BTCUSD update: 6K support holds which should not be too surprising. In range bound markets supports and resistances are both likely to hold until one side eventually breaks. Imposing your own ideas and opinions on the market ("it's a bear market") rather than letting the market explain itself is what leads to succumbing to the herd mentality.
Most "authorities"...
BTCUSD update: Now you know why we avoid buying into highs. Price never reached the overhead resistance zone in the 7500's and has retraced sharply. The best thing to do in a situation like this is stand aside.
At S.C., we evaluate everything in probabilities and follow best practices. It was clear that the risk was high as price got closer to the major overhead...
BTCUSD update: Minor consolidation forming above the positive sloping trend line which is likely to lead to a bullish break out. Triangles are trend continuation patterns and so far the momentum as defined by price structure remains bullish.
As price is poised to climb higher, our concern is the over head resistance located in the high 7400's and above (not on...
BTCUSD update: Price is hesitating just under the bearish trend line that has been established since early August. While at the same time, the bullish trend line is also still intact. Which way is it more likely to go?
In my recent Bitcoin article on S.C., I explained the increasing risk of retrace as price pushed into the 7Ks. There is no reason to buy into a...
BTCUSD update: Price is having a tough time pushing through the 6800 level which can be interpreted as a sign of weakness. This market has been the most resilient and if it retraces it will likely take many of the alts below their support levels.
At S.C. we had a long position in BCH expecting it to outperform BTC during the recent squeeze attempt. Instead of...
BTCUSD update: Short squeeze erupts into a vertical move that takes prices to 6900 in a matter of minutes. This was the scenario that we were anticipating which we shared with our members a week ago. The swing trade that we called at 6189 was taken out at 6824 which was our predetermined target. As price continues to stabilize, we are on the look out for the next...
BTCUSD update: It appears price action cannot make up its mind upon first glance. A break out attempt around the 6600 level fizzles out as short interest climbs even further. On the surface this may "feel" bearish, but the internals are still pointing to higher prices.
At S.C., we focus on probabilities, not feelings. Feedback from a cross section of our members...
BTCUSD update: Price continues back to the 6K psychological support. As long as price stays above 5750, the bullish impulse structure is still intact. We will continue to evaluate price action around the major support area for stability and a reversal.
Earlier today on S.C., we texted a swing trade long idea to our members. Thanks to our simple filtering...
BTCUSD update: Ugly price action has probed the 6850 area only to find some support so far. There are numerous technical reasons for this support to hold but I will cover two. What makes this formation more challenging to buy is the nature of the wave count.
The current bearish price structure appears to be Wave C of a corrective formation. The formation can be...
BTCUSD update: This market has retraced into an attractive support area. As price action stabilizes, it can be setting up for the next leg higher. This is the location where a breakout offers much more potential compared to a break of a high.
At S.C., we have been tracking this retrace carefully. We have also issued and adjusted swing trade orders in markets...
BTCUSD update: Price is still gyrating around the low 8Ks which is nothing more than randomness. The fact that yesterday's low of 8123 was just taken out also adds to the retrace argument as well. We have been patiently waiting to buy into the more attractive prices relative to this formation which are below the 7800 level.
I published a report earlier on S.C....
BTCUSD update: Inside bar is established just after the 8500 peak. This points to the beginning of a retrace but how far? The most common mistake is to attempt to short this market because of the perceived bearish potential. It is a mistake because the momentum is clearly bullish. Probability favors shallow retraces and supportive levels. This is a time to be...
BTCUSD update: Price action is fluctuating around the 7381 resistance level. With a bearish pin bar present, this formation points more toward selling in the near term. If the minor weakness persists, the next buying opportunity may be around the 7K level.
BTC continues to lead the way. What is interesting is other markets like ETH may present obvious buy...
BTCUSD update: Short squeeze straight to the 7381 resistance level. Impressive move and the kind that has not been seen in some time. The move serves as the confirmation that a broader recovery is in progress, but the high is no place to buy. The objective now is to identify where the next buying opportunity is likely to materialize.
As I wrote in my previous BTC...
BTCUSD update: The 6320 inside bar high has been taken out which equates to a long trigger. Since then price has been slow to rally which is not surprising in this environment. Even though the inverted head and shoulders is still in progress, there is a lot of indecision. And this indecision offers opportunities if you know what they look like.
Earlier today I...
BTCUSD update: Price has retraced to the 6300 area which is serves as a minor support. As I wrote in today's S.C. report, this market is in position to establish an inverted head and shoulders pattern which is a long term bullish sign. Since there are no specific triggers to go long, we are still waiting see if price offers a buying opportunity around the 6K...
BTCUSD update: Price has established a bearish pin bar after fluctuating around the 6431 to 6614 resistance zone. Like I wrote previously, this is a tricky area to enter new longs, especially with the 7120 reversal zone boundary coupled with a holiday trading environment.
6431 to 6614 is the .618 minor resistance relative to the recent bearish structure measured...
BTCUSD update: Inside bar formation leads to price spike into the 6431 to 6614 resistance zone. This should not be that surprising if you have been following my recent articles on S.C. and on here. The bearish trend line which was compromised in this move is the first confirmation that a broader bullish move is in progress.
It all started with the pin bar 8 days...
