WARNING: Bart Simpson might stop by!
Updated
Hello all!
I have suspicions we are going to see another fat green dildo soon, but first, we DROP!
Bitcoin is having troubles with getting above the .236 retracement!
I have outlined a specific trade for the ballsy trader who wants to try to catch a high risk, but high reward BART.
The chart for the most part is self explanatory.
Above, you will see a very long wick on the 4h chart. On the macro time frames, that dump was bought up almost immediately.
I have been noticing a fractal as of late, which signals we may have a large incoming move back up to test resistance.
This would imply that currently, we are in a short accumulation phase.
I will share that fractal if this trade idea becomes validated.
The 1w has a bearish engulfing candle, but so far a higher low.
The 5d is showing a bearish engulfing candle, but an imminent bullish crossover if sell momentum does not expand.
The 2 day is showing a bearish engulfing candle, but with bullish divergence building.
The 1 day however is showing a potential bearish crossover which implies some downside will likely come first.
The .786 bear retracement lies at $4,100.
The .786 bull retracement lies at $3,360.
I do believe that in coming days we may test the .786 for support.
For a much more conservative trade, you could place a long in this region and be much safer risk-wise.
If we break below $3,360, look out below as we will likely re-test, and fail support at our yearly low.
I have suspicions we are going to see another fat green dildo soon, but first, we DROP!
Bitcoin is having troubles with getting above the .236 retracement!
I have outlined a specific trade for the ballsy trader who wants to try to catch a high risk, but high reward BART.
The chart for the most part is self explanatory.
Above, you will see a very long wick on the 4h chart. On the macro time frames, that dump was bought up almost immediately.
I have been noticing a fractal as of late, which signals we may have a large incoming move back up to test resistance.
This would imply that currently, we are in a short accumulation phase.
I will share that fractal if this trade idea becomes validated.
The 1w has a bearish engulfing candle, but so far a higher low.
The 5d is showing a bearish engulfing candle, but an imminent bullish crossover if sell momentum does not expand.
The 2 day is showing a bearish engulfing candle, but with bullish divergence building.
The 1 day however is showing a potential bearish crossover which implies some downside will likely come first.
The .786 bear retracement lies at $4,100.
The .786 bull retracement lies at $3,360.
I do believe that in coming days we may test the .786 for support.
For a much more conservative trade, you could place a long in this region and be much safer risk-wise.
If we break below $3,360, look out below as we will likely re-test, and fail support at our yearly low.
Note
XLMBTC re-testing a downward wedge breakout for support:LTC with massive hidden bullish divergence:
KMDBTC with massive hidden bullish:
DOCKBTC building bullish divergence:
DOGEBTC showing hidden bullish:
This is just a small list of random alts I have looked at today.
They are literally ALL showing hidden strength.
This is very conflicting to see as it would normally mean a sizeable move by Bitcoin is coming. And soon. Really soon.
Note
This is long territory.
The daily close today will be very crucial as we will be closing not only the daily but the weekly as well. Currently it is bearish engulfing, but holding the .618.
Considering bullish divergence is showing in the lower time frames, and HIDDEN bullish divergence is presenting on the longer time-frames, my bet is we are about to see a powerful relief rally.
Something I've noticed is that there are barely any longs closing on these decent size dumps.
Either the market makers are going to use those as fuel shortly to break us through support, or they know something we don't know.
I think we're going up within the next few days.
Note
Something to keep in mind - the volume and power necessary to bring the 1h RSI down this low, TWICE, is immense. Especially considering it is MUCH lower on all time frames now, than what it was when we hit our lowest low so far.The second dump attempt was stopped cold in it's tracks, right at arguably the most crucial support we have right now. I'm beginning to turn very short-term bullish.
Trade active
While technically not the best entry, it certainly wasn't the worst!Note
Still thinking that .786 is gonna be where our bounce is.
Pretttttty damn positive.
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