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...
BTCUSD Update: A higher low formation appeared off of the 7823 low and price took out the 8185 high during the previous candle, but we did not issue a trade signal. Why? This price action is occurring within a resistance zone which increases the risk for initiating long swing trades significantly. It took me quite a few years to figure out that not all signals...
BTCUSD update: Now you know what a short squeeze looks like. After the inside bar long trigger at 6900, price climbed dramatically and took out the 7492 level within hours. In that same move, price compromised the bearish trend line that has been intact since the beginning of this year. The swing trade that was called on S.C. reached its target for a 560 point...
BTCUSD update: The initial bearish trend line is clearly broken, and an inside bar has appeared (previous candle). All of this is happening around the 6805 reversal zone boundary. This market is still in the process of setting up for a broader move higher in my opinion. Here is the swing trade trigger to look for: Long 6900 Stop 6488 Target 7460. R:R Approx...
BTCUSD update: The first bearish trend line is in the process of being compromised which is a bullish sign. The problem is, this market is becoming more sluggish than expected. As this market takes its time to form a possible bottom, it is important not to lose sight of the most reasonable possibilities. The 6970 level is where the first bearish trend line is...
BTCUSD update: Price has not made a new low while breaking above the 6864 previous candle high. This is a bullish sign which is especially emphasized since a long trade was called on S.C. yesterday. Now this market needs to follow through by breaking the bearish trend line and eventually taking out the 7492 level. The next relevant resistance is at the 8090...
BTCUSD update: Bearish trend line stays intact as price quickly gives back it's recent gains. The 7492 level was never compromised which means a new low is very possible. The current formation can turn into one of the specific scenarios that I am waiting for to buy more and that is the failed low scenario. In my previous report, I mentioned the possibility of the...
BTCUSD update: Price establishes a pin bar at 6425 which emphasizes the relevance of the 6805 reversal zone boundary. Now is when things get tricky because this market is not in the clear yet when it comes to broader bullish momentum. The 7492 resistance level is still intact as well as the nearby bearish trend line. What does all this mean? The broader bearish...
BTCUSD has reached my earlier ABCD downside target of $6,600 and appears to be holding well with higher than normal volumes. Would be looking for speculative longs with confirmation upon break of red down trendline. 2 potential scenarios:- #1 A counter-trend up move to $8,300 for c.+19% #2 A higher low off the Feb lows for an ABCD target of $12,500, +80%
BTCUSD update: Bearish momentum is driving price toward 6K support as this market pushes through the 6805 reversal zone boundary. Remember there is no way to pick a bottom in a situation like this. The best we can do is estimate where a reversal is likely and let the market prove itself. If the market continues to stay weak, it can go as low as 4559 before...
BTCUSD update: Price is attempting to stabilize just above the 6K low which is a very important level for this market. It just so happens that the buyers are entering around the reversal zone boundary which is not uncommon. This is a very attractive area to accumulate a position, especially if you have been out of the market waiting to get back in. Is this the...
BTCUSD update: Bearish momentum takes price as low as 6614 which is ugly for position traders, but again situations like this call for patience and perspective. The 6K low has not been compromised yet, and even if it is retested, it is very possible that a broad double bottom formation materializes. There are still quite a few technical factors that offer plenty...
BTCUSD update: Weak prices but no new lows as this market tries to find stability within a multi degree overlapping support area. Often a market bottom is not a simple event, it is a process that unfolds over time. As long as the 6K recent low is not taken out, this market is building a broad base to rally from in my opinion. Right now there is an inside bar in...