Comment:
The public are being led off of a cliff to sell their Bitcoin every single day, hour by hour, and the sheep throw their Bitcoin over the edge and walk away. The hands below buy the misfortune of the bears. Stop selling your Bitcoin people... don't you see that they're just buying it cheaper while prices on higher time frames are going up?
Comment:
You panic, and they buy.
Comment:
Did the Monthly structure change? Did the Weekly structure change? No? Then wtf? People don't see the big picture. They're zoomed into tiny time frames, and it's so fitting that at this pivotal moment of bullish reversal, even the 1D candle deceives the masses. Amazing.
Comment:
SOMETHING FUCKING HUGE IS ABOUT TO HAPPEN. MAKE SURE YOU HAVE STOP-LOSSES SET!!!!!!!!!!!!! I HAVE MINE AT 3660.
The 9 candle broke out above Doji resistance, this 1 candle is at the intersection of:
- uptrend
- infinite downtrend
- after 9
- MA 3/12
- Tenkan/Kijun
- below 4K
WTF!
The 9 candle broke out above Doji resistance, this 1 candle is at the intersection of:
- uptrend
- infinite downtrend
- after 9
- MA 3/12
- Tenkan/Kijun
- below 4K
WTF!
Comment:
01 February: (7) Bullish Engulfing Pattern: 3349.92 support.
01 March: (8) After 1W of trading the low of this candlestick has found support on MA 3 and price is steadily growing below average volume.
1W:
04 February: (1) Bullish Engulfing Pattern: 3349.92 support. Higher low + higher high. Below average bolume.
11 February: (2) MA 3 acts as support, candlestick closes above MA 12. Higher low. Above average volume
18 February: (3) MA 3/12 Golden Cross with higher high & higher low. Breakout of 3720 resistance. Higher high + higher close. Below average volume.
25 February: (4) 3720 resistance tested, MA 3 acts as support. Higher close. Below average volume.
04 March: (5) 3720 resistance tested and reinforced as support, MA 3/12 acting as support. Higher high. Below average volume.
(6) (7) (8) (9)...
1D:
Preceding: Lower highs + lower lows with decreasing volume
05 March: (1) Bullish Engulfing Pattern: 3670.69 support. Breakout of MA 3/12. Close above MA 12. Average volume.
*06 March: (2) Doji ("Market indicision") tests MA 12/3 support. Support achieved. Higher low + higher high. Below average volume.
*07 March: (3) Spinning Top ("The trend is losing momentum"). Below average volume. Higher low + higher close.
* 08 March: (4) Higher low + higher high. Below average volume.
* Preceding (1) was a 12% drop in price followed by a period of 6 days forming lower highs and lower lows with small real bodies. The trend was down. The Bullish Engulfing Pattern (1) was a trend reversal signal, putting us in an uptrend. The Doji (2) creates resistance at 3907 but the market continues to achive higher lows and higher highs using below average volume. While being between Bearish Engulfing Pattern support and Doji resistance does put price action within a box range, with ADX at 17.9296 confirming this, DI+ is greater than DI- showing that the bulls are still in control. With MA 3/12 acting as support and trending UPWARDS I would say that the momentum is tending toward a close above Doji resistance. The fact that we are moving towards the formation of a (4) green setup I think supports the potential of further bullish action into 13 March.
TL:dr - With an overwhelmingly bullish structure on the Monthly and Weekly chart, the Daily chart shows strong support found at 3670.69 with a Golden Cross acting as support. The formation of a Doji and ADX below 20 indicates that price action is within a box range, but price is still currently showing a higher white real body above the upward trend line and above MA 3/12 (trending upwards) with a Golden Cross as support. The 4-of-9 green setup I think is indicative of a continued bullish momentum. While the Doji (2) lowered momentum and laid down resistance, it moved the market sideways, not down. Higher lows and higher highs at the top of the box range point towards higher levels.
The Monthly candle shows price confirmation that the Bullish Engulfing Pattern support and trend reversal is strong and upward movement is supported. Everyone who was waiting for price confirmation to buy after the close of the Bullish Engulfing Pattern got it.
This fits with the Japanese proverb, "First go slowly, then go boldly."