BTCUSD update: Bearish pin bar low taken out by current candle, a sell signal, only for it to bounce right back. This is a bullish sign which makes sense in light of the general area price has been trading. Keep in mind, there is a great deal of conflict in this area with short term bearish structures going against a broader bullish location. People are going to...
BTCUSD update: Symmetrical triangle has appeared after a series of inside bars. This continuation pattern implies lower prices, but the bigger picture location makes for a very conflicted technical situation. The break of this triangle points increases the possibility of a retest of the 5956 reversal zone boundary. Or just above that at the 6005 historical...
BTCUSD update: The bullish momentum has slowed once again, but that does not mean the bears are back in control. Yet. The 6565 area support is still in play along with a newly established inside bar. In this report I will evaluate both sides in an attempt to offer some perspective in terms of reasonable expectations. On the bear side, the trend line is still...
BTCUSD update: Bearish momentum is confirmed as price is now testing an important support level. At this time there are no signs or structures that say this market wants to retrace. That does not mean it won't, but the probability is low. Unless a bullish reversal candle appears, I am anticipating a test of the low 6Ks. I wrote about 6565 area in my previous BTC...
BTCUSD update: Finally some movement. Looks like the the bears rejected the minor resistance area that I wrote about in my previous report. Even though it may look concerning, this move is welcome because it brings the opportunity of a swing trade long idea that much closer. The 7330 to 7212 support zone is relative to the .618 area of the recent bullish...
BTCUSD update: This market is trading around the middle of a consolidation. This is probably the most random price action you can possibly get and is best to avoid. The reason is simple: price is consolidating near multiple resistance levels. With the 7896 resistance zone boundary still in play, it is tough to justify swing trade longs at this level. As I wrote...
BTCUSD update: Dramatic run up back to 7600s after making a low of 7372. About 40 points above the support zone I wrote about previously. It does not matter why it happened. What is more important is what is likely to happen next and is there any opportunity here? In one sentence, the answer is there is nothing here. No level, no trade setup. Just random price...
BTCUSD update: This market is in a slow grind right into a resistance area. As I wrote earlier on S.C., it may look inviting, but only if you want trouble. The 7896 resistance defines the bearish reversal zone which price is just under. If price is going to fake out, it is most likely to do so near this area. The more attractive area is the 7335 to 7213 minor...
BTCUSD update: Price action is some what quiet near the most recent peak. There is an inside bar now present on this time frame which can turn into a sell signal quickly. As I wrote in my report on S.C. earlier today, the bearish trend line is still in effect. Lower highs often lead to lower lows. This market is in a tricky area. If buyers hold up, price can...
BTCUSD: Bitcoin: Next Trade Points Bitcoin was expected to fall back to 7301 before bouncing away again. In the event it fell to an intra-day low at 7273 before the bounce came. Not great. Since then it's made a high at 7599 and extended to touch the upper end of the same (less acute) parallels that have been running inside the noise of the last 4 days or...
BTCUSD update: Price is consolidating across the board and is poised to break lower in my opinion. While bearish momentum dominates in the short term, triangle formations such as the one developing in this market serve as continuation patterns. If I shorted these markets (which I do not), I would be looking for a day trade at the break of 7312. This is just below...
BTCUSD Bitcoin Must apologise for rubbish call yesterday and no follow up. Was expecting a period of light relief over the weekend. No such luck. The spike that came shortly after the match had finished was a big one and the ensuing rejection period flipped Bitcoin straight back down to the lows again and triggered a short from 7399 as it broke below...
BTCUSD update: Price pushes through the 8626 support level to find some hesitation at the 8350 reversal zone boundary. This area is a much more attractive place to look for longs, but taking a swing trade is contingent on what type of reversal formation appears. Momentum is now bearish and even though price is in the vicinity of support levels, it is reasonable...
BTCUSD: Bitcoin Next Trades from Here 19:41gmt 12:41est This still looks corrective at this point. No big green impulse wave starting yet which would be the first signal that this is a real bottom here. It's the weekend coming up and still no sign of buyers in any numbers. But there is a chance so we need to cover it in case - it is holding here still at...
BTCUSD update: Price fluctuates around the 9861 reversal zone boundary as it breaks an inside bar in an attempt to go higher. Great price action if you are long, but as price continues higher, the risk of retrace increases. Price is now pushing further into the 9683 to 10561 resistance zone (.618 of recent bearish structure). For the short sighted, it appears...
BTCUSD update: Price is fluctuating within a reversal zone defined by the 9861 boundary level. The fact that price does not reject this level quickly can be interpreted as a sign of strength but being in an unattractive location along with no trade signal prevents us from issuing a buy signal. Even if price appears to by going higher. Price is still fluctuating...
BTCUSD update: Price is sitting at the old support/new resistance level of 9225 after an attempt to retrace higher. Even though price is still above the bullish trend line, it is not the best scenario for a swing trade long because there is no clearly defined setup. Setups are important because not only do they indicate an increased probability of a particular...
BTCUSD update: Price is poised to make a higher high and possibly break the 9225 old support/new resistance level which can lead price up to the 9861 reversal zone boundary. Along with this possibility, an aggressive swing trade setup is developing as I write this. Is the trigger worth entering? In recent reports, I have been writing about how not all signals...