Also pierced below the ascending channel while going sideways since 24th Mar '20.
If the bearish scenario doesn't play through more strongly and violently soon, that's a window for the bulls to take over after the Sunday candle closes.
(a) If that holds, establishing the next high low, expects a bounce to set a new higher high.
(b) If that fails, expect it to drop further down to 38.2%.
Speculatively, I'm biased towards the bullish scenario since the dip is occurring during a weekend, if and only if scenario (a) holds till Monday.
Momentum Analysis:
See also previous analysis.
Note the Fibs-levels there was drawn as the Fib-retrace from the top to the bottom of the SPX-correlated dump on 12th Mar '20.
If the bearish scenario doesn't play through more strongly and violently soon, that's a window for the bulls to take over after the Sunday candle closes.
(a) If that holds, establishing the next high low, expects a bounce to set a new higher high.
(b) If that fails, expect it to drop further down to 38.2%.
Speculatively, I'm biased towards the bullish scenario since the dip is occurring during a weekend, if and only if scenario (a) holds till Monday.
Momentum Analysis:
See also previous analysis.
Note the Fibs-levels there was drawn as the Fib-retrace from the top to the bottom of the SPX-correlated dump on 12th Mar '20.
Note
Another reason to be slightly more bullish than bearish if and only if 61.8% Fib holds is that the ascending channel is now broken, and the massive bear flag will be invalidated if price manages to hold steady.Note
LIVIDITIUM Dynamic Channels analysis (w/ BTC Daily Chart Optimised Indicators set):Note
Note: The above longer time frame fractal overlay is more speculative.Trading wise -- still need to take things a step at a time..
Note
Redrawing the channel:Note
Hidden Bullish Divergence
Note
Another weekend daily chart observation to throw into the mix.+ Green volumes substantially larger than red candles.
+ Volume tappers off as price falls.
Note
Bearish scenario of my analysis at play for BTCUSD.Setting stop-loss at slightly below 61.8% Fib (~5888 USD).
Bolingerband narrowing on the daily, massive move incoming.
Also, BTC, 2D death cross incoming. Stochs overbought, and flipping into a downwards trajectory now.
Note
Note
Daily chart: Back up above 21 Daily EMA (7hrs to candle close), supported by 61.8% Fib retrace level as drawn from the local low to local high *after the dip*.Note
BTC probably to hit 6960 USD.However longer-term still looking very bearish; unless BTC manages to break out higher to at least 7166 USD, and closes above 6982 USD on the daily chart.
Note
Note:Stop loss earlier triggered and sold off 30% of my small BTC trading account holdings. :(
Bought back in immediately when BTC pierced above 6143 again
6151 USD when "PRISM Signals" triggered a buy on the 3 hrly.
CYBER ENSEMBLE also registered a buy on the 3hrly earlier, strengthening the case for a bullish short-term bias.
Actually, if BTC can pierce above the orange 200 SMA on the 3 hrly @ 6580 USD, then I am all in with the rest of the USDT from BTC that I had previously cost-average sold off at ca. 9636 USD when the price dipped below the orange 200 SMA.
Note
Zooming out view of the tidied up 3hrly chart:Follow the price vs. the orange 200 SMA line.
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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.