Good morning, traders. The price swings as of late have been great for shorter-term traders, but are causing havoc on investors or those holding for longer periods because they don't know what they're doing. So they allow the noise (swings) to cause them stress and then emotionally sell out of one losing position and into another even though they supposedly bought...
Good morning, traders. I mentioned that I was cautious yesterday pending the outcome of the local TR. I said that we needed to see demand volume increasing, especially as price pushed through the descending blue resistance to signal a likely reversal, and we did. Price attempted to print a Spring on Bitstamp, but was not able to do so (price remained above the...
Good morning, traders. I am more cautious at this time than what I have been. Price has failed to get back above the 21 EMA on the daily TF, which sits at $7940. As I said yesterday, this doesn't guarantee that price will go down further but it does increase the odds of it doing so. Also, I mentioned yesterday that we have either completed an ABC correction or...
Good morning, traders. In yesterday's update, I outlined what I was watching for and what I wanted to see for price to continue higher. The daily candle did not close as bullishly as I had hoped it would, however the pivot held and we saw a strong rebound off the 4H S2 pivot. Usually, if the move is corrective and not a reversal, we expect to see price bouncing...
Good morning, traders. Yesterday's drop has, again, scared retail into immediate bearishness. Remember, emotions will most often lose you money in the market. So should you be worried? I mentioned yesterday that "A breakdown below the $7900 demand zone should indicate that price will, instead, continue correcting toward the $6000 level." Just so we are clear, when...
Good morning traders. Over the weekend, price hit my immediate target of $8700 and then a bit more, topping out at $8833. After the short correction overnight, which saw price retest the blue TR support, it looks like price is headed higher once more. At this time, I am looking for price to target the 1H R1 pivot at $9220 as it prints the JAC and then an SOS. We...
Good morning traders. Price had a minor setback yesterday. After popping up $360 to a high of $9096.79, just $100 shy of the immediate 4H R1 pivot target, price dropped down and bounced off $8000. However, it did hit the TR target (height of the TR added to the point of breakout) and then some. This is exactly why I have been warning traders to consider not...
Good morning traders. While the rest of cryptotwitter is freaking out and yelling that the sky is falling, you're paying attention to what's really going on, right? The 4H chart shows that price printed a Spring and a Test recently within the red descending, broadening wedge. This pattern took price just beyond the original channel that I had pointed out, which is...
Good morning traders. Supply was too dominant so we did end up seeing that dip I suggested yesterday had a slight chance of happening. Price ultimately bounced off $8421, immediately above the D1 R4 pivot. This has printed bullish divergence on the 1H RSI as shown by the red arrows. Price should be good to go to the top of the local TR around $8930 before pulling...
Good morning traders. I am back from our Memorial Day Weekend holiday, here, in the U.S. and price has continued trending upward as suggested it was likely to do. We saw a breakout of the ascending triangle to a high of $8939 on Bitstamp, so far, just a couple of days ago. Since then price has been printing a flag which should have a target of just over $9850....
Good morning traders. Price has been heading up as expected for another attempt at a higher high, however we still have heavy supply through $8400. As we can see, price is near the top of the HVNs. If price can get on top of these HVNs, then they should act as support. What is worth noting this time around is that the orderbooks are showing stronger nearby bids...
Good morning traders. Good ol' volatility showing up some more yesterday has returned price to the $7400/$7500 level, depending on which exchange you are looking at. Today, I am looking at Coinbase. The big points to remember are that there are multiple patterns we could be seeing playing out on the larger TFs, which I have discussed over the past week. These...
Good morning traders. Yesterday's chart has been hidden by Tradingview because I inadvertently mentioned other social media sites that I am on. So we will be using the same chart today. Overall, price remains in the TR it began printing on May 13th. Price's current location appears to be printing a diamond. Often diamond tops result in reversals, but not always....
Good morning traders. Last night saw price drop almost $700 (or just under 10%) which has traders scared of further downward movement. However, looking at the 15 minute chart, we can see that volume was lackluster at best. In other words, we should've seen a lot greater volume on that drop if supply was in control. Instead, we see supply volume has continued to...
Good morning traders. Price continues to range sideways and, as it does, I am seeing and ever-growing list of "It's going to make a new low now," "The bear market isn't over yet," and "The bull market will begin, but not yet" arguments. Most retail traders are still in disbelief at the price advance for the past 5 months. Price must absolutely go way back down...
Good morning traders. "Journalists" and "analysts" have littered social media lately with "explanations" of why price has reached the level it has, most often justifying it as a result of Fidelity, AmeriTrade, and Baakt entering the market. The reality is that price is exactly where I said it would be in January/February, long before all this news even hinted at...
Good morning traders. Price printed a new 2019 high of $6336.93 in the past 24 hours. The more bearish among us continue to watch on in disbelief and reload shorts each time they're liquidated. The Bitfinex premium, which was recently almost $400, has now dipped to $120 while price has continued to rise. The Bitfinex Shorts/Long ratio remains at its highest levels...
Good morning traders. Price continues to move as expected, notching a new 2019 high at $6099 on Bitstamp last night. I am zooming out to the 1D chart today to give my thoughts. I don't really have much to add to what I've been saying for the past 4 months, but I would like to reiterate what I'm thinking. Not too long ago I discussed this parabolic "pop" as a...