BitcoinLong
BTCUSD 1H chart (7/8/2019)
Good morning, traders. My larger TF EW and Wyckoff labeling are still valid and doing quite well. That doesn't guarantee that they will continue to do so, however, as EW is notoriously tricky during corrective moves, but for now I don't see any reason to change them.
It appears that Bitcoin's price recently completed a symmetrical triangle which it broke out of this morning. As always, we have two targets based on that pattern: 1) $12800 based on the height of the triangle and 2) $13900 based on the height of the flagpole leading up to that triangle/pennant. I do believe that price will reach the upper target as it aligns perfectly with the daily R1 pivot and, of course, it is the general target level of the large descending wedge that begins at ~$14000.
Demand volume on the 1H and 4H TFs looks really good with the recent move up which gives more support to the idea that price will be headed higher. Currently, we can expect a small retracement (as we are seeing) as price cools off from that pop before heading higher. Additionally, in terms of VPVR at the 4H TF and higher, the LVN is located between $12225 and $13000 which means price shouldn't have a difficult time making its way to the lower target at least. Don't forget, price has not spent a lot of time above $13000, so there's little in the way of resistance in the grand scheme of things.
The 4H Stoch RSI is just now breaching overbought, so it still has a lot of room to move up, while the 4H RSI is bullish at 60 (it, too, having a lot of room to run). The 1H Stoch RSI and RSI are cooling off as price retraces a bit, readying for the next push up. Weekly R1 pivot is at $12975
_____________________________________________________________
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.
It appears that Bitcoin's price recently completed a symmetrical triangle which it broke out of this morning. As always, we have two targets based on that pattern: 1) $12800 based on the height of the triangle and 2) $13900 based on the height of the flagpole leading up to that triangle/pennant. I do believe that price will reach the upper target as it aligns perfectly with the daily R1 pivot and, of course, it is the general target level of the large descending wedge that begins at ~$14000.
Demand volume on the 1H and 4H TFs looks really good with the recent move up which gives more support to the idea that price will be headed higher. Currently, we can expect a small retracement (as we are seeing) as price cools off from that pop before heading higher. Additionally, in terms of VPVR at the 4H TF and higher, the LVN is located between $12225 and $13000 which means price shouldn't have a difficult time making its way to the lower target at least. Don't forget, price has not spent a lot of time above $13000, so there's little in the way of resistance in the grand scheme of things.
The 4H Stoch RSI is just now breaching overbought, so it still has a lot of room to move up, while the 4H RSI is bullish at 60 (it, too, having a lot of room to run). The 1H Stoch RSI and RSI are cooling off as price retraces a bit, readying for the next push up. Weekly R1 pivot is at $12975
_____________________________________________________________
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.