Good morning traders,
We've had quite the eventful Saturday morning, (6:30am currently where I'm from) after breaking down from the rising wedge in my previous technical analysis I've posted for the community.
This is starting to look like a dead cat bounce before continuation to the downside.
1: No volume on the relief pump (which tells me this is...
Good morning traders, it appears we have yet another rising wedge formation (which in most cases has a bearish resolution)
I'll post updates to this technical analysis as the weekend price action develops.
I'm going to start a YouTube channel for daily technical analysis video's, is this something you guys would be interested in? Would you guys tune in and watch...
Usually I post ltf (lower time frame) technical analysis, however one of my followers has requested a long term bitcoin chart so I've decided to create visuals on the monthly chart.
4 candles represents one quarter annually (which is macro - htf) and shows the most data in one candle)
The monthly candle is down $10,000 since it's latest ATH (top) at...
This should help you guys put price action into perspective.
Flipping the charts (inversed) helps you see things from the other side of things and if you're wrong you'll see it quickly.
Price action: we broke down from the uptrend on January 21st, and retest the broken trend line today (January 22nd), which we rejected from and confirmed a short term bearish...
It's Friday's and we always pump going into the weekend (this was a relief pump in my eyes) and this pump has not phased me one BIT.
I'm expecting more downside before Monday and next week over the weekend.
A rejection from the broken trend line which from here we broke down on January 21st, then retested it today (January 22nd) and a rejection over the next...
After topping out around $42,000 we've been breaking multiple ltf support levels and have started entering htf support breaks.
Today we officially broke the bullish uptrend which has been intact for almost a month now (bearish reversal)
What does this mean? Top traders have started selling bitcoin as we're now in Q1 2021 and this would be a perfect time to set...
Earlier i thought we may had seen a bounce off the support level but woke up to the levels broken (which confirms yet another bearish leg down.
I closed my long with a loss, will look for a bounce off $27,999 or $29,999 depending on how I'm feeling in regards to price action.
This is why you stick to your plan fella's....i posted a bullish scenario thinking we...
Wave 4 should be approaching the support level in which will initiate the rally towards the next wave (wave 5) if the probabilities within this trading setup get respected.
I'll post updates to this technical analysis as price action develops in key area's of interest.
Please get this post to 30+ likes to unlock tomorrow's daily technical analysis (TA) 👍
It looks like we've got one big massive bullish pennant that will likely play out within the next weeks to come (probably less than that) , and pennants that originate from the lower side usually break to the upside (where my bias has come from)
If the price does hold on this trend line after a short term bounce i'd be looking for new ATH's within weeks, but if...
If you've been following my previous posts you'll have been made aware that bitcoin was trading in a rising wedge AFTER previously breaking down on January 16th from where we lost the original uptrend that was holding throughout the pump through previous ATH's all the way to $40,000+.
$33,333 is the target.
#1: Lower highs being printed since ATH at...
As predicted in my last few technical analysis post, the breakdown is about the happen most likely within hours.
This will be my last post until the $32,999 target is met at a bare minimum.
Plan your trade and trade your plan.
Please like/comment for sharing this TA with the community as it helps new traders looking for guidance to see my different posts 👍
It appears we have a rising wedge which looks to be playing out nicely.
Summary on rising wedge:
1: Broke down from an uptrend on January 16th, which after started the rising wedge formation (which is usually in most cases a break...
I've been watching this sideways price action for 72 hours straight and waited for a clear read.
We have a very very clear rising wedge after breaking down from the bullish uptrend on January 16th.
Will post attachments to this TA over the next 24-48 hours with updates.
Plan your trade and trade your plan.
I've waited the entire day for this moment (rejection from the 100 day moving average after breaking the ltf uptrend trend line)
Wouldn't be surprised to start the week off (monday) with some red candles especially considering alt season is likely here.
1: BTC dominance has been decreasing (signs of alt season / btc ranging over next few weeks)
None of this weekend price action means absolutely nothing to me in terms of fundamentals, why?
On weekends the price action is more manipulated because big players aren't trading and the liquidity is 2x less than Monday - Friday which allows market makers to chop out players before the following week.
I'll stick to my plan, target $32,999 and if that fails...
Good morning, I've stopped trading weekends and started to just sit back and watch how price action unfolds going into the following week.
My bias has not changed (bearish) as long as we're trading below $40,000 I've got no reason to switch my bias (this would be emotional trading) and i've created this plan and will stay solvent until the markets show signs of...
Head and shoulders looks to be playing out on the ltf chart (30 minute), wouldn't be surprised to see some red days coming up.
If $37k doesn't hold we go to $35k, if $35k doesn't hold we go to $32k, if $32k doesn't hold we go to $27k.
Once 3 validation points have been confirmed on either an up trend or a down trend its likely to reject in the opposite direction the validation point was secured at (If the down trend gets a 3rd validation point, it's likely to reject to the downside shortly after)
$35,444 seems like an area of interest over the next 24 hours for a retest of the uptrend trend...