BTC (Y19.P2.E19).If this is bottom, here are the requirements
There is still a change but ever more less likely. Still one of many scenario's we can't just ignore.
Using the fractural of from late 2018 (3 to 4K) which started in November until March 2019 was the bottom range and one would expect some sort of resemblance for this to occur again.
So looking at the current scenario, there is still some change, with these requirements on the chart to fulfill this, hence why I'm keeping an eye on it.
My thoughts >
> The adam component was done nicely however the follow through cup\eve broke and a inverse pattern seems less likely with the current formation on the 4 HRLY. However things can change as I would imagine selling off is getting tired.
> If 6500 was the bottom-in and the low 7K were to be the bottom range, then one would look for lower highs or some inverse patterns of some sort (eg. Double \ tripple \ Cup formations).
> The RSI has confluence with the price chart to still support this case.
If the price ends up above the main resistance, I would expect many will jump in and create the next bull momentum.
Using the fractural of from late 2018 (3 to 4K) which started in November until March 2019 was the bottom range and one would expect some sort of resemblance for this to occur again.
So looking at the current scenario, there is still some change, with these requirements on the chart to fulfill this, hence why I'm keeping an eye on it.
My thoughts >
> The adam component was done nicely however the follow through cup\eve broke and a inverse pattern seems less likely with the current formation on the 4 HRLY. However things can change as I would imagine selling off is getting tired.
> If 6500 was the bottom-in and the low 7K were to be the bottom range, then one would look for lower highs or some inverse patterns of some sort (eg. Double \ tripple \ Cup formations).
> The RSI has confluence with the price chart to still support this case.
If the price ends up above the main resistance, I would expect many will jump in and create the next bull momentum.
Comment:
On the daily, I have the 21 EMA and 21 MA showing as the main resistance.
Until this is broken on the daily, there is no bullish signs except the bottom of the stochastic turning. Candlestick is nothing of yet.
Until this is broken on the daily, there is no bullish signs except the bottom of the stochastic turning. Candlestick is nothing of yet.
Comment:
The descending triangle at the current 7K range is a important stage and can be a big opportunity. I do expect a drop below 7100 and maybe its possible that a strong response comes in at the 6800\6900 level. I will be having a key interest at this point for there is 2 possibilities. A strong drop to the lower 6Ks or a strong bullish response like we had previously as per chart.
Comment:
Not looking good for evidence that here is the bottom.
On the daily, stoch downward trend, 21 MA and EMA resistance, RSI resistance level not broken, candle patterns bearish.
On the daily, stoch downward trend, 21 MA and EMA resistance, RSI resistance level not broken, candle patterns bearish.
Comment:
A nice bullish divergence in the 30 min chart.
Notice how the resistance level was respected on my main fib.channel levels
Notice how the resistance level was respected on my main fib.channel levels
Trade closed: stop reached:
I still have orders between 5.5k and 6.4K
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This community has signals now but with no risk management comms.
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This community has signals now but with no risk management comms.
At any stage, it could be the main resistance due to the bearish sentiments in the market