A lot depends on how Bakkt performs when it launches. Right now I'm leaning bearish and this is looking like the time we ranged before breaking that $5800-$6k support level.
The first drop and measured move down gives us the zone of $5k (depending on the 200MA) which would establish it as the Weekly higher low. I'm long term bullish on Bitcoin. Personally, I've...
Bitcoin broke down before rebounding. However, there's no real follow-through on the bounce and is hitting Exponential Resistance. I expect another leg to the downside with $7k being the next zone. (Daily)
However, on the Weekly Chart volume is still not too bad. This upcoming Weekly candle will determine what Bitcoin does imo. Will it push back up to test...
Bitcoin looks like it was going down this channel and has done a nice V-shaped reversal. If you're playing the bounce I'd monitor Volume, the RSI and Exponential resistance/support.
$11,130 is the 22 EMA so I expect a push up to that and depending on volume can see Bitcoin making another push for $12k. Keep in mind that longing in this area is risky so it's best...
There's multiple realistic options that I can see happening but these two are what I'll be looking at. We bounce off the 22 EMA go for a retest of the short term top. We will see either a rejection (red) or bull break (yellow) with bulls targeting the meme number of $15k. From there it's anyone's guess as to what will happen. Personally, I feel a consolidation...
TLDR: Bitcoin will possibly retest $8400 before going to test the higher lows of $6k.
Trading Concept of the Day: Highs and Lows. In technical analysis , it is the overall direction of these highs and lows that constitute a trend. An uptrend is classified as a series of higher highs and higher lows, while a downtrend consists of lower lows and lower highs.
- Bitcoin failed to break resistance between $4050 - $4150. I was stopped out and redid my chart.
- The chart now shows a range between the lowest and highest point. I believe we will retest the lows around the 200 MA.
- If there is a reversal, I believe it'll be in the form of a Double Bottom and is the strategy I was going to employ if we failed to break.
- RSI is healthy
- MACD is healthy
- Volume is good.
- Market Sentiment is bullish but a little skeptical (from what I read in chatrooms and forums)
- The Bull Flag on the Daily breaks to the upside thereby validating the large iH&S.
- If we break the Lower Highs on the 1hr, and 4hr, check the Daily ($3755), that'll be the...
Looking at the Daily, I'm seeing a possible Inverted H&S (Bull Reversal) in the works. This will take about a week or so to confirm and MAY NOT happen. Keep yes on the next few days especially if you're short. Currently, I'm short with my target being within $75 of the Left Shoulder's lowest peak.
Looks like the S&P 500 is completing the 5th wave. The bull market couldn't last forever and I feel as if the bears will come down hard in a self-fulfilling prophecy.
Proshares Ultra Short is looking mighty attractive right now.
Bitcoin bulls showed up today and the "Falling Wedge" on the Daily has played out.
That said, we have bullish divergence on the 3Day RSI . A retest of the 10 EMA would have us around $3850.
If the volume starts to pick up I can see us retesting $4k.
Until then, keep eyes on since short positions are still near ATH's.
- Volume is looking good for the bulls, though it needs an increase as it creeps up
- MACD is still flat but flipping bullish.
- We are making HIGHER LOW'S while the resistance is pretty obvious. I wouldn't be surprised if we pull-back to retest that bottom trendline. As long as Bitcoin grinds up against it, we are in the clear.
Bakkt news is due out...