Long

Updated

Daily Analysis: Bitcoin - Buy

🏆 Daily Technical Analysis: 🏆

77 & 79 Days ago Bitcoin breached the Inverse Fisher ALMA moving average and ended the days in Hammer bullish reversal candlesticks, within Steve Nison's PB&J (Pullback to Sweetspot) strategy long zone.

This pattern appears to be developing now as well, and if there's one golden thing I've learned in trading it's this: rare occurrences which appear to be a pattern tend to prove themselves extremely profitable for those willing to execute at the time the signal appears. If today's candlestick closes as a Hammer near the Inverse Fisher ALMA / Nison PB&J EMA 50 area, buy. Hammer candlesticks draw horizontal support at the bottom of the candle and stop losses should be set below this support. Note that the second hammer 79 days ago breached the previous Hammer's support by -0.40%. Don't get stopped out of a great trade by keeping your stop loss too close as the risk:reward on this trade with an entry so close to a Hammer close presents itself as extremely attractive.

Drawing a Fibonacci retracement line from the lowest Hammer to the Bearish Engulfing pattern top at $60,000 reveals that this bullish reversal would be a 23.6% shallow retracement, confirmation of Bitcoin's strong trend seeking to make a new higher high. As a final and extremely significant observation, the Stochastic Western technical indicator is showing %K and tomorrow potentially %D in the oversold area.

I have very high confidence in this trade. Wait for the Daily candle to close in a Hammer.

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1H SMA 3/12 Golden Cross:

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1H Bullish Divergence:

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I think the next [few] 1H candles may try to penetrate ~49,000 Ichimoku. I'm expect fibonacci zigzagging up between here and there. This 1H candle may be a biggie and might try for it right now. Let's see. This is developing to be the support (demand) of the Daily Hammer lower shadow if that is what's developing here. It would be a slow accumulation, enough to make a small-ish hammer on the Daily. I'm not expecting some ridiculous break out of 50K move now. Maybe, but I don't think so.

Moving averages are in short mode. Once Hourly and then 4H and so on MA's start Golden Crossing then we can talk about safely going long. That's why my recommendation for safe entry is on Daily Hammer close. Price after/around 49K may develop such that there is insane supply at that level, leading to the other hypothesis of price going down to Daily SMA/EMA 50 in the 42K area. Swing trading is nice right now. It's just really important to either realize that we're trading for small quick profits now, or taking a long position if the Daily is good. Whipsawing and putting your toe in/out of the water will just drain capital now.

CCI and TD I see now this will be a big white candle.

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6H until Daily candle close and observation of the 4H, 1H, and 15m charts make me feel confident that this long trading signal will manifest. I see the possibility of price falling as low as the lower shadow within these hours as swing trading is very attractive right now. I see a lot of channels both large and small with money trading hands constantly using Fibonacci ratios.

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Expecting drop to green Fibs. Could go either way though.

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No Hammer.
Buy Order @ $42,400.

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If the Daily closes with the white real body engulfing the black real body (Bullish Engulfing Pattern) that would also be a long signal with support at the low of the pattern.

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Big move about to happen.

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4H DeMark Perfected Sell Setup. I'm closing here and looking to buy a pullback.

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Long term perspective can still be bullish with consolidation in this range.

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The most bullish significant thing is that price overtook Pivots P. Let's see if it can keep it. If yes, Targets R1,R2,R3. Else... pull back and try again, or S1,S2,S3 or bottom of triangle.

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Stochastic, MACD, Fisher, & CCI suggest pullback.

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4H: This looks like a potential lower low situation.

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I haven't studied chart patterns proper but this looks like a Symmetrical Triangle. Price is breaking out now below where the downtrend line meets the polarity zone. The protocol for trading the pattern is entering after a pullback. Psychologically and from a T.A. standpoint this makes sense to me. The Daily chart is PB&J long. 4H has been in a box range. The box range is moving now. The points I mentioned are resistance. Those who entered "too late" at this resistance will get scared and sell. Buyers waiting for Symmetrical Triangle entry will buy after a deal of participants have gotten out. I will be buying on a pullback expecting a breakout of the COP zone.

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As long as price is above Pivots P [4H] there's a chance it will hold horizontal or keep attempting higher.

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First 4H support is Hammer candlestick at $43,021.

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4H ADX Box closed. I think it's making a long play to take P. This is after bullish PB&J cross at 61.80 retracement.

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Let's see what happens at the Pivot/Shoulder line.

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Pivots Profit Targets:

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ADX BULLISH AF on BTC 1H

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I set a tight stop loss at the low of the tall white candle at $48,525.35.

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I think the price will fall to $43,000 now.

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You can look for a possible test of Change of Polarity at the labeled prices. Entrance on bullish candlestick reversal.

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COP Long Setup:
Bitcoin 4H COP Strategy Long Setup:

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BTC 1H:
Williams %R is almost oversold with price reversing into polarity zone. Buy on the candle following a bullish reversal candlestick with a SL below the low of the pattern.

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I'm expecting the 9 candle to be bullish.

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I just bought XTZ right now.

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Hammer close in PB&J would be perfect.

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BTCUSD 4H
Second pullback into Sweet Spot, the first after trading above Pivots P. Williams %R in deeply oversold range @ -95.09.

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BTCUSD 4H suggests S1 target to me.

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