BTC BULLISH into this week?? BULLISH CANDLESTICK PATTERNS
Btc is currently facing resistance of the 125 EMA but is forming a bullish hammer/pin (whatever you want to call it) candlestick on the daily. During the last short uptrend and this current slower paced one, we have noticed a few instances of heavy bullish engulfing after the completion of these hammer/pins (which is outlined within the highlighted boxes).
But we should look for two indications of confirmation, the close of todays candlestick in a hammer/pin formation, and an increase in buying volume that will drive tomorrow’s candlestick thru 7,400 price levels.
My indicators are showing a hault in increasing short positions within public market data and I will look for some confluence of the MACD line bouncing off the signal line. My stochastic is showing an overbought sentiment, but I simply use it for identifying divergence within charts, NOT FOR BUYING AND SELLING LEVELS… (Be careful with what you learn on the web about the stochastic indicator, many people tend to use it incorrectly) It should never be used for entry and exits alone…
If we see some money pulled from the overall btc market cap, we may see an bearish engulfing candlestick which will indicate the reversal in price trend. If so, I will look for confluence thru increase in selling volume, consistent money being pulled from btc cap throughout the day, and bearish sentiment within my MACD and STOCHASTIC.
I am still very bullish with btc as we have held the 5.8-6k level very comfortably on the last few dips. Everyone is calling the end of BTC and alts if 5,700 is broken, I disagree; at that point a 5.2K price level should be expected for VERY HEAVY support. But in order to meet those levels, 30-50billion will be removed from the overall market, and the 5.8-6k level MUST be broken.
The red checkered lines resemble short-term support lines I am looking for during a reversal in trend.
Bitcoin current price is 7,285 with a somewhat subjective head and shoulders forming on the hour/2hour chart…
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
This was completed 11:57am LOS ANGELES TIME
But we should look for two indications of confirmation, the close of todays candlestick in a hammer/pin formation, and an increase in buying volume that will drive tomorrow’s candlestick thru 7,400 price levels.
My indicators are showing a hault in increasing short positions within public market data and I will look for some confluence of the MACD line bouncing off the signal line. My stochastic is showing an overbought sentiment, but I simply use it for identifying divergence within charts, NOT FOR BUYING AND SELLING LEVELS… (Be careful with what you learn on the web about the stochastic indicator, many people tend to use it incorrectly) It should never be used for entry and exits alone…
If we see some money pulled from the overall btc market cap, we may see an bearish engulfing candlestick which will indicate the reversal in price trend. If so, I will look for confluence thru increase in selling volume, consistent money being pulled from btc cap throughout the day, and bearish sentiment within my MACD and STOCHASTIC.
I am still very bullish with btc as we have held the 5.8-6k level very comfortably on the last few dips. Everyone is calling the end of BTC and alts if 5,700 is broken, I disagree; at that point a 5.2K price level should be expected for VERY HEAVY support. But in order to meet those levels, 30-50billion will be removed from the overall market, and the 5.8-6k level MUST be broken.
The red checkered lines resemble short-term support lines I am looking for during a reversal in trend.
Bitcoin current price is 7,285 with a somewhat subjective head and shoulders forming on the hour/2hour chart…
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
This was completed 11:57am LOS ANGELES TIME
Comment:
We should look for support around the 6800 level, this is a 2018 historical level that is very significant to BTC price. If 6800 is broken, we should look for 6,300-6,400 support levels.