Yesterdays daily close did almost consume the supply wick of the daily bar before as we suggested. Confirmation of absorption on the way up as demand is clear and aggressive (change of character) .
Next move is to overcome the top of the horizontal trading range and back up to it as support.
We could retrace down as another LPS before overcoming this 40K level...
Todays bar is penetrating yesterdays supply wick. A close that matches the supply wick of yesterdays up bar would be another bullish signal and suggest absorption of supply is happening on the way up.
A pull back is expected in the form as an LPS. Could Bitcoin possibly over shoot resistance and consolidate above? Or will we see a tame pull back to consolidate...
Bitcoin did make the move outside of its trading range with a significant up bar on the daily timeframe. This is a clear SOS (Sign of strength) and possibly a jump accross the creek.
We still testing recent highs so we still need to see confirmation. Todays daily close will tell us more.
Still not seeing signs of distribution.
Possible change of character over a weekend a usual time of low liquidity.
We are currently testing the top of the trading range and the 50 MA on the daily for the first time since capitulation.
Fundamental news driving demand? News of Jeff Bezos hinting a payment system with crypto currencies?
We continue to cross the chasm...
BTC Crypto Market Update 22/07/2021
BTC showing some demand yesterday forming possibly what could be a higher low, this could suggest that supply does seem to be exhausting for now. A slight retest of the 31K area makes sense, maybe we can get some continuation to the upside.
For now price spread is still narrow and within the trading range and I personally am...
BTC analysis. Counter Re-distribition argument continues.
I am still yet to see any major distributional properties reveal themselves in the form of wide spread and ramp up in supply volume. Please comment your thoughts!
January's structure from earlier this year as an analog and comparing to current price action which was also within this same trading range.
We saw a penetration of the lower support in January followed by a few days of testing. The test resulted with a retest almost to the same low as the actual spring.
In Bitcoin's recent price action we saw a huge spike in...
Yesterday Bitcoin managed to momentarily break through 34K resistance during US trading hours before seeing another pullback at 35K where supply supply is still present.
Whilst the 30K area is well defended the 33.5K is now important for the Bitcoin bulls to hold in order to sustain this possible rally. There is news in the headlines about Paraguay proposing a...
After Bitcoins recent decline below key support level of 42K there is a lot of belief that Bitcoin and crypto in general are entering a bear market. With that key loss of 42K and multiple rejections in the assets attempt to recover and commit above that 42K area this argument for bear market holds lots of weight... HOWEVER
Are we about to see a dead cat bounce...
Here you can see a great analog for the Re-Accumulation After Decline argument for Bitcoin VS the Distribution structure.
You can see how S&P became over heated before suffering a sharp reaction and forming a new accumulation range before continuing on its bull run.
Left arrow was TESLA news buying Bitcoin.
We never tested that level.
This test is important. We either hold here and try to bounce or we go down to around the 28K level.
If we see 28K could the bull run continue? I think it could.
Do you think bull run is over? Would love to hear your comments!
Multiple Reaccumulation Structures on TRIAS USDT pair.
Price action for a micro cap has been surprisingly well behaved. Beautiful initial reaccumulation with very pronounced creek and spring action followed by successful retest/confirmation.
BU/LPS formed perfectly out of a reaccumulatuion after decline on smaller time frame again followed by a spring action...