Break outs usually occur quickly as do rejections off of resistance levels. What is going on here? If this is a 50K break out, it is extremely slow which may have something to do with the lower than usual volume associated with a holiday environment. Here's what to do, and what not to do: 1) Baby sit. If you are long from a recent trade signal, there is nothing...
The 50K resistance level continues to HOLD. How many times have you bought "THE BREAKOUT" only to be caught in this consolidation? If you recognized the RISK and probability of this location (something the "gurus" don't talk about), perhaps your reactive decision making would not get you into these HOPE mode situations. The 50K AREA was a major support before it...
Bitcoin, stock market and Gold price action analysis for the coming week. Have a question about a stock or market? Just ask in the chat.
50K holds as resistance so far which is expected. What needs to happen now is 1) price rejects the resistance area (trying to now) or 2) bullish momentum follows through taking price into the 53 to 55K area. How can we accurately foretell which way Bitcoin will go? The more effective question to ask is WHAT IS AT RISK? We shared some swing trade ideas when the...
Price action analysis for Bitcoin, the stock market and Gold. What opportunities can we uncover for the coming week?
Bitcoin rejects 48K which should not surprise anyone because the 50K AREA is a major resistance. This is especially significant after a previous vertical candle which can be interpreted as too many longs were lured into a position thanks to the fear of missing out. Based on the break of the low of the previous candle at 46K, a new sell signal is in effect. Is a...
Now that Bitcoin has decisively cleared the 41K to 42k range resistance, it has confirmed a break out and offers a new piece of information: beginning of bullish price structure. This means we adjust our support/resistance expectations and continue to look for new longs at the next support. A trade idea was shared around the 41K level after Bitcoin established a...
What clues can we gather about reward/risk and price structure for the coming week? Bitcoin, stock market and Gold. Have a question about a stock or market? Just ask in the chat.
The 41K resistance level has been taken out, but has not been cleared. It is possible that Bitcoin is still stuck within the 41K to 30K consolidation. The question is: do we get momentum follow through? Often when price rejects a support or resistance level, it unfolds quickly. Bitcoin lingered around the high 30s, tried to pullback, only to be followed by an...
Price action analysis for Bitcoin, the stock market and Gold. What realistic expectations can we gather for the coming week? Have a question about a stock or market? Just ask in the chat.
30K support still holds and continues to be the SUPPORT AREA in play. In the context of the bigger picture, this area is a HIGH risk for shorts because the location is a higher low within a broader BULLISH trend. In this situation it is particularly important to pay attention to what you CAN'T SEE, rather than getting caught up in single candles. Inexperienced...
What clues can price action offer across the charts for the coming week? A look at Bitcoin, the stock market and Gold. Have a question about a stock or market? Just ask in the chat.
Bitcoin has not made any progress since my previous article, which simply means the market is OUT of play. Price structure continues to present the same two levels of interest: 30K and 38K. Until price decisively takes out one of these areas, the consolidation is likely to continue. What to do? "Nothing" is a viable option. Having an opinion will not help, and...
A technical look at Bitcoin, the stock market and Gold. The objective is to gather clues and develop potential scenarios for the coming week. Have a question about a stock or market? Just ask in the chat.
Bitcoin has been stuck within a tight consolidation since May. During this time, price has generated a number of buy and sell signals that have yet to follow through. In June, we had 3 buy signals and this month only 1 so far. This is the reality for a conservative long only swing trade strategy. If you have more than that, and you are not a day trader, or you...
Bitcoin, stock market and Gold price action analysis to formulate potential scenarios for the coming week. What are the charts saying? Have a question about a stock or market? Just ask in the chat.
New aggressive buy signal off of 34K break now in play (sent Friday). What makes the idea compelling is the improved reward/risk which can be defined by the 32K area. IF the renewed bullish momentum can follow through, a test of the high 30K's is within reason for the coming week. Not much has changed in terms of the broader Bitcoin price structure. The 30K AREA...
Bitcoin, the stock market and Gold scenarios to consider for the coming week. Question about a stock or market? Just ask in the chat.