So we finally saw the plunge and breakout of the rising wedge. The height of the initial plunge to the low of the rising wedge was around 4000 points from about 7800 to the low of 3800 ish. If we measure (4000 points) down from the breakout of the rising wedge wedge we could easily now see BTC retest the low of 3200 set in 2019. Will this happen? Well things to...
Mirroring the Bitcoin chart here we can see a divergence on the 15 min chart for the dow inside a rising wedge reversal formation. Possibly a double top to. Looks like the dow has run into trouble right of the 4hr 200MA and rejected right around the resistance zone. Will we see a retracement back to test the rising wedge at 21400 ish? Stop just above the 15...
Here we can see a strong MACDH and RSI divergence on the hourly BTC divergence inside a rising wedge with a potential double top formation. Looks a strong sell. Daily is overbought and moving averages are bearish. 4 hr 200MA is sloping downwards indicating bearish pressure Stop just above the double top. First take profits 7230 (neckline of double top and back...
I'm a price action momentum trader. The 4 hour chart has shown a long legged Doji candle reversal pattern with some pretty big sell volume. Thats good enough for me to try and squeeze some short profits out of this. I will need to see follow through momentum though or I will close the trade in the support box just below. If we can get through the first support...
Nice H+S reversal pattern with a breakout of the rising channel. Sell
BTC has now effectively filled the CME gap at around 6620 and rejected the resistance box heavily in that area with a 1hr bearish engulfing candle and a bearish pennat reversal pattern. Hourly moving averages are bearish and this area represents a great area to short as per my other posts. Bears that had their stops below 7000 may have been hurt hard by this...
Here we can see a nice divergence of lower prices with a rising RSI and MACDH divergence on the hourly. Nice Doji reversal candle to. Analysis of the WTI charts shows big volume on this candle to. Is this a double bottom? Will we see a big pump up to the neckline? Resistance box to get through first. As always I'll be taking profits as we hit that and buying...
Looks like BTC has formed a descending channel, not sure how long it will remain in it but this just adds further confirmation to the sell signal of the Adam and eve double top, rejection at resistance and breakout of the rising wedge reversal pattern. First profit target would be the break of the neckline of the double top around 5700, we have a support box just...
BTC death cross, I'm sure we've all seen it. Ive been predicting this move for a week now so hope you got some profits if you follow me. We now have a lovely triple candle reversal pattern at the top near resistance, divergence, overbought and a possible double top. There are also lot of descending trend lines now and resistance above. First profits should now...
Nice MACDH and RSI divergence on the 1 hr chart for BTC. We could be looking at a breakout fakeout here of the rising wedge on the daily charts with a falling wedge reversal pattern on the hourly. These types of divergences are my A* trades so I have to take them even though the overall pic on the daily charts is more bearish. Hourly moving averages are still for...
Another nice breakout fakeout trade here from the breakout fakeout master ; But how high will it go??? As with the parallel dow trade (see other post) breakouts rarely work. Its nearly always best to see that conditions are overbought or oversold and trade accordingly. The only problem is that I really need to sort out this telegram channel... I'm a high margin...
Nice fakeout of the rising wedge, will it go higher to fill the gap to 22496? Bounced of horizontal support at 21,580. We might see a divergence here before moving upwards but maybe not. Any further failure could see a move downwards but I prefer to trade fakeouts not breakouts and as hourly moving averages are pointing upwards I'll hedge my bets and go long for...
BTC failed to breakout above the flag with convincing volume, instead faking out when it hit the downward sloping resistance line and forming a rising wedge. This is inside another larger rising wedge! Combined with the divergence on the charts (see circled lines), and some large selling volume, the outlook has now turned short term bearish, though the daily...
Bitcoin just posted a horrible divergence on the hourly MACDH chart. These types of divergences often result in big moves the other way so I've closed 75% of my longs. 4 hour moving averages are pointing downwards but hourly moving averages are still crossed to the upside and there is support just below, which probably means a range but I'm playing it safe. Not...
The dow looks good for a bit of a pump up after all the selling. RSI and MACDH both showing nice divergence.
Here we are at the crossroads, US crude oil has put in a lower high and lower low on the hourly charts and we could see another move downwards. This is an interesting trade as we could either see a continuation flag to the upside where we may break major resistance and pile on up to 28. Or we could see a cup and handle reversal pattern and see a retest down to...
Nice reversal in play, could move a bit higher maybe even take out the daily highs.
US crude posted a nice double bottom on the 15 min chart after the expected fakeoutbreakout (see other post). After taking some nice short profits on that trade this was a great long already netting some quick profits with huge momentum as we moved back into the triangle. I'm holding 30% of position for a move higher. Will look to add again on pullbacks. Daily...