Bitcoin Daily Update (day 306)
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Consensio: P < S MA < M MA < bullish L MA (recent death cross, watch for L MA to flatten / angle down. If that happens the fully bearish posture)
Patterns: Phase 7 hyperwave | Massive falling wedge???
Horizontals: R: $3,660 | S: $3,515
Trendline: Potential falling wedge
Parabolic SAR: $3,942
Futures Curve: Backwardation with 3.79% spread (increased ever so slightly)
BTCUSDSHORTS: Attempting to take out local low. If that happens target is 19,569
Funding Rates: Longs receive 0.0028%
TD’ Sequential: R2 = R1
Ichimoku Cloud: If you consider yesterday re entering then today it fell out along with a bearish TK Cross
Average Directional Index: Still tracking toward the 20 threshold
Price Action: 24h: -2.3% | 2w: -5.8% | 1m: +11.1%
Bollinger Bands: MA is starting to flatten after finding support from the bottom band
Stochastic Oscillator: Buy Signal
Summary: In yesterday’s post DVemer pointed out a long term bear trendline that stared with 2017’s ATH and connected to November 8, 2018. I found that very interesting and after further analysis I am seeing a potential falling with.
If it is real then it carries at $16,800 measure move. It is far too early to make that call but so far there are four out of six boxes checked, based on the rules that I use.
The last two steps would be breaking through the upper boundary on high volume. I would need to see the buying volume exceed the selling volume from November 20th, at an absolute minimum, in order to consider it sufficient. Even if that does happen I will be extremely skeptical due to the built up resistance at $6,000. I would likely go long but I would have a very, very hard time using a greater target than that in order to determine risk:reward.
The craziest part of all is if we get to $16,800 I still would not be considering it an end to the overall bear market. Phase 7 of a hyperwave is "the most maniacal" according to Tyler Jenks and as long as it resists below the peak of phase 6 then it is still valid / in tact, meaning that a return to phase 1 would still be the target. Wouldn't you know that the top of my phase 6 is $17,252...
Even though it is too early to call this pattern real, it is not to early to pay attention and mentally prepare yourself for anything. Never say never and always be open to possibilities. That is what I try my best to do. Even though I am firmly bearish I want to understand every bullish signal / indicator that is happening so that I don't get blind sided.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: P < S MA < M MA < bullish L MA (recent death cross, watch for L MA to flatten / angle down. If that happens the fully bearish posture)
Patterns: Phase 7 hyperwave | Massive falling wedge???
Horizontals: R: $3,660 | S: $3,515
Trendline: Potential falling wedge
Parabolic SAR: $3,942
Futures Curve: Backwardation with 3.79% spread (increased ever so slightly)
BTCUSDSHORTS: Attempting to take out local low. If that happens target is 19,569
Funding Rates: Longs receive 0.0028%
TD’ Sequential: R2 = R1
Ichimoku Cloud: If you consider yesterday re entering then today it fell out along with a bearish TK Cross
Average Directional Index: Still tracking toward the 20 threshold
Price Action: 24h: -2.3% | 2w: -5.8% | 1m: +11.1%
Bollinger Bands: MA is starting to flatten after finding support from the bottom band
Stochastic Oscillator: Buy Signal
Summary: In yesterday’s post DVemer pointed out a long term bear trendline that stared with 2017’s ATH and connected to November 8, 2018. I found that very interesting and after further analysis I am seeing a potential falling with.
If it is real then it carries at $16,800 measure move. It is far too early to make that call but so far there are four out of six boxes checked, based on the rules that I use.
The last two steps would be breaking through the upper boundary on high volume. I would need to see the buying volume exceed the selling volume from November 20th, at an absolute minimum, in order to consider it sufficient. Even if that does happen I will be extremely skeptical due to the built up resistance at $6,000. I would likely go long but I would have a very, very hard time using a greater target than that in order to determine risk:reward.
The craziest part of all is if we get to $16,800 I still would not be considering it an end to the overall bear market. Phase 7 of a hyperwave is "the most maniacal" according to Tyler Jenks and as long as it resists below the peak of phase 6 then it is still valid / in tact, meaning that a return to phase 1 would still be the target. Wouldn't you know that the top of my phase 6 is $17,252...
Even though it is too early to call this pattern real, it is not to early to pay attention and mentally prepare yourself for anything. Never say never and always be open to possibilities. That is what I try my best to do. Even though I am firmly bearish I want to understand every bullish signal / indicator that is happening so that I don't get blind sided.
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