dead cat bounce on the 20ema daily.
>> Can't know if old wedge support is at play here; if the large scale support and resistance lines are in play we might see the price action print a symmetrical triangle over the coming weeks.
This would be unorthodox given btc’s usual price action, but I do have a feeling the market is stabilising into a new one!
>> The major...
Major support junction at trending channel resistance.
Eth still follows btc so I wouldn't trade this bias yet. BTC looking to swing up before going low, which would have ETH breaking out of channel along support, unlike fake breakout prior, which would be very bullish for Eth.
Just posting to see if hidden div plays out or not.
Divergence on the 1 hour Macd and RSI, 4 hr RSI shows divergence better. 4 hr rsi crossed signal line.
Daily: RSI divergence.
Volume drops off at rallies, this is a weak sign of strength.
Bulls must gather more momentum, I'm not sure where this'll come from given major resistance up ahead.
Long positions are top heavy, there's a lot of room for...
I'll keep adding updates here until the range is invalid or complete.
Wyckoff tests for accumulation:
1. Downside price objective accomplished – P&F chart
2. Preliminary support, selling climax, secondary test - Bar and P&F charts
3. Activity bullish (volume increases on rallies and diminishes during reactions) – Bar chart
4. Downward stride broken (that is,...
Zooming out to the 1 day, taking a simple look at a very similarly setup from April 3rd / 4th.
If we can assess on smaller time frames a weakness in this rally/ squeeze I can feel comfortable in the price moving down.
BTC has been relying on levels quite a bit lately so I've put more weight on them right now.
Because market is still somewhat split I am also giving...
Fundamentals: nothing positive in news, no up coming events.
Technicals: symmetrical triangle looking bearish . Chart explains. Small chance looking at BTCUSDSHORTS 2.07% there might be a squeeze. Longs have climbed but plateaued and waiting for a signal.
Psychological: Near the bottom so people are longing this triangle FOMOing we won't revisit support. Though...
To all the bulls: be patient.
Larger time frames have more weight than smaller ones.
BTC:USD @ 4k is on the low end of 'healthy' market price action.
To keep from FOMO or FUD i've laid out all the major factors - Price action within the yellow is healthy and probable.
Good luck to all the day traders and scalpers.
But for all the investors and HODLs remember...
I am going to go into some detail regarding what I undertstand of the market in general. So if you're up for a read thanks for sitting with me...
although ascending wedges are normally a continuation of trend pattern, sometimes they appear at market bottoms signalling a reversal. Could this be one?
The projected target of this wedge (measured by its...
I focus solely on BTC TA but as BCH and LTC are closely paired they are good for helping with a clearly view in all the noise of data.
Was looking for more reason BTC should fall a little very soon, at least contest the support around 7,2. BTC has been far choppier than BCH and this wedge pattern doesn't show, though BTC indicators are more aggressively bearish...
Theory on the long game:
someone speaking in the year 20XX,
“remember the “bit coin bubble?” no one would have thought crypto would become a major currency pairing. I mean, $8000 for ONE of something? ONE bit coin? Ridiculous! Now, if someone said 8,000 for 100 million Satoshies, i’d have understood.”
People think this is a dead market after just a few months....
Many believe volume precedes price.
We have a long standing Accumulation/Distribution divergence
And a recently emerging On Balance Volume divergence.
The long weekend in america is coming to an end. Let us see over the next few days if price wants to contest the 2018 wedge support line.
Fun Fact: I use the Team Evil EMA support line, that is: 6x6x6 + number of...
This elliot wave seems quite in play. I didn’t spot it but have taken the chance to showcase some great signal being confirmed on each wave. My wave 5 pans out different to who mapped this before me (sorry I can’t remember you, and I think he got it from someone else too lol). I’ve kept was 5 stunted because it is face planting into two support lines and has...
BTC - the mundane, reliable, and always predictable BTC! - will likely not contest the green rectangle (major support).
1. too many people see april fractal
2. more buy volume than sell
- these buy orders are probably not over stretched because there's currently little market faith
3. indicators say so
4. cost of mining average across most participating...