Good morning, traders. Yesterday's $100 move to the downside created a descending broadening wedge, out of the previous bull flag, which price broke out of this morning. Currently, price is testing resistance as support, and if this is successful we should generally expect continued upward movement. The 15 minute McGinley Dynamic aligns with the previous...
Good morning, traders. Not a lot has changed since yesterday's pop. Price is currently printing a flag with a target of around $3890 if price moves up within the next hour or two. That's just above the $3840 target based on the height of the descending wedge that price closed above. It is also just above the 1.618 extension off the swing low to the local swing...
EDIT: Sorry, guys, you're going to have to scroll the chart. Tradingview hiccuped when I published them apparently. Good morning, traders. Price bounced exactly where I said it would yesterday, so where does that leave us today? The bounce created a bullish SFP on the D1 and price has consolidated around the $3630 level since then. During yesterday's live stream...
Good morning, traders. Price has moved sideways, extending the local TR, since yesterday but we may be nearing upward momentum as I'll explain below. H4 chart: MACD's histogram is printing hidden bullish divergence between 1/5/19 at 10 p.m. and the current candle. We can see higher lows between those two price points, but the histogram is printing lower lows....
Good morning, traders. As I spoke about during yesterday's live stream, price made a final move down toward the H1 pivot before this morning's breakout of the flag, stopping just about $14 above it. The target is now $4342 based on the height of the flagpole. H4 chart: The aforementioned bull flag target should bring price up to the possible ascending channel's...
Good morning, traders. As suggested was most likely on Friday, volatility came in and Bitcoin moved up over the weekend. Many traders were caught off guard as they expected price to drop (a symptom of the corrective market whereby traders expect every rally to fail). H4 chart: We can see that price broke upward out of the symmetrical triangle. The target based...
Good morning, traders. The Proof of Keys event is scheduled for today but so far we don't see any issues from the exchanges. As I have been suggesting was likely, there seems to have been a lack of participation, at least on a large enough scale to be meaningful. Granted the U.S. is just coming online this morning, but we have seen no follow through with the East...
Good morning, traders. We saw price break through its resistance on the H4 and D1 charts over night. Now we just need to see follow through. Trace Mayer's Proof of Keys event happens tomorrow, but has its significance been blown out of proportion? How many people do you really think are going to go through the hassle and expense of pulling their BTC off the...
Good morning, traders. Welcome to 2019. I am seeing a lot more of the doom and gloom lately, which should be interesting in terms of overall retail sentiment. Bakkt being delayed once again has traders sure that price will rollover and continue further down now, but as we know the market rarely does what the herd thinks it will. That doesn't mean it won't fall...
Good morning, traders. The descending red resistance line I spoke about on Friday turned out to be exactly what we should be watching as price popped up and through as I was publishing my outlook. The H12 bullish divergence on the MACD histogram also was key. As I continue to tell traders, if you are intent on using EW you should also remain aware of patterns,...
Good morning, traders. Price took the road more traveled this past year and moved to the downside a bit. As I warned yesterday, traders should've been waiting for a confirmation in either direction which could've been either the close above the swing high or below the swing low, or it could've been the close above the triangle's resistance or below its support....
Good morning, traders. Not a whole lot to talk about this morning but I'll do my best to give you multiple views of current price action. Bitcoin's price continues to trade sideways within a small TR which I have labeled on the 15 minute chart. We can also see that a possible Adam and Eve double bottom is building. This won't be confirmed unless price closes above...
Good morning, traders. I hope you are enjoying the holidays and had a great time with friends and family yesterday. I am still battling these cedar allergies, so we will see how long I can keep the live stream going this morning. The last analysis I wrote had us working on wave 4 as a running flat as well as a re-accumulation without a Spring. Since that time,...
Good morning, traders. Bitcoin has held relatively steady between $3900 and $4100. We know that it should be retracing after such a bullish push up, but we don't know whether it is done rising for the time being or if it has just a bit further to go. There is a case to be made for a $4200/$4360 target as we discussed in yesterday update as well as the morning live...
Good morning, traders. I was wrong yesterday and it appears that Bitcoin had one more leg up. This is why I continue to stress the importance of risk management, not only in your entry but also in your exit. If you watch my morning live streams then you know I consistently discuss the importance of having your exits figured out before you enter a trade. This...
Good morning, traders. As mentioned was likely, during the live streams last week, we are finally seeing the pop that has been building. But we absolutely must see follow through. We still need to see a 4H or higher TF close above the December 9th swing high at $3633.20. That general area also happens to be the 4H pivot, so coming up through the bottom and closing...
SBUX has now confirmed the gap gains by holding well above the trading range highs. This provides very strong support for the stock to continue moving upward. This daily chart of the stock shows a Shift of Sentiment™ Pattern with the Accumulation/Distribution indicator. The shifting pattern begins with the common gap down by HFTs in June and then the VWAP...
Good morning, traders. Once again, it pays to watch the morning live stream. After the breakdown of the small descending triangle, I stated that the most likely scenario was to see price print an SFP around $3200, which is exactly what happened. Price is now consolidating toward the large red descending broadening wedge's resistance. If price pops up and through...