Yesterday I was on the sidelines waiting for two big questions to be answered. Now it looks like we won’t get the desired clarity until after another slow weekend. Those questions were and are: 1. Will $8,200 turn into resistance? 2. Can we break the 14 day down trend? We rallied right past $8,350 and for a moment it looked like we would be leaving both of...
Yesterday I was watching from the sidelines as the price brokedown through $8,200 support and appeared to be confirming a second bear flag. From there I expected us to fall down to the green dotted bull trend line at $7,150 - $7,250. As it turned out we found some support at $8,000 - which has given us a bounce for an $8,200 retest. From here there are two...
Yesterday I was licking my wounds as an injured bull and today I didn't looked at the charts until after 9:00 pm. Before taking a break I determined two support clusters that were most likely to provide a bounce. 1. $8,200 (horizontal and trend) 2. $7,150 - $7,250 (horizontal and green dotted trend) I am not too surprised to see the first option fall through....
Based of fib level aligned with support and resistance on the daily and 4h timeframe. We see a pullback forming with possible continuation to the price zone.
Yesterday I entered a small position at $8,500 and it didn’t take long for my stop loss at $8,249 to get triggered. That is my sixth losing trade in a row and now it is time for a break. It can be very difficult to think clearly when on the wrong side of the market for that long. A few days away from the charts to clear my head is exactly what I need. The market...
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 warned against buying into resistance at $8,800. As expected we pulled back off of the horizontal and trend lines. We are currently finding support at $8,475 and if that holds it would mark the third higher low, to match with three higher highs. I really like that the pullback has yet to fall through the developing trend support (green dotted)....
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 was holding onto my long from ~$8,615 and was very confident that we would either get a bounce off $8,200 or find a range. I felt good about that due to how far away we had fallen from the 12 & 26 day moving averages. That was confirmed with a few candles closing outside of the Bollinger Bands. Now that we have cooled off a little bit I am keeping a...
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 &...
EURUSD seems to be exhibiting a rally, relative to its recent downtrend. If it completes a 38.2% to 50% retrace, it would also exhibit a band squeeze. A continuation of the downtrend should be expected if it bounces out of the marked entry zone.
Yesterday I set a no trade zone from $8,800 - $9,500 and today I am happy to see us grinding towards the upper end of that range. I have been keeping a close eye on the moving averages to try and get an idea of where we are heading next. We have been getting resistance from the 50 day SMA (red) over the past twenty four hours. If we can break above that then...
Waves is still moving nicely; the 4 hr divergence has put us up 6% since entry. I will publish the 30 minute chart as well, which shows hidden bullish divergence this time. I've added potential targets to the 4 hour chart if we break out of the descending wedge. The divergence on the shorter time frame may give us that fuel.
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...
Waves took a nice little dip on this recent drop, which I bought. See the chart, I think it's going to go back onto its path and continue up to break out of the potential descending wedge. RSI it 17 on the 15min chart on the drop, and it looks like we may have some bullish divergence on the 4 hour chart now. I'm already in this trade at the orange line.
Yesterday I pointed out a support cluster from $9,000 - $9,200 and mentioned that it could be a good spot to build a long. I wanted to see the price to stay above the blue dotted trend line and then expected a good bounce from there. I was expecting to see support from the follow: Horizontal support from $9,000 - $9,200 Trend support (blue dotted line) Support...
Yesterday I was fully entered into my long at an average price of $9,645. I was expecting the price to support above $9,500 before breaking through $10,000 early this week. It didn’t worry me too much when we broke down through that level. I updated the daily post to say that: “I think there should be a lot of support from $9,000 - $9,200. Building a long in...