Good morning, traders. Imagine thinking price hit the high and shorting already. Or worse yet, remaining short and not buying the dip yesterday. Of course this is only a sad predicament if you believe price will head higher before heading lower. I continue to remain long at this time. Nothing has changed, in the larger picture, to warn me that I need to exit my long yet.
The 4H chart shows price doing what it was expected to do as part of the re-accumulation scenario. RSI continues to be supported by the ascending line and Stoch RSI has crossed bullishly but is still well in oversold territory. Price is currently testing the top of the resistance level, which marks the top of the TR as shown, while printing a flag. If we take the flagpole as the length from the ST Area to the SOS, then a breakout through the flag's resistance would set up a target at purple ascending channel's resistance around $6300.
The 1H chart shows a potential triple double bottom in the local TR with a target of ~$5615. A close above $5485 would confirm the pattern. This triple bottom is printing after the recent triple top and marks the target of that triple top pattern. Once price clears the descending channel's/flag's resistance, that opens up the much higher target mentioned earlier. With shorts continuing to rise, we can assume that a break above the horizontal red line will begin a short squeeze that could propel price toward the upper target. That $5690 level is the swing high of the supply created in November after price broke down through $6000, and there is little-to-no market interest until around $6300 which aligns with the flag's target.
The vertical red line denotes tomorrow's CME April Bitcoin Futures expiry, with the blue vertical line denoting May's, and the green vertical line denoting June's. As mentioned yesterday, bearish divergence is printing on the daily chart. This would seem to suggest that price should be headed down, however wave structure, patterns, the large ascending channel, and the re-accumulation zone seem to suggest the final pop up before a retracement. It does not guarantee it though. In either case, if you are already in a trade or are thinking about entering one, you should have two plans: the first is your exit if price takes the path you think it will and the second is your exit if price takes the path you don't think it will. If you do not have both plans in place, then you shouldn't be in a trade because you will most likely trade emotionally, especially if price moves against you, and trading emotionally loses money.
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.
Remember, 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.
The 4H chart shows price doing what it was expected to do as part of the re-accumulation scenario. RSI continues to be supported by the ascending line and Stoch RSI has crossed bullishly but is still well in oversold territory. Price is currently testing the top of the resistance level, which marks the top of the TR as shown, while printing a flag. If we take the flagpole as the length from the ST Area to the SOS, then a breakout through the flag's resistance would set up a target at purple ascending channel's resistance around $6300.
The 1H chart shows a potential triple double bottom in the local TR with a target of ~$5615. A close above $5485 would confirm the pattern. This triple bottom is printing after the recent triple top and marks the target of that triple top pattern. Once price clears the descending channel's/flag's resistance, that opens up the much higher target mentioned earlier. With shorts continuing to rise, we can assume that a break above the horizontal red line will begin a short squeeze that could propel price toward the upper target. That $5690 level is the swing high of the supply created in November after price broke down through $6000, and there is little-to-no market interest until around $6300 which aligns with the flag's target.
The vertical red line denotes tomorrow's CME April Bitcoin Futures expiry, with the blue vertical line denoting May's, and the green vertical line denoting June's. As mentioned yesterday, bearish divergence is printing on the daily chart. This would seem to suggest that price should be headed down, however wave structure, patterns, the large ascending channel, and the re-accumulation zone seem to suggest the final pop up before a retracement. It does not guarantee it though. In either case, if you are already in a trade or are thinking about entering one, you should have two plans: the first is your exit if price takes the path you think it will and the second is your exit if price takes the path you don't think it will. If you do not have both plans in place, then you shouldn't be in a trade because you will most likely trade emotionally, especially if price moves against you, and trading emotionally loses money.
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.
Remember, 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.
