Bitcoin is now correcting from the 73K all time high, just above my short term high probability reversal zone (upper blue rectangle). Prices between 64.5 and 69K were highly vulnerable to this type of move to begin with and coupled with the 10K retrace of two weeks ago, there was plenty of warning for investors who understand markets. I hope you were NOT one of...
Bitcoin first pushes all time highs earlier in the week, followed by a 10K point retrace, only the climb back to the top and push the highs again. Wild price action for sure, but what does this mean in terms of the probability of continuing higher? The fact that price retraced 10K points in one day is very telling and demonstrates the amount of risk one faces at...
Bitcoin has rallied over 10K points from the 52K break out level that I wrote about in my previous article and refuses to deliver a meaningful pullback. In situations like this, you must not give in the the hype and fear of missing out. I see talk of 100K, etc. and all the video titles popping up on my feeds. What you should be focused on is how to best...
Bitcoin continues to find support around the 50,500 area. This is particularly important for intraday strategies. The consolidation that Bitcoin is within is still part of what looks like a Wave 4 configuration. This wave can expand to 48K and even lower and still maintain the integrity of the broader bullish impulse structure. The idea here is to look for trade...
Bitcoin has pushed the 50K resistance area and peaked in the 52Ks. The recent bearish pin bar has signaled a swing trade short which is not following through (no surprise there). Over the coming week it is within reason to see a retest of the 48K area support. This is the price location where a high probability swing trade long setup can appear and where I am...
Bitcoin is now pushing into the 50K AREA resistance zone while presenting a potential momentum continuation pattern (inside bar). A break of the inside bar high can lead to a test of 50K and possibly higher. The zone between 50 and 51K (blue rectangle on chart) is a high probability bearish reversal zone which means unattractive place for new longs, especially for...
Bitcoin price structure has not changed much since the FOMC and NFP events of the previous week. The 40K key support that defines the broader trend is STILL intact. This means my swing trade idea (long off reversal from 40K area) still stands (see illustration on chart). What I want to point out is IF price does not retrace to 40K, but instead breaks higher into...
Bitcoin failed attempt to break 40K means the broader support area is still in play. While the broader resistance is 45K, the minor resistance is 42.5 which appears to be affecting price now. IF a bearish pin bar appears at this location, it increases the chances of a bearish retrace back into the 40.5K area. THIS is the scenario I am looking for in order to...
Bitcoin holds 40K support which means broader trend continues to be bullish. One more push into the 45K resistance area is likely during the week ahead. This push can be a minor B Wave, which means potential is limited and expectations should be LOW for longs. If the 42,250 high is cleared, a new swing trade long signal will be in effect. On the other hand, IF 40K...
Bitcoin rejects the 50K resistance area and goes from 49K to 41,500 over a two day period. If you have been following my analysis on here you should NOT be surprised. I have been highlighting the extreme risks above 46K in my articles AND my streams since the beginning of the month. Is this an adequate pullback to buy into? I will address that now. The first...
Bitcoin attempted to break out coming into the New Year holiday establishing a higher high at 45922 followed by a SWIFT rejection back into the range. While a new high was technically made, the failure to follow through means Bitcoin is still arguably consolidating between 40K support and 45K resistance (Wave 4 extension?). In this brief article I am going to...
Bitcoin continues to gyrate within the Wave 4 price structure, which implies there is one more leg higher before probability favors a broader correction. Along with that, there is a buy signal in effect now (the break of the 42,600 inside bar high). This signal appears at a relevant level (off 40K support) and IF momentum follows through, has potential to test the...
Bitcoin price lingers near previous highs going into a light volume holiday week. With the current wave count still intact, the 46K resistance zone is within reach. The break of 44,500 will confirm the bullish momentum. It is IMPORTANT to keep in mind, that this leg is most likely a Wave 5 that may be completing a broader B Wave (monthly chart). A high probability...
Bitcoin consolidation within a Wave 4 which is poised for one more leg higher (Wave 5) IF the 40K support holds over the coming week. At this time, a break above 42,850 will signal a swing trade long in anticipation of a test of the 45K high. IF price breaks lower instead, I will be watching for a test and reversal confirmation around the 40K level support (See...
Bitcoin appears to be in a smaller magnitude Wave 4 (see chart) which implies one more push higher to complete the impulse structure. such a move can see price into the mid to high 46Ks over the next couple of weeks. While this is good news for those who have been or are looking to go long, there is one technical problem that is likely being overlooked by most. I...
Bitcoin has broken the 38K minor resistance and has tested the 40K whole number. The entire range between 38 and 40K is a resistance zone. Based on my thought framework, I place more emphasis on the probability of a short term bearish outcome from this level. This means risk for new longs is even HIGHER than it was at the 38K minor resistance. Based on this idea,...
Bitcoin range is confirmed between 35K and 38K (see blue rectangles on chart). As I went over in my previous article and stream, assign probabilities to these levels UNTIL one of them breaks. Since the broader trend (price structure) is still BULLISH, the resistance area (38K to 40K) is favored to break while the 35K support is more likely to hold. Using these...
Bitcoin has rejected the 40K area resistance swiftly over the previous week but that bearish momentum has also failed to follow through. What is going on here? This can be a bullish consolidation as long as the minor support at 35K stays intact. The higher probability opportunity in this case would be a double bottom or failed low off of the 35K support (see...