CandleShepherd

CandleShepherd

In a wyckoff-inspired perspective, price is attempting to breakout of an accumulation range from 2015. It found supply in the 1.22-1.25 area in 2018, which created a supply structure that was tested both in January '21 and May '21. Since those rejections, price has been finding support in the upper part of the 2015 range. This looks like a Backing up action so...

CandleShepherd

Bitcoin is setting up its next move. As part of my simple MA strategy, this is as good as it can get. I chose the 12H timeframe because it shows confluence of two important aspects - one, the tightening range shown in the chart. Two, the fact that the 12H 100MA is the same as the DAILY 50MA, which has been proving to be tough resistance. A good indicator of the...

CandleShepherd Updated 

Yesterday was an important day for Bitcoin when it comes to figuring out the bias for the long-term. March closed above December's lows, which means it gave us a Swing Failure Pattern (SFP). To be clear, this doesn't mean Bitcoin will skyrocket from here. A lot can happen in the next couple of months, especially with all the uncertainty around COVID-19 and the...

CandleShepherd

BTC is currently in a daily tightening range, created by the 100MA and 200MA. We need a close outside this area to give us our bias. It's important to note that we're looking for a monthly lower high to form after having found our higher low in the lower §7000. On the weekly chart, we're looking for a higher low after our pump. We're currently forming a second...

CandleShepherd Updated 

Today, and most likely in the next 4 to 6 hours, BTC will show its hand. This triangle is not ideal. I usually prefer triangles that connect candle closes and not wicks, but this one gives us more clarity. The wicks below the bottom of the triangle have been bought so far so I'm definitely waiting for confirmation as that will shift the odds to the bears. The...