Gravestone Doji spotted last weekly close.
The previous 'morning star' doji did not go well, upon further research it may be because the exact size might not have been as significant in an uptrend. However this gravestone looks clearer.
In terms of targets, I can see us moving down to the 50MA at the very least when viewed on the daily which gives us an...
I've now switched my positional bias to short. I think there's sufficient evidence to make that choice. Moving back to the 200MA would be reasonable.
I'll continue to document my thoughts in the updates.
Following on from my triple bottom reversal analysis, we've seen the pattern morph into a 'descending broadening wedge'.
We saw chop yesterday which a lot of people were putting down to manipulation, however none of the original triple bottom reversal criteria (except perhaps the volume) has been invalidated. We now have additional support in the form of the above.
If we begin with the premise that we are surviving a parabolic bubble - and much of the buying in the initial run upwards resulted in sell offs on the way down as people try to exit at break even before they lose money. So the resulting people in the market now are either rekt or those who bought in late last year (or Mex/Alt artists). For this illustration I've...
Carefully watching for confirmation of a reversal here -
3) New low
4) Higher bounce
With 6640 in this case being the buy signal.
My own trading rules won't allow me to long here - macro trend is what it is, without confirmation. But as always it's good to be cognisant of both sides.
I'm becoming increasingly interested in this bullish scenario.
NB: I'm still flat at the moment, with a bearish leaning. We have been making lower highs and lower lows on the daily so the trend is bearish. So this shouldn't be used to satisfy a bullish bias. Take it as consideration for now.
With all that said, the following can't really be ignored without at...
So previous play resulted in the reversal I was looking for - this play will focus on where we are currently, and where we go from here:
We suffered a strong reaction from that 84xx level and have now painted a massive 800 dollar move down. I believe this is the beginning of the road back to 6k. In hindsight this was obvious, as the sheer amount of supply...
I am not liking this price action one bit, as it is starting to play out one of the reversal scenarios I laid out in my previous thread. I'd encourage you to read through this before reading this post:
For clarity in this post see this screenshot which I reference:...
Current macro thoughts on $BTC
We are still bullish and people should still feel bullish. We're making higher higher and higher lows, and none of that has been invalidated yet.
The three diagonal lines I've drawn show areas of previous resistance, which in two cases are now support. The third and final one has yet to be crossed.
We are currently in an...
Potential Reversal Scenario
I want to state from the beginning, we are very bullish at the moment. We are making higher highs and higher lows on the macro level very consistently. Therefore there is no confirmation yet to suspect we are going to do anything but continue. This is a very important concept to understand. Without confirmation a chart is simply...
One possible scenario. Notes on chart.
This represents good R/R as we're near the peak and final barrier. If it breaks down here, that's a steep drop.
If not, SL hit and it'll move up into bull territory.