BTCUSD H1 chart (8/16/2019)
Good morning, traders. Bitcoin printed a potential reversal with yesterday's daily candle. We now need to see a green daily candle to confirm it, however. Daily Stoch RSI is in oversold but curled up looking for a bullish cross. Yesterday's volume was the strongest seen in just under a month, and it was demand-related. The weekly, as mentioned during yesterday's live stream, is printing a possible hidden bullish divergence again. But if price continues higher through the EoW, then it will likely not close as such. That wouldn't be a huge issue, though, as it just means that we are getting higher lows in price and higher lows in the oscillator so they would be in agreement that demand is in control at that time.
I remain cautious at this time. Shorter TF charts are not giving strong signals in either direction. As we can see on this H1 chart, price is at the HVN. A move above suggests continuation higher to the next HVN, while a move below suggests the opposite. The orange zones are area of supply (we can see yesterday's move up was rejected in that zone) and the blue zones are areas of demand. I have also drawn two intersecting pitchforks to give traders an idea of resistance and support as price moves. I have also made the S1-S3 pivots more noticeable in red and slightly thicker.
Currently, price remains below the H1 S2 pivot, ascending pitchfork median, and descending pitchfork median. With price at the top of the HVN, it seems more likely that price will head up. If it can close above those three resistances mentioned, then traders should be looking for price to target the green box, and I would be leaning to price topping out around the EQ of that orange zone at $10840. If price heads down from here, through the two blue zones, then as I have continued to mention, the odds increase for a trip toward $8200/$8400.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
I remain cautious at this time. Shorter TF charts are not giving strong signals in either direction. As we can see on this H1 chart, price is at the HVN. A move above suggests continuation higher to the next HVN, while a move below suggests the opposite. The orange zones are area of supply (we can see yesterday's move up was rejected in that zone) and the blue zones are areas of demand. I have also drawn two intersecting pitchforks to give traders an idea of resistance and support as price moves. I have also made the S1-S3 pivots more noticeable in red and slightly thicker.
Currently, price remains below the H1 S2 pivot, ascending pitchfork median, and descending pitchfork median. With price at the top of the HVN, it seems more likely that price will head up. If it can close above those three resistances mentioned, then traders should be looking for price to target the green box, and I would be leaning to price topping out around the EQ of that orange zone at $10840. If price heads down from here, through the two blue zones, then as I have continued to mention, the odds increase for a trip toward $8200/$8400.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
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