Sorry I'm on my shitty laptop.
Buying @ 5130 would be a breakout of 1H iH&S and would constitute a Morning Star on 12H with a breakout of MA 12
Buying @ 5130 would be a breakout of 1H iH&S and would constitute a Morning Star on 12H with a breakout of MA 12
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12H:
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Note: RSI MACD DMI VOLUME = 12H; show potential for bulls to remain in control.
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I have long & short trades open. Illustrated:
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Changed entry to 5160. Be ready and available to exist this trade immediately upon bearish reversal signals. This looks extremely weak, bearish.
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Could be a breakout here:
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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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Profit Targets:
5950
6400
6800
7400
5950
6400
6800
7400
Trade closed manually:
Indicators seem to favor a bearish reversal here.