This is a continuation of my previous published idea, which I accidentally published as private before. You can go ahead and read the previous updates on this link. So far the market has been playing out perfectly based on my near term and long-term predictions.
Current Analysis:
My original target of 6366 after the predicted liquidity run to retest 6.2 has been hit. What I would really like to see here is a dump below 6.3k to run some stop losses and liquidate some shorts before pumping. However, I would not bet on this trade because bears are starting to succumb to the bulls and my indicators are signalling a breakout. BTCUSDSHORTS dropped drastically today while forming the same pattern that we did a few months back before a few bull rallies.
On the 4hr chart that is posted above, I would like to see us break above the 60 RSI resistance. We are forming some TTM signals which indicate a further move upwards in the same trending direction.
On my 1hr chart, we are also indicating a further break upwards on my custom momentum RSI oscillator (given by the dots and higher highs above 70 RSI). If we are to break above the 70 RSI resistance on towards 80 RSI, this would be a huge win for bulls as it would indicate further momentum incoming and a possible breakout above 6.5k
Based off this price action, I believe we will continue to grind upwards towards a breakout as bears are no longer able to hold the price down much longer. This does not however, invalidate the small probability of getting a liquidity run below 6.3k to run stop losses (which I would not bet on because of such a small probability).
I have no targets at the moment, but on the bullish note, I would really like to see us break clean through 6.5k with a big huge hulk dildo candle because if we were to reject at 6.5k, that would indicate a bearish signal. So in order for us to begin this bull rally, we must break clean above 6.5k in one go.
Current Analysis:
My original target of 6366 after the predicted liquidity run to retest 6.2 has been hit. What I would really like to see here is a dump below 6.3k to run some stop losses and liquidate some shorts before pumping. However, I would not bet on this trade because bears are starting to succumb to the bulls and my indicators are signalling a breakout. BTCUSDSHORTS dropped drastically today while forming the same pattern that we did a few months back before a few bull rallies.
On the 4hr chart that is posted above, I would like to see us break above the 60 RSI resistance. We are forming some TTM signals which indicate a further move upwards in the same trending direction.
Based off this price action, I believe we will continue to grind upwards towards a breakout as bears are no longer able to hold the price down much longer. This does not however, invalidate the small probability of getting a liquidity run below 6.3k to run stop losses (which I would not bet on because of such a small probability).
I have no targets at the moment, but on the bullish note, I would really like to see us break clean through 6.5k with a big huge hulk dildo candle because if we were to reject at 6.5k, that would indicate a bearish signal. So in order for us to begin this bull rally, we must break clean above 6.5k in one go.
Comment:
We must break and close above 6387 today (or 4:00 UTC Saturday for a safer confirmation), or else I'll be looking to short to the downside towards a break to 6200 level. The 4hr is sitting at TD9, my oscillators is sitting in the resistance zone, the histogram on the MACD is starting to peak out. My VWRSI indicator is signalling a sell. A lot of signs here showing that we may have peaked on this move. The only way for Bitcoin to maintain this upside is to break and close above that target price of 6387 by 4:00 UTC Saturday.
However, I am bullish because we got some really nice rallies on altcoins today indicating that there is further upside for the crypto market.
If we are to dump from this current move (which I am hoping we don't by invalidating my first statement with a close above 6387), then we will likely see ranging between 6.2 and 6350 for the entire next week.
We must break and close above 6387 today (or 4:00 UTC Saturday for a safer confirmation), or else I'll be looking to short to the downside towards a break to 6200 level. The 4hr is sitting at TD9, my oscillators is sitting in the resistance zone, the histogram on the MACD is starting to peak out. My VWRSI indicator is signalling a sell. A lot of signs here showing that we may have peaked on this move. The only way for Bitcoin to maintain this upside is to break and close above that target price of 6387 by 4:00 UTC Saturday.
However, I am bullish because we got some really nice rallies on altcoins today indicating that there is further upside for the crypto market.
If we are to dump from this current move (which I am hoping we don't by invalidating my first statement with a close above 6387), then we will likely see ranging between 6.2 and 6350 for the entire next week.
Comment:
Will be opening shorts If we break below 6350. Right underneath the lows of the TD1 red candle. Target is 6256.
Will be opening shorts If we break below 6350. Right underneath the lows of the TD1 red candle. Target is 6256.
Comment:
(Wave 2 should really end at around 6250 if we ignore the liquidity run towards 6.2, which I predicted in the previous updates ;) hehe)
Looking at 6266 as target. 6256 if we get liquidation wicks and stop triggers. After that I expect us to continue wave 3 towards the upside which should be where the huge beautiful hulk dick will bestow upon our magical eyes. Guestimate target ranges for the hulk candle are 7.4k - 7.8k (will wait for further price development for real targets).
