Good morning, traders. It is now August and Bitcoin continues to rise as expected. Volume hasn't been significant just yet, so traders should continue to monitor movement. Yesterday's daily candle had a ~$500 spread which should have confirmed the pending reversal we had been watching for the previous few days as dojis were printed, along with the daily TD 9 buy signal. After exiting the large descending wedge, price found resistance at the daily 21 EMA which is also currently aligned with a significant support/resistance level as noted on the daily chart. Overnight, price found support on the lower pitchfork tine and appears to be setting up for a bullish push through the pitchfork's median. As mentioned yesterday, daily volume has been increasing but I'd like to see it expand at a greater rate.
The charts get a little busier as you zoom in on them, after you make them yours per the instructions below. The H4 chart shows price reversing at the top of the purple TR and ascending support. Price may be printing a flag, and the target based on the height of the flagpole is ~$60 higher than yesterday's first target in the $10700-$10800 range while aligning almost perfectly with the pitchfork resistance. The possible H4 hidden bearish divergence I mentioned that traders should watch yesterday still has not printed. We've seen a bit of a pullback, but overall price and RSI continue to rise steadily. A touch above the swing high at $10300 on Bitmex will invalidate that possible divergence. The orange zone just above price on the H4 TF is the supply that price needs to push through to continue higher. Stoch RSI on the H4 briefly dipped below overbought but is currently curled up nearing a bullish cross once more.
The H1 shows RSI retesting resistance as support before bouncing higher and clearing the next descending resistance. Stoch RSI is at 47 and rising steeply but with a lot of room left to run. Smaller TFs like the M30 and M15 suggest a pause before price heads higher as the Stoch RSI on both TFs is topped out. Price is bullishly above the H1/H4 pivot, as well as the 21 EMA on those TFs.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
The charts get a little busier as you zoom in on them, after you make them yours per the instructions below. The H4 chart shows price reversing at the top of the purple TR and ascending support. Price may be printing a flag, and the target based on the height of the flagpole is ~$60 higher than yesterday's first target in the $10700-$10800 range while aligning almost perfectly with the pitchfork resistance. The possible H4 hidden bearish divergence I mentioned that traders should watch yesterday still has not printed. We've seen a bit of a pullback, but overall price and RSI continue to rise steadily. A touch above the swing high at $10300 on Bitmex will invalidate that possible divergence. The orange zone just above price on the H4 TF is the supply that price needs to push through to continue higher. Stoch RSI on the H4 briefly dipped below overbought but is currently curled up nearing a bullish cross once more.
The H1 shows RSI retesting resistance as support before bouncing higher and clearing the next descending resistance. Stoch RSI is at 47 and rising steeply but with a lot of room left to run. Smaller TFs like the M30 and M15 suggest a pause before price heads higher as the Stoch RSI on both TFs is topped out. Price is bullishly above the H1/H4 pivot, as well as the 21 EMA on those TFs.
Our premium Discord members now have access to our trading basics course included with their membership! We continue to add more content for new traders to learn how to be more effective and consistent when trading the market.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
Comment:
A look at the daily
