axanthics6770

axanthics6770

It appears that the test of the lower support for the channel was broken and recently recovered. However, downward pressure on the price action appears imminent based on several indicators on the weekly TF.

axanthics6770

Price action has increased above the intermediate support line in preparation to test the intermediate supply line.

axanthics6770

The price action has developed to break the supply line of the wedge that formed on the 4 hour. Moreover, it is back testing the now demand line.

axanthics6770

The price action has fallen below the demand line (now a supply line) of the channel for this extended re-accumulation period, developing what appears to beginning of a new pattern. I would expect a drop to test the minor demand line at approximately $34,700 before heading side ways for a while.

axanthics6770

Would anyone welcome a move to the downside for the potential upside?

axanthics6770

Price action has developed to test the major resistance for this phase at $40K, which demonstrated strong support a few days earlier. To the extent that price action surpasses $40K, then we JAC and backtest (BUEC) before seeking an ATH. Volume appears strong; MACD and RSI appear poised to discover another ATH. However, if testing resistance fails at $40K I'd...

axanthics6770 Updated 

Price action is looking to test the $40K resistance. Positive momentum showing on the MACD on the 4hr. Moreover, there is hidden bullish divergence showing on the daily! RSI on both time scales can support another push to ATH.

axanthics6770 Updated 

The price action to the upside has been impressive, breaking the previous .618 fib. line and now approaching the .786 fib extension. Prior to testing the resistance of the re-accumulation channel and reaching ATH, price action must break through the local supply line. Volume should increase and to show indisputable strength JAC and then backtesting before moving...

axanthics6770

The price action has broken through the channel's lower-bound supply line (which is now the demand line) on increased volume (relative to the past 20 hours. Moreover, the price action is testing the local .618 fib line. And we wait!

axanthics6770

It appears that price action has developed into a secondary backtest of the support line for this re-accumulation phase. Negative momentum has also decreased with relatively low volume as well. If positive momentum (according to the MACD) and an increase in volume occur, price action should decisively break to the upside through the lower-bound supply line of the...

axanthics6770

Price action is now attempting to break the lower-bound resistance after the shakeout.

axanthics6770

The price action broke through the demand line of the positive and upward sloping channel and appears to have found a bottom near the support line of the last re-accumulation phase. We'll watch as price action breaks through the resistance which was previously support a few candlesticks back. We'll look for the back test before continuing to break out.

axanthics6770 Updated 

The shakeout of this re-accumulation cycle is respecting the demand line of this positive upward sloping channel, which started in December. Moreover, it is also still within resistance and support for this re-accumulation phase. Great entry point on a long as the RSI hasn't been this oversold since early December on the 4hr. And we wait for the follow through...

axanthics6770

Price action has broken support at the local .5 fib extension and now is testing .382 and the major demand line at $33,290. This shakeout is still within the support (32K) and resistance ($40K) of this re-accumulation cycle.

axanthics6770 Updated 

Shakeout is in progress. Price action has broken through $40K support line and has broken the local .786 fib extension heading toward the .618 fib on relatively weak volume. Divergence is barely noticeable on the RSI. And we wait for the JAC and BUEC.

axanthics6770

It appears that there is very strong support at $40K. Moreover the RSI on the 4hr indicates bullish divergence. The strong support, coupled with the tight squeeze due to the supply line, suggests a pop to the upside in the next few candle sticks given the RSI and MACD. This will create the breakout (JAC) and subsequent backtest (BUEC). If the back tests bounces...

axanthics6770

We'll watch over the next few hours to see how it develops.

axanthics6770

The purpose of this note is to describe the perceived re-accumulation phase occurring, which can be observed on the 4hr but is zoomed in here at the 30 minute for clarity of details. Last night we completed the Upward Thrust and cleared $41300, which was the called target of the last trade set up. Prior to that we observed the Automatic Reaction (start of this new...