Corn_Reaper

Corn_Reaper Updated 

Good day Traders Our $3470/$3500 support has been holding strong. Although we keep getting rejected by the $3550/$3600 resistance, we now have bullish divergence on the 2H MFI so still expecting a move to the upside. Our 1D SMA50 is going to be strong resistance yet again, this time around $3670 but we first need to get above $3600. The way I see, we have 4...

Corn_Reaper Updated 

Good day Traders The H&S is still playing out from my previous post with a stunted 38.2 fib retracement to print the right shoulder, although I still expect another wave up to complete it. The downward sloping flag from my previous post seems to have turned into a right-angled broadening wedge as we found support at the same level as 13 Jan. Yesterday's drop...

Corn_Reaper Updated 

Good day Traders Bitcoin seems to be following the H&S pattern from my previous post, and currently printing the right shoulder, as well as a potential bottom diamond pattern, which could break in either direction since it's both a reversal and a continuation pattern. We still have major trend line resistance going back from our ATH and we're sitting right at...

Corn_Reaper Updated 

Good day Traders The market has chosen a direction and unfortunately I've almost lost all hope of seeing $5k happen in January, not with Chinese new year approaching and especially not after that huge break to the downside of what is most probably a very large bearish pennant. It doesn't look pretty. It looks like we might have actually broken that bearish...

Corn_Reaper Updated 

Good day Traders The way i see it, Bitcoin is either in an ascending triangle or it has broken out of that bearish pennant which could take us down further to retest our lows, however, I don't think we should be one dimensional with these chart patterns and more often than not, an open mind is required (and proper risk management) if you don't want to...

Corn_Reaper Updated 

Good day Traders, As expected, Bitcoin's short-lived rally had short-lived volume to follow through after its big jump on 6 Jan. The bullish inverted head and shoulders has been invalidated, and the bear flag has ultimately failed. It looks like we have a head and shoulders pattern playing out with the right shoulder currently printing as we speak. If we break...

Corn_Reaper Updated 

Happy new year Traders! First chart for 2019 and back in the saddle after time away (and not too much has been missed it seems). My trade from my previous post is still active and I'm still waiting for a retracement to our $2630/40 bottom target. Bitcoin has now broken support of the large bearish pennant which has been holding since our annual low in mid...

Corn_Reaper Updated 

Morning traders! I mentioned in the last update of my previous post that we were potentially forming an inverse H&S and that we needed to watch the wedge resistance, $3600 and volume because if we broke above the wedge, we would probably break above the H&S neckline. Well we broke through wedge resistance with volume and the H&S played out, although we never...

Corn_Reaper Updated 

Falling wedge resistance is holding with bearish divergence on 1H MFI. We had a 61.8 fib retracement back to our 9 December swing high and should have a drop to our 161.8 fib extension coinciding with wedge support at around $2800 before we have a strong wedge breakout to the upside. Target set at $3950 using the wedge height, our 1D SMA30, strong horizontal...

Corn_Reaper Updated 

Bitcoin sitting at triangle apex. Could break either way but looks like a bearish pennant to me which could take us below our weekly SMA200 before Christmas. We have hidden bearish divergence on the 3H MFI so this could break to the downside. TP targets set by using 138.2 and 161.8 fib extensions from the pole height and height of the pole itself taken from the...

Corn_Reaper

Bitcoin dropped from that triangle, however, we found support on the weekly SMA200 and I don't believe we're ready for that drop below $2900 just yet. If we do drop lower, we should find major horizontal support at around $2960. Selling volume is slowly drying up and I have to admit, it seems we actually have regular bullish divergence on the weekly MFI and not...

Corn_Reaper

The way I see it, this is either a broadening wedge or a falling wedge. The difference is that if this is a falling wedge, we might be approaching the falling wedge resistance to around $3740 which coincides with a 38.2 fib retracement to the 29 November high. There is also bullish divergence on the 1H MFI so expecting a move to $3740. We either then have a strong...

Corn_Reaper Updated 

Bitcoin currently forming a rising wedge and showing strong hidden bearish divergence on the 4H MFI. If the larger formation is a broadening wedge, then we have already touched resistance twice and should be making a move towards our most recent trend line support which has been holding since 1 December. This is also a 20.75% drop from the 4 December high and...

Corn_Reaper Updated 

Bitcoin is printing a bullish ascending triangle on the shorter time frames and currently playing out within a broadening wedge which is itself within a larger broadening wedge so there is potentially further room to the upside for btc and a lot of room to the downside if we drop below SMA200 on the weekly. The target of the ascending triangle is around 5% to the...

Corn_Reaper Updated 

Now for some optimism in this era of anticipated FUD and panic. The technicals might be bearish but just consider the divergence between the actual Bitcoin price and all of the pipeline institutional developments on the horizon for Q1 2019. Consider that Bitcoin might actually be printing a parabolic arc and is very very close to the actual bottom. This parabolic...

Corn_Reaper Updated 

Good day Traders Here's my synopsis for the festive month ahead. Bitcoin found the resistance of a large descending channel, is currently testing bearish pennant support and printing a falling wedge on the 15 min for a rise to around $3980, before breaking market structure and dropping to $3500-$3600, where we should have strong trendline support (which had...

Corn_Reaper Updated 

**I was just about to click publish when the short squeeze beat me to it. This was the analysis: Bitcoin sentiment and the weekly chart is bearish, however, Bitfinex shorts are rising and have fallen out of and retested a rising wedge which means we might have a short squeeze from here in the short term and a bounce to retest that pennant as resistance at around...

Corn_Reaper Updated 

#Bitcoin found support at the base of the ascending channel to potentially form the right shoulder of that H&S. I mentioned in the previous post that we might not break channel support because there was hidden bullish divergence on the 4H so to watch the $3900 area for a possible rebound which happened at $3950, but price is now right at the apex of a large...