Very good point to secure profits now and simply wait for the next move, which could be both ways.
Blue lines are marking the crucial limits to break. Due to the bearish engulfing on 6h I see a more significant
down-potential as a short correcture of the recent jumps.
Bitcoin on tight Bollingers and so far not dissolving down and defending 4k, probably gives a more bullish outlook.
In case we don´t see 3 as a Double Bottom, or maybe even lower and fall through, we might see a high probability
Adam and Eve with a neckline to break roughly around 4050. Also the 3day Stoch is quite low.
Not losing faith currently, bullish clear...
Couple of scenarios possible right now:
Adam and Eve Bottom
Descending Triangle with possible breakdown
Repeat of history and break-up before total apocalypse and recovery
This is building setup is true trader´s dream, not only the Volume is a match, we have bulldivs on daily and 3-day, also the confidence BTC gained from the last
break-out of an inverted H&S within the full year of consolidation are signs AGAINST this being a Bulltrap. This is so crazy obvious, I wonder if that will be the reason for a total
fail of this Beauty....
With a new local low from last night and now testing around the marked resistance area, Bitcoin is losing one after the other battle, and I am honestly afraid, that we are out of consolidation and in a proper downtrend. Currently, I am not really looking for buy-entries, at least not yet or short-term orientated. To break this, we need more than up-volume, we need...
For me, unless BTC does a breakout of this descending wedge in whichever direction, I am not going to place trades.
We need some serious up-volume, we already failed to form a good iHS and now face a lot of accumulated resistance.
Take care of those yellow trendlines and the orange accumulation zone. Trade safe.
Looking at this, currently gives me stronger bullish feeling, very much depending on how scared the shorter´s are at this point
making a retrace to the mid 5k$ a fair opportunity for short-term recovery. I am not 100% convinced yet, but it is a possibility.
It basically all depends on the wick-to-wick resistance from log chart (last one keeping us from further...
If we fall through the yellow box firmly, the 3000 or just below 3000 USD become likely. If we don´t it´s fairly possible we see another prolonged flat correction
in form of a descending triangle (or similar) before show down. The first hurdle to take will be the green EMA 200 in ANY move up.
Reviewing today´s market moves, it turned out there´s a slight chance we might finish wave 5 (?) with the help of a currently forming
reversal Diamond Bottom. We should keep an eye out. It could shoot us back up to where we came from yesterday and today and most importantly back above the weekly EMA200.
If this resolves bearish or in further sidemoves, I don´t...
After we hit target perfectly yesterday, I decided to extend my "bottom" theory a bit.
Yesterday was not violent enough, it was still tradable and simply didn´t feel like bottoming. So
I tried to figure out what would feel like a bottom? A very violent parabolic drop. I assume it´s possible
the last wave could be a wick and mark the end of the 2018 consolidation....
No-trading zone for me, I will simply wait for a breakout, considering this could be solved sideways, downwards and upwards.
What I would wish for is a weekly candleclose tomorrow night above the historically important weekly EMA200 which is currently our strongest support.
If we close underneath by next week´s sunday close (capitulation in a big wick down to...