3/12 Dead Cross.
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1D RSI | MACD | DMI | VOLUME
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SELL!
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# BTC #CHART #zero
1M (April) - DeMark (2) resistance under MA 12, below average volume indicates March upside potential.
1W (Ends tomorrow) - Bearish Setup complete, 1W pullback complete tomorrow. Downside target of 4000 is supported by confluence of MA 12 (Steve Nison), 0.618 Fib, Bearish Engulfing Pattern Support (due to change of polarity), and Pitchfork level. Seeking support before making further upward movement beyond 5350 is logical and typical of DeMark 1-4W correction.
1D - Bearish Setup completion found continued desire to penetrate 5400 level. This effort failed created resistance from a Bearish Engulfing Pattern. Ascending, this Spinning Top ("The trend is losing momentum") is closely supported by MA 3 and resisted by MA 12. If a breakout occurs. blending one or several candles (if hours progress) would make this a Morning Star bullish reversal pattern, creating a box range between 5422-4861 if 5422 is not overcome by the upward movement. A Stop-Limit buy order of 5160-5300 would effectively buy exactly at the point where the Movning Star is created and up to the height of the 1W DeMark 9 candle. If a breakdown occurs, price is met with extreme supply from Ichimoku with downside risk between 4000-3600 (Ichimoku bullish twist / 0.786 & Bearish Engulfing Pattern support). A swing trade opportunity exists in this form: Breakdown, buy 25% at 4300, 25% at 4100, 30% at 3850, with a take-profit target of 4650, below the Pitchfork center line. If you have a position in BTC right now and wish to sell for the swing trade, selling at 4777 (the low of the DeMark 9) would be a logic level.
12H - All analysis combined this is at the decision point of an Ascending Triangle. We are at the point of breakout or breakdown.
1M (April) - DeMark (2) resistance under MA 12, below average volume indicates March upside potential.
1W (Ends tomorrow) - Bearish Setup complete, 1W pullback complete tomorrow. Downside target of 4000 is supported by confluence of MA 12 (Steve Nison), 0.618 Fib, Bearish Engulfing Pattern Support (due to change of polarity), and Pitchfork level. Seeking support before making further upward movement beyond 5350 is logical and typical of DeMark 1-4W correction.
1D - Bearish Setup completion found continued desire to penetrate 5400 level. This effort failed created resistance from a Bearish Engulfing Pattern. Ascending, this Spinning Top ("The trend is losing momentum") is closely supported by MA 3 and resisted by MA 12. If a breakout occurs. blending one or several candles (if hours progress) would make this a Morning Star bullish reversal pattern, creating a box range between 5422-4861 if 5422 is not overcome by the upward movement. A Stop-Limit buy order of 5160-5300 would effectively buy exactly at the point where the Movning Star is created and up to the height of the 1W DeMark 9 candle. If a breakdown occurs, price is met with extreme supply from Ichimoku with downside risk between 4000-3600 (Ichimoku bullish twist / 0.786 & Bearish Engulfing Pattern support). A swing trade opportunity exists in this form: Breakdown, buy 25% at 4300, 25% at 4100, 30% at 3850, with a take-profit target of 4650, below the Pitchfork center line. If you have a position in BTC right now and wish to sell for the swing trade, selling at 4777 (the low of the DeMark 9) would be a logic level.
12H - All analysis combined this is at the decision point of an Ascending Triangle. We are at the point of breakout or breakdown.
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The most bullish target would be 7400 at the top of the Pitchfork.
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Trade closed manually:
I would sell all BTC holdings now.
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^ Accidentally closed this short trade. I just means to say that I would sell my BTC here if I were you.