PrepForProfit

PrepForProfit

Bitcoin broke down and out of the rising wedge making it a bearish reversal pattern. Support levels shown are based on the Tom DeMark trendline breakout strategy(S1) and S2 is just a measured move equal to the price difference at the base of the wedge. Bids filled for me at $8400 and $8030 so far with more set down to $7,200.

PrepForProfit

Futures traders filled the gap down to $8,230, watching to see if that level holds as support now.

PrepForProfit

Rising wedge in an uptrend with declining volume. A move below the lower line of the wedge accompanied by increased volume would be bearish. Been waiting for a pullback since mostly exiting at $7750 on the way up. Bid filled at $8400 yesterday with more placed down to $7200 in anticipation of price testing some recent support levels before moving higher.

PrepForProfit

Higher high made in price with a lower high made in the RSI. No volume up here above $8k as that declined during the recent advance as well.

PrepForProfit

We have another gap on the daily BTC futures chart, looking for a fill down to at least $8,230 and a test of that area for support.

PrepForProfit

The weekly chart for Bitcoin shows that the current weekly candle has a body that is completely within the body of the previous weekly price candle which makes it a bearish harami. The current weekly candle is also a hammer candle which tend to signal the end of an uptrend, especially on the longer timeframe charts such as this weekly chart. The current weekly...

PrepForProfit

Pennant for Bitcoin with lower indicators that are leaning bearish. Use tight stops or wait for a triangle break. COINBASE:BTCUSD

PrepForProfit

Still looking for a gap fill on CME futures.

PrepForProfit

Very large gap on the CME futures chart. Gaps tend to get filled, so expect a dip back down to $6290 as futures traders who were unable to sell into Saturdays strength now have the opportunity to do so.

PrepForProfit

Static Gann pivot levels based on the 200-day swing high/low. After tagging the +2/8th overbought level near $7,400 price has retreated back below $7,000. Expecting support to come in at one of the two levels shown, most likely the lower end at Support2. $6,290 is the short-term target since that is the price CME futures closed at on Friday, as shown in the...

PrepForProfit

The CME Bitcoin futures chart will be showing a large gap in price when trading resumes. Gaps like to be filled so expect a potential backtest to $6,290.

PrepForProfit

Bitcoin has moved outside of the 200-day Gann range(0/8th-8/8th levels) and is hitting resistance at the +1/8th Gann level. This is a strong pivot reversal level meaning that there is a high risk of reversal to the downside from here. If price does pull back, a 2-3 level correction is likely meaning price should come back down and test the 7/8th or 6/8th Gann...