After a significant 15% bull move up very quickly on significant volume,
bears have made their stand with a double top at the high $10,800.
We are now watching consolidation on the 4H and 12H time frame to gauge if it is healthy to favor bullish continuation, or if the pullback becomes more significant and sets up an equilibrium.
The healthy outcome would...
Weak bounce overnight but it was for another 4% to give us a lower high.
Still watching the pattern of a lower high every day for the last 7 candles.
When this pattern breaks we will look for a more prolonged bounce for a daily lower high.
Currently being picky as a bull playing against momentum. I only had 1 small BTC order fill 9,300 and from here I have a few...
Currently watching the 12H chart for clarity, but the 4 hour gives us a bit more detail.
Bulls have to see a higher low and continuation on the 4 hour chart to be looking for the #D chart from videos to continue to tighten.
If this is the top of the bull move, it would favor the bears on the longer term setup.
Currently all cash and not seeing any short term...
After confirming a previous 4H bear flag yesterday the current bounce is not giving much confidence that this time is different.
Hourly trend change without much follow through and still EMA resistances to get over.
Remaining cautious and continuing to execute my strategy of taking partial profit on bounces and certainly willing to buy each leg down after doing...
BTC bulls have now seen a clear hourly trend change, hourly EMA as support and looking for the hourly bull cross of the 12/26 EMAs.
The top of the last bounce attempt $11,840 was tested this morning and so far is rejecting the price.
If bulls are going to hold the daily uptrend, we will have to see a break of this resistance level.
4H EMA resistance is lining...
Bulls in full control right now with uptrends on the weekly, daily, 4H and hourly charts.
When we lose the hourly uptrend, we look for a 4H higher low,
When we lose the 4H uptrend we look for a daily higher low.
I personally will hold my swing positions as long as we are in a daily uptrend.
The odds of a bull break over $13.8k vs. a weekly lower high continue...
After the bull break of the 12H/daily equilibrium, we have limited resistance until the recent high $13,800s.
This morning there was a massive 7,000 BTC sell order on binance walking the price down.
This lead to the 2nd leg down dump, and took the market with it.
Binance was $200 lower than coinbase pro while the order was being chipped away at.
Nice to know...
Key test of the tightening daily Equilibrium as we look for a break today or tomorrow.
Anything under $12,064 is just a lower high and a continued tightening range.
We do not have a volume spike on the daily yet that is letting us know a break is coming, so remaining patient.
ETH bulls already took out some daily resistance levels and ETHBTC is in the spotlight...
Since the video from yesterday, we lost our 4H uptrend which told us a pullback and 12H higher low was needed.
Now we are in the opposite scenario, we need a 4H trend change for the bulls in order to be looking for our 12H higher low to form.
Tightening range as we head into the weekend.
Bulls entered on hourly oversold conditions trying to get that 12H higher...
Potential 4 hour bull flag as the bulls are trying to confirm the 4 hour trend change after a significant bounce.
After adding BTC and ETH yesterday morning on weakness, I exited half of both last night as I was unable to watch for 10 hours and was sitting on a 4 day maker in just 12-14 hours.
I am currently still holding the 2nd halves of those positions and...
A nice pattern where each lower low does not get much follow through, and there are 5% bounces for the lower highs to form.
This is the kind of pattern that when it reverses will more likely be an inverse head and shoulders than a big dump and V-shaped capitulation recovery.
BTC still has not formed a low on the daily chart, and we are getting close to the over...
Currently a tight hourly range on BTC that has to break bullish for the chance at a 12H equilibrium.
If the bulls pull it off, we could stay in this equilibrium for another 2 days.
If unable to see follow through into the mid $11,000s, we will be looking for a bear break of $10,300.
This would likely mean a break of $10,000 is coming and 4H oversold conditions....
Congrats dip buyers, solid bounces off the lows.
We did not get the $10k flush we were preparing for from the video,
but the bounce has certainly been worth while to make even smaller positions significantly profitable.
I personally will be exiting my position if we get 1 more leg up into the low $12,000s which was my visual target for the 4 hour equilibrium....
BTC dominance is almost to the highs of December 2017.
We are back in insanity mode and that means greed and emotions are running high.
As I keep repeating... Do not short BTC while we are in a daily uptrend, and this daily uptrend is going to hold up a while. Tons of space of a daily higher low when we lose the 4 hour uptrend.
We just had a 15...
The BTC Bulls are keeping full control of this move and heading to higher highs.
There is not much follow through on the new 2019 t this point, but with so many shorts piling in they continue to provide the fuel needed to see this continuation.
Alts are being hit hard as the focus continues on BTC.
LTC and ETH lost the 4 hour uptrend long ago.
Nice Job by bulls to continue defending the 4 hour uptrend while most other names like ETH and LTC have lost the uptrend.
Due to the notable lack of bull volume I personally am expecting a 4 hour lower high this morning and a potential equilbrium.
Bulls continue to buy oversold conditions, this time it was the 15 minute time frame that formed our last 4 hour...
Extremely bullish daily chart continuation, and clear 4 hour uptrend as a guide on this move.
Bears are nowhere to be seen as the bulls continue to push higher.
You may be asking, Who ois buying up here? A lot of the fuel for bulls is coming from shorts who keep trying to fight the trend, and keep having to cover in a fairly thin trading environment.
Yesterday BTC broke the higher low every day pattern which had been intact over a week.
This has us looking for healthy daily consolidation, and a daily higher low.
If this head and shoulders breaks bearish, we will see a test of daily EMA12 support.
If this pattern does not confirm, we will have a daily bull flag looking towards $10k.
Patiently waiting for...