On a bigger view, Price has been consolidating within a range/wedge like pattern and hence not showing the behaviour of a sharp correction.
Please look at structures and where price is at. It's now currently trying to breakout above.
Please look at structures and where price is at. It's now currently trying to breakout above.
Comment:
Comment:
Just redrew a trendline for a short and we are still borderline and therefore possibility for the short to occur still. Have a look.
Please now click below to view my short chart idea which i believe more strongly.
Please now click below to view my short chart idea which i believe more strongly.
Comment:
Comment:
Comment:
We had a whiplash last night on the hour. On the 30 minute we can see rejection from the moves down as buyers came into the market (See both screenshots below).
What i see is that we still have two valid down trending lines and price broke the uptrend line. So i will look for the more probably trades being the short setup for the time being until price actually breaks my down trend lines, in which then i will look for long setups.
I want to see a failed rally from buyers and further tests down as more and more long traders switch/change their conviction to the short side/start closing off profits/loss positions, leading to more power to the short side and additional short traders entering into the market.
On the daily 4 hour, price couldn't break back above the up-trend line, as traders refused to go up and rejected going above, creating a double top and double tapping the up-trending line from support to resistance.
Happy Trading Everyone! Place small risk and enjoy mastering your craft friends :)
What i see is that we still have two valid down trending lines and price broke the uptrend line. So i will look for the more probably trades being the short setup for the time being until price actually breaks my down trend lines, in which then i will look for long setups.
I want to see a failed rally from buyers and further tests down as more and more long traders switch/change their conviction to the short side/start closing off profits/loss positions, leading to more power to the short side and additional short traders entering into the market.
On the daily 4 hour, price couldn't break back above the up-trend line, as traders refused to go up and rejected going above, creating a double top and double tapping the up-trending line from support to resistance.
Happy Trading Everyone! Place small risk and enjoy mastering your craft friends :)
Comment:
Hi everyone, just an update.
Yes as we see everywhere, it's glaringly obvious that it appears that we have formed a "triangle" and that price has broken above that triangle and is going up currently.
This could possibly still be a valid view.
However, here is an alternative view.
I'm waiting for price to break below this short term THICK, black uptrend line to indicate that the B wave is underway. If price does this, it will give me some indication that this path drawn out is a possibility.
I want price to then drive back up for the C leg of the bigger B leg correction, ending at a point where we've come back to tap the "MAJOR Uptrend Line" once again as resistance and rejecting off of it and the blue horizontal resistance line near the peak of where "Wave 4" ended.
This indicates that price/the market does not want to go past this point and if it begins falling then we could see the price of Bitcoin get driven down for LEG C of the ABC correction.
Yes as we see everywhere, it's glaringly obvious that it appears that we have formed a "triangle" and that price has broken above that triangle and is going up currently.
This could possibly still be a valid view.
However, here is an alternative view.
I'm waiting for price to break below this short term THICK, black uptrend line to indicate that the B wave is underway. If price does this, it will give me some indication that this path drawn out is a possibility.
I want price to then drive back up for the C leg of the bigger B leg correction, ending at a point where we've come back to tap the "MAJOR Uptrend Line" once again as resistance and rejecting off of it and the blue horizontal resistance line near the peak of where "Wave 4" ended.
This indicates that price/the market does not want to go past this point and if it begins falling then we could see the price of Bitcoin get driven down for LEG C of the ABC correction.
1. We are in a range.
2. However this will most likely break up due to price action and break of a strong trend line.