BTC is in bullish pattern as it completed inverted head and shoulders and break out upwards... It currently came back to retest the head and shoulder neck line which is as per books.
Now we have to see up wards moment and not beak the neck line on weekly.
So far it played well by holding at 10400.
BTC weekly once again closed above our support of 11555.55 for the fourth time in a row ...
On daily it broke way below 11555.55 but on the last day of the week bulls managed to close above.
It looks like BTC is eating time of the close to reach moving averages and then move up higher. I am happy on my long term BTC position as long as weekly does not close...
As long as weekly stays above 11555.55 I dont see any problem. This line already proved multiple times.
1. Weekly close above this line - Pass
2. weekly follow through above this line - Pass
3. This correction looks like a reversal candle on weekly so far... but still 4 days left for confirmation. .. So far it had nice jump of on this 11555.55
Weekly has to Close above 11555.55. Just crossing 11555 is not sufficient to be long term. Once on a weekly scale it crosses this number, that will be the 1st time crossing after Jan 15, 2018.
Remember it stayed above this number on weekly for just 6 weeks in BTC history.
I see about 20 weeks of price action around this weekly close number.
Beautiful SPY month reversal candle with month divergence. Are we in long term down trend?
Points to note... volume is still very low.. Unless huge bear volume shows up we have no guarantee
Also weekly trend change did not happen yet..
Getting into SPXS and TVIX beacuse,
1. Trend line touched the peak.
2. RSI is overbrought
3. Overall volume is below average
May be not ready yet because,
1. Negative divergence is cancelled on daily
2. MACD histogram printed green
3. Bull volume increasing in last 4-5 days
Only 1 indicator that is needed is high bear volume and a single bearish engulfing candle
ETH BULLISH XABCD pattern forming. The D apex looks so close but the actual point is so far. Any reversal here is bullish. The yellow line acts as support and ideally it should bounce now to form bullish pattern... However as the apex is still lower (almost near 136) and the support lines are there in between but kind of weak ones, the line can slide down for a...