My favorite chart pattern to trade are trend lines and/or pitchforks. I am always on the lookout for the next trend. Once one is established I use it as the primary indicator of overbought and oversold conditions. Knife catching the bottom of a trend provides the best risk:reward entries that I know how to find. Furthermore, I can confidently profit take once...
Yesterday I was concerned about upcoming resistance at $8,600 - $8,800 and I was keeping a very tight stop loss on my long. I got out at $8,569 right as the price was falling through support. There was decent volume behind the selloff and when I went to bed I was expecting to wake up to sub $8,000 Bitcoin. To my surprise we found support for a second time at...
Yesterday I built a long from $8,607 - $8,628 expecting to see a bounce over the weekend. Unfortunately we continued to break down to $8,200. When the price did bounce it was short lived. I am still holding onto my position, mainly due to how far out of equilibrium we still are. I have put on Bollinger Bands to help illustrate this fact. We have seen multiple...
This morning we broke out of my no trade zone. Unfortunately it was to the downside! Breaking through $9,000 support has changed me from bullish to neutral. Nevertheless I strongly expect a bounce in the next 12- 24 hours. We fell $400 (4.44%) in four hours and $700 (7.5%) in the last sixteen hours. Furthermore we have not see the price this far below the 12 &...
Yesterday there was not much good news to report as we continued to break down through multiple areas of support. I noted that the last line of defense for the bulls was $9,000 - $9,200 and it looks like that area help up...at least for now. The next step will be rallying back above $9,500 and then turning that area into support. If we get rejected below $9,500...
Yesterday I was fully bullish and laid out a couple potential entries. I am very happy to see the most bullish scenario shaping up. We were able to breakthrough the 0.618 fib and $9,800 resistance much quicker than I expected. That also broke the neckline of the inverse h&s and provided an opportunity to buy the breakout. I started with entering 20% of my...
I am very happy to see that Bitcoin broke out of the triangle I drew yesterday! The market is getting more and more bullish by the day and I am loving every second off it! Yesterday I said that I expected a $10,000 restest if we could hold $9,000 for another 12-24 hours. I also mentioned that I would be staying away from BTC until it broke out of the triangle...
Yesterday I was waiting further confirmation before looking for an entry. My ideal scenario was a $9,650 retest and then a higher low around $9,300 - $9,500. The price didn’t quite get to the $9,650 area but it did create a higher high. Now it appears to be forming a higher low. The last two candles have a bullish shadow and I like the hammer that just closed. I...
On April 26th I drew the dotted line down to $9,000 and explained that I need that area to prove itself as support before I would consider entering another long. Yesterday we saw the price dip down to $8,900 before quickly reversing. At that point I saw two options: Range for 3-5 days from $8,900 - $9,300 Create a higher high, and go for a $9,650 retest We are...
Yesterday I was very happy to see us break the the 0.382 FIB resistance as well as the log trend line! In daily update I also mentioned that $8,900 - $9,000 would be the next area of resistance and that's where we pulled back today. From here I expect it to be smooth sailing for the next week. This is when it is very easy to get complacent and/or greedy. Stay...
Over the past few days we have been on red alert, awaiting final confirmation that this bear market is over. Step 1: Break through bear trend (red line) Step 2: Turn that trend line into support Step 3: Golden Cross on 50/200 day SMA In yesterday’s post I pointed out the dragonfly doji that was forming on top of the trend line and was watching for the price to...
It looks like the end of a mini phase 2 on the daily. May go down on the next 4 hourly bar. May confirm retest on horizontal 1.25596 and then will drop down.
Bearish 4H candle that hit 50% Fibonacci, 100MA and ichimoku cloud. Price action now correcting lower for at least 2 more four hour candles. *beware of NFP data in 5 hours or so SL 1.2927 TP1 1.2800 TP2 1.2772 You may contact me for further support on the internet if you need. See my TV profile for more info.