Last Friday Bitcoin had a 10% upwards movement holding the .786 Fibonacci level as support and breaking up from its falling wedge (also got within $20 of the 200 weekly moving average again). Following this move BTC seemed to be forming a bull flag for continuation, but this bull flag has extended now going on for 1 week, which is why i am not taking a flag pole...
Today I present you with Bitcoin's falling wedge pattern, which generally breaks upwards but I am trading this down for a bottom touch first target. Remember though a falling wedge, although a bullish pattern in terms of opportunity, is a pattern of lower highs and lower lows signalling selling pressure and it is best to buy a break of resistance with volume...
SQ was one of my favourite stocks to trade from 2018, and in 2019 it is continuing with the same volatility . I do believe SQ will be getting a pullback over the next 48 hours and I have been scaling into a short position with my first short order already filled. My first target is $70, RSI is also sitting in 4hr overbought territory and the daily 66, which alone...
On Friday Tesla has bad new which caused a massive 12% crash, recovering slightly after hours. I expect the average trader to continue selling Tesla here with so much FUD surrounding it, so I am going straight into a long scalp position to counter this general sentiment. I see great opportunity with a decent risk to reward ratio long as it sits at a strong support...
I believe BA is due for a retracement today. It's overbought accoss several timeframes, getting bearish divergences and running into strong horizontal resistance. Pullback to my first target is 360 then 355 during this short trading week. Confident in this short position target being hit, but will have my stop loss set should it continue upwards.
I have a potential head and shoulders pattern on the horizon that could play out with a very good risk to reward ratio short upon a neckline break, or $104 support breaking for a more conservative trade. I will only short this on confirmation of support breaking. Of course I will scalp the $100 physiological number where one would expect at least some defence by...
Here is my long term count for Bitcoin. Comprising of 5 motive waves and an extended fifth followed by a WXYXZ correction. For the final WXYXZ target to play out Bitcoin will need to break the 200 weekly moving average, which is a massive support level. At the time of writing several stock market indexes are also bouncing from the same 200WMA, just so you know...
Across the board we have seen several stocks and index's lose important support levels at the end of 2018 after a big run up of 60% over the last 3 years (bottom of wave 4). For an example here on the SP index: Wave 3 hit just over a 1 to 1 Fibonacci extension before Wave 4 came down in an ABC. Sub wave 3 of the overall 5 then hits a 1.618 Fibonacci extension...
After bitcoin had another leg up, it found strong horizontal resistance starting at the $4040 level. Wave 5 also gave bearish divergences after forming a higher high on price, but a lower high on RSI which indicates this move up is running out of steam. A short from the top has found support on the 0.236 Fibonacci level. I look to count the Elliott Wave ABC...
This is the Elliott Wave count that I'm trading on Bitcoin. After successfully trading the 5 waves up, Bitcoin saw its correction down to the bullish support of the 0.328, which from a smaller time frame for me was the Y wave coming down after seeing a flat ABC, followed by the X failed impulse. This Y corrective wave hit the 0.382 Fibonacci retracement to the...
I have opened a long position on the horizontal support that Bitcoin is holding at $6577, which coincided very nicely with the top of Wave 1. Elliott Wave - Wave 4 cannot move into Wave one's region, so it was a very nice risk to reward ratio long for me with stops just below Wave one's top. I will be holding this long(keeping a close eye on it of course) up to a...
Bitcoin has had its first healthy move up in a very long time. As you can see in our other previous rallies of 2018, each rally has had several $1000 daily candles. Now we see a slow and steady climb up which more sustainable, continuously making higher lows and with each dip getting bought up quickly. The bulls are now approaching massive resistance, which I will...
Looks like a BTC bear flag to me. In addition bitcoin retraced 0.382 of 5 waves down, did an ABC and looks like we might do another 5 waves down, if anyone follows Elliott Waves + Fibonacci like I do, I do not see anything bullish yet for bitcoin. There is the possibility of making one more leg up, which if it did i can see 7.4max, but it's unlikely. Risk to...
This pattern shows up very nicely on the 4 hour chart, and can also be seen on the daily. So far the pattern has been forming over 52 days. If we take our neckline from $6109 we have a target of $3700, or if taken from $5867 target of $3483(which is also a horizontal support). We get this target from taking the price range from neckline to top of the head. A...
From using Fibonacci retracement, Extension and Elliott Waves, this is how I see Bitcoin playing out over the next week. Perfect setup for squeezing the absurd amount of bottom shorters(who opens a short on a support level?!). My targets also coincide with horizontal supports and resistances. As wave 2 has retracted little, (though there is the possibility it...
How i see this weekly close playing out. Hopeful team bull can pull off this inverse head and shoulders pattern(again), and also break out of this week long downwards chanel. Would target Bitcoin at $6850 if pattern plays out as there is heavy resistance there. Alternatively we breakdown from this chanel's top and head back down towards $5800 support.
Off the back of the ETF decision delay, and $6800 breaking down sentiment have been ultra bearish, and alts have literally been capitulating. $5800 is such an important support level for Bitcoin. While this support holds we have a very nice bottom area for Bitcoin, and bulls do still have hope, albeit little. While Bitcoin continues to make lower highs it's hard...
Longer outlook opinion. With little hopium left, i honestly see a 5k test coming within a month, with us hovering around that range untill the 30th Sep ETF decision. If denied(which i believe it will be), 3k BTC support to be tested. I will be sure to play some bounces on the way down though. Both of these bitcoin horizontal supports also line up with nice...