Long

Updated

Bitcoin - Buy on Bullish Candlestick Signal

We're at the bottom of the grey down-sloping Fib Channel, resting on Phi 144. A bullish candlestick here is likely a high probability trade.

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Simple View:

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If we look at nothing but EMA 144, we can observe that price maintaining > EMA 144 is a bullish trend. Ergo, support here would be a continuation...

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Note that none of the Daily candles > EMA 144 are Doji. This looks like consolidation.

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Next 1H candle can be 9-13 combo. Phi MAs golden crossed & crossing.

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BTC 1H:

- Black Box: 9-13 Combo dead & golden crossed Phi MAs.
- Descending Parallel Channel: Bull Flag (consolidation).
- MA 144 (yellow): Core underlying demand.

- Current low period dead crosses cause minor panics which are absorbed at/under 144 (hidden demand).

- DeMark 9-13 Combo is bullish. Fisher/Smooth at -0.85 & -1.25 deviation respectively.

TL;dr; No Supply = High Demand.

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Why I'm bullish:

31D:

1M:

1W:

1D:

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m288 wedge break:

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Buy Opportunity:

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First Test:

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I want to suggest that the next Weekly candle takes us to 11,250 S13 / 12,505 area.

We have PB&J support on the Weekly, off of Bull Sash & Hammer, and rising window support. On Daily we have the workings of a PB&J Golden Cross. m15 shows strong demand in the center of the rising window. The Daily chart is scheduled for a 13 tomorrow, this would be under PB&J panic line (long lower shadow). We can see PB&J demand (yellow MA). I posit that Operators are prepared to push the market into the Daily S13 panic zone where they will absorb supply and push the market into Weekly S13 / Bear Sash territory.

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Recap and update, Daily chart. Price broke above PB&J with a 42% move and Golden Crossed. We just tested and closed below PB&J. PB&J is the sweetspot buy zone between SMMA 10 and EMA 30. Today's candle looks perfect to develop into a Morning Star on the next candle. Right now we have a Doji, that means the down move is neutral.

Buying in the sweetspot means buying between 8900-8950. The Morning Star (or Piercing Pattern) is active when price is mid way into the tall black real body at 8,988.335.

It's a matter of the rising window turning into support. If that happens 9K is on lock.

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Let's just consider this a 9-13 Combo with a target of 10,450, shall we?

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1W | 1D (futures) | 15m (futures) | 1D

Weekly:
- TD Sequential 4/9 bullish trend.
- Broke out of MA resistance.
- Bullish Engulfing Pattern above Bull Sash support.
- Following candles not bearish reversal candles.
- Previous candle can be read as a successful test of MA support*

* MAs are SMMA 10 & EMA 30 from Steve Nison's PB&J Strategy. The goal is to buy between the sweetspot between MAs in an uptrend. The trend is up since the Bullish Engulfing Pattern.

Daily Futures:
- PB&J Golden Cross in rising window.

15 Minute Futures:
- Previously, we had a rising window ("gap up") which failed to act as support.
- We have a new rising window which is above the previous one's high. We could carefully view this as the previous window having turned into support.
- The window (9080-8895) is a support zone.
- 8895 should act as strong support. Failure should be viewed gravely.

Daily:
- Morning Star breakout above PB&J.
- Morning Star sets a horizontal support line at 8661.
- 9199.37 = TD Sequential bullish price flip.

Renko++ looks positive:

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