BTC

Updated

Hello.

BTC has had a decent rally the last week. A much needed healthy correction is needed. The million dollar question is what comes after.
For me, both scenario's are still open atm. Thier are arguments to make for both sides of the market atm. And it all depends on how deep this correction will go. And if we just do an ABC up or the first leg of a bigger EW cycle.

The ABC scenario would mean we will see further corrections downwards and building more support at lower levels.
The EW is the bullish outcome and would mean we had a 1 leg up and are correcting within the bullish pattern.

I trade the momentum for now and set up intraday trades. If you are more of a holder I would wait for confirmation on the taken direction. The indicated levels and text on the right side of the chart will tell you that we have hit some interesting levels. And that there are interesting levels below and above us. Goodluck

Trade active

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Pay attention to the larger view and the volume profile and see where the POC in red is. And where the developing VA is on the daily chart

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watch for a little retrace

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we did hit my first retrace point last night. We are still in a wider channel for now!

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be mindfull in this area we are in. Holding for now.., but not showing incredible strength

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would be good to see if BTC can create a double bottom here in the smaller timeframe. But we wait and see

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maybe we are forming a Symmetrical triangle

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The fight is close:)

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btw the volume needs to decline towards the end of the triangle. This is educational.... and in a small timeframe. Never use small timeframes for trading on longer than 1 day or intraday trading

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It came to my attention that it seems that 16.000BTC from MT GOX are on the move. Be aware

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cryptoground.com/mtgox-cold-wallet-monitor/ seems thru

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DMI on interesting point! We broke up out of the triangle

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bulls are trying to break upward. So far not enough strength. But its a close battle

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HAHAHA as i am typing it breaks up

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2hr timeframe and higher timeframe are starting to look stronger. Breaking the $9250 area will confirm the bullish momentum in a shorter timeframe. The option for forming a double top is around. Even dough it seems less likely atm. Goodluck

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the channel btw is intact

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we reached the target of the triangle to the dollar. That doesn't happen often. But well done to whoever had the confidence to trade up. While most people expected down

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that previous resistance forms a minor support now

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so far everything is according to plan. On the 4hr timeframe, we are looking stronger. Volume wise we are looking a little less stronger. But volume profile wise there is a lot more support below us.

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if this becomes a bull flag the target is indicated. This is on the 4hr timeframe and could form a double top. We can see that we are in a larger channel. And a smaller channel is around as well. Lower timeframes suggest a minor correction

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still in a decent spot in bigger channel trying to break another triangle atm

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insane candle on 15 min

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we achieved the resistance and target shown in charts above at the 9550 area. Followed by a retrace down. ATM even dough most indicators are showing bearish momentum. Both the bears and the bulls lack real power. And it's interesting to see where we will stop and make a stand. Or if bears fight for more control.

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as said earlier. Both bears and bulls were lacking strength. Even dough the momentum favored the bears. Now we are slowly turning more bullish again on the lower timeframe.

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its still a close fight... We have some bearish signals. And bulls will have to push higher to invalidate the bearish move

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this is where things get interesting. We are respecting the channel for now. So no need to worry. Once the channel breaks properly it's a different story. Even dough it might look more bearish. Bears are lacking any real strength the last days. So they will have to work for it:)

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bulls are trying to fight back... Volume is lacking for now. The market still ranging and indecisive

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bulls lacked the strength to push higher and we formed a head and shoulder formation

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the drop from the head and shoulder formation was quite deep. It seems that we will follow with further downside if this bear flag gets validated.

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the bears remain in control. While bull is trying to break the minor resistance at $9100. Bears need to break the upwards to mitigate bears for the short term and give meaning to their fight

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tradingview.com/x/fvthPKiV/first minor resistance broken

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we have a small symmetrical triangle on lower timeframe chart. The ratio for breaking up or down is normally 60% up to 40%. The previous triangle I posted. That's somewhere higher in this post. Will show you the possible targets.

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we have some life already. If it works out the purple line indicates the expected target area

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On the 4hr timeframe we can see that the MACD made an upward cross. We are in a larger triangle/ pennant. Even dough there is a good amount of indications of some bearish movements. The bulls managed to retain their position for now. If we keep correcting with strength and the indicators keep at these levels. We are still mostly ranging, to be honest. With a slight favor short-term for the bulls. On the daily chart, we are still making higher lows, the MACD hasn't crossed bearishly. DMI is still ranging in the bullish zone. RSI shows some signs of weakness. Be aware of sudden movement.., that can change the pattern

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On the 4hr chart, you can see that the DMI is bearish. Hence there are mixed signals. Only one thing to remember for now is. Bears aren't capitalizing on their momentum for now.

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The target of the symmetrical triangle posted last night achieved at $9350 area congratz to all you that took the trade... Likes and comments are always welcome

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As described this morning bears aren't able to capitalize on their momentum yet. Last night I posted a smaller triangle and the target area of $9350. This was reached just now. On the bigger timeframe, we can see that we had a break of the larger triangle as well. This could turn in to an interesting point that will coincide with the bullish crossing on the DMI and a stronger bullish momentum. We are not in the clear yet. To summarize the same as this morning, the momentum was on the bullish side

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the bulls clearly took their momentum and went for a push to the stronger resistance line and first proper test for the bulls at $9750. I believe the bulls can have more power this time. Looking at a TA perspective we had a healthy correction. The bulls gave a real fight to keep their momentum going. That indicates strength. But we have to be realistic and realize that major targets at $9750-$10250-$10800 are still ahead

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We broke thru the important resistance and double top potential at $9750. And touched the minor area at fib level $9860. It seems that bulls are confirming their intentions and we can expected more upside

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Tomorrow ill post a new chart with some info and explain my ideas. And what where some of the hidden signs already mentioned in this post a couple of times

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new chart

CryptoDonkie

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