1) BTCUSD is forming an ascending triangle (very obvious on lower tfs) which it is set to breakout of tomorrow.
2) Anticipating a break from here up to the intraday S/R line ~9900 that coincides with the lower center band of the ~2 1/2 year pitchfork recently generated so I will be taking profit there,
3) then rebuying on the retrace down to the current bull trend line, coinciding with the 0.236 fib (intraday S/R) ~9300.
4) Target from there is all the way up to the current overall downtrend line ~11300 next week then another retrace back to the first S/R line ~9900.
From there if we break the downtrend line its party time.
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Right on cue, took profit at 9800, riding this to 8800, expecting it to go deep, quick. If it breaks there then hold on to your seats. (not expected so keep those hands in the air party animals)
1) 1H MACD crossing bearish in overbought territory, very healthy turnaround. 2) Impressive sell volume on the last hourly where it topped, pushing it down, if you check out the 5 minute and 15 minute charts you can see all the bearish volume is spiking and bullish is waning.
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|__ > Visualized the intraday turnaround at 8800 support on the 1D:
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Well fellas, cross your fingers and hope you can get this healthy buys at 9300. 1) Price is currently forming an ascending triangle on the 15m (left) 2) and there is a possible bullish hammer on the 4H -> if this 4H closes above the 4H 200 MA @10132 then the momentum will be confirmed to make the move all the way to the downtrend line at 11300 without a retrace. This is appearing likely due to the on boarding of all the money that was on the sidelines waiting for a bull trend structure to develop like the one we are witnessing.
FOMO INCOMING
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We're coming up into heavy resistance here, expect a pullback from the downtrend line to ~9800 (9300/8800 are distant dreams at this point) to reload.
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If this isn't an inverse head and shoulders then I honestly don't know what is.
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Well that worked well, still buying @ 10k after this retrace, expecing a definite break of downtrend line after we bounce from 10k due to massive bull strength (it was already broken through making it weaker).
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Quick last bump up forming this H&S then our final retrace to 10k. Note the 4H 200 MA at ~9950 that will form a heavily defended floor for this.
Trade geschlossen: Stop wurde erreicht
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No good on this retrace, support broken, will go further.
Hello my friend, I think the candle you are describing as hammer actually is the Hanging man. The candles forming feels rather bearish IMHO.
FenixCapital
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@mi_khan, You are entirely correct, I called it before it closed which is a fatal error of any trader, it did end up reversing and closing very bearish and we are en route for our retrace to 9300.
CzarnyM
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well your chart was most accurate, you really think its gonna go down to 8800? not 9300?
FenixCapital
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@CzarnyM, Hello, I replied to you last night but I guess it didn't post. I had said that if yesterdays daily kept pushing down we would indeed see a quick aggressive push through support down to about 8800 where it would lose steam and rebound. I then said however, if this daily doesn't push down and it takes 2-3 days to move downwards (slower) then it will take a lot less to turn it back around because it will have less steam and therefore will most likely turn around @ 9300. The latter is now my current plan - setting up entries 9200-9300.