Looking at 6266 as target. 6256 if we get liquidation wicks and stop triggers. After that I expect us to continue wave 3 towards the upside which should be where the huge beautiful hulk dick will bestow upon our magical eyes. Guestimate target ranges for the hulk candle are 7.4k - 7.8k (will wait for further price development for real targets).
Comment:
Current 4hr candle must continue to close below 6350 for short to be continue to be valid. This candle closes at 4:00 UTC
Current 4hr candle must continue to close below 6350 for short to be continue to be valid. This candle closes at 4:00 UTC
Comment:
Was hoping for a larger downside move, but looks like we're not going to go much lower than this. Hourly hidden bullish divergence and 4hr RSI has reset to bullish 50 zone.
Was hoping for a larger downside move, but looks like we're not going to go much lower than this. Hourly hidden bullish divergence and 4hr RSI has reset to bullish 50 zone.
Comment:
TD8 long signal on the hourly. Looks like the hourly is holding 50 RSI as support pretty well.
On the 4hr chart, it looks like we are about to finish our 3-4 candle correction with a move ready for the upside. This setup is looking bullish given that we got such a weak pullback.
TD8 long signal on the hourly. Looks like the hourly is holding 50 RSI as support pretty well.
On the 4hr chart, it looks like we are about to finish our 3-4 candle correction with a move ready for the upside. This setup is looking bullish given that we got such a weak pullback.
Comment:
This small 30 point drop here was caused by finex BTCUSDT dumping , however it seems it didn't affect regular BTCUSD pair price much. We got a nice huge USDTUSD spike from it as well. I do not expect 6.3 to break, following up on my previous update, this pullback is still very weak for it to be "bearish". It looks like BTCUSDT is trying to drive the market down while BTCUSD (fiat) is trying to continue to hold the market. Trade with caution here, I am not sure how the tether markets will affect true bitcoin price. It looks like we may get a seasaw/darth maul candle here.
This small 30 point drop here was caused by finex BTCUSDT dumping , however it seems it didn't affect regular BTCUSD pair price much. We got a nice huge USDTUSD spike from it as well. I do not expect 6.3 to break, following up on my previous update, this pullback is still very weak for it to be "bearish". It looks like BTCUSDT is trying to drive the market down while BTCUSD (fiat) is trying to continue to hold the market. Trade with caution here, I am not sure how the tether markets will affect true bitcoin price. It looks like we may get a seasaw/darth maul candle here.
Comment:
I want to say that we're going to get a breakout soon given that we're holding previous high candles as support on regular USD chart. However, BTCUSDT chart on Bitfinex looks bearish, meanwhile BTCUSD looks normal. It does look like it is becoming harder to manipulate USDT exchanges though, with the given new stablecoin pairs and USDTUSD trading. Therefore, I remain my bullish sentiment.
I want to say that we're going to get a breakout soon given that we're holding previous high candles as support on regular USD chart. However, BTCUSDT chart on Bitfinex looks bearish, meanwhile BTCUSD looks normal. It does look like it is becoming harder to manipulate USDT exchanges though, with the given new stablecoin pairs and USDTUSD trading. Therefore, I remain my bullish sentiment.
Comment:
Unfortunately, bottom may not be in anymore. We may finally see the 5.8k - 6k level support be broken.
Bitfinex daily candles are looking very bearish with very little upside range today. What's concerning is the fact that volume is extremely low while we're barely sitting in this block. There was also a 4-5k bitcoin dump last night that occured which didn't affect the USD markets as much. However, this is due to the tether/usd spread across exchanges. On the bullish side, I would be worried of a larger dump incoming.
On Bitmex, the analysis is similar. It looks like we're about to begin a new downtrend to test the 6.2k level if today's candle closes red below yesterday's low is 6328. There has not been much volume lately on Bitmex while Bitfinex has been leading the markets.
Targets right now are 6147 for XBTUSD, the low of the big green hulk candle from the tether pump. We will see from there if bulls will defend this level once again or if they will finally succumb to the bears.
Targets right now are 6147 for XBTUSD, the low of the big green hulk candle from the tether pump. We will see from there if bulls will defend this level once again or if they will finally succumb to the bears.
Comment:
Will continue updates here.
Will continue updates here.
Interesting thought. If the close in July had closed 800 points lower, we would have had a TD5, making us on TD9 right now, which would indicate a likely reversal or correction to the upside.