BTCUSD flirting with bearish path, Heffae Cloud 4H pathfitting
Updated
Currently 4H cloud top is acting as resistance. Price needs to close above 8190 (BitFinex) in order to emerge on the bullish side of 4H cloud.
In these situations, the price does tend to flip back-and-forth between channels before taking off strongly in either direction. |
NOTE -User pointed out that 4H cloud is GRAY meaning that it has very little influence on price.
4H Cloud top - Resistance until close > $8190 and then support - NOTE -User pointed out that 4H cloud is GRAY meaning that it has very little influence on price.
4H Cloud QRSI - Resistance (bounce zone) until close > $8323
4H QRSI - Support until close < $8100
The price break-down through 4H color-change was expected, but the strong inter-cloud support (also support on Daily real-time path) shows that the price is not necessarily resigned to the bearish channel. The next 8-12H are absolutely critical in determining which direction price will go long-term.
Keep an eye on the Cloud top, this is where the flirting between Support/Resistance will happen.
I AM FLAT right now!!!
Side Note:
It looks like market-making BTCUSD dominant influence shifting, different market influencers have gained an important leverage point in BTCUSD price movement. Recent path interactions show that the local trend in Bitcoin is now shifting and we should start seeing new patterns emerging in price over the next several weeks.
This means that trendlines, T/A and charting will be invalidated, predictive paths and cloud interactions will not be reliable until the predictive algo adapts to new price movement patterns. Hold on to your hats, I think crypto market is going for a ride!
In these situations, the price does tend to flip back-and-forth between channels before taking off strongly in either direction. |
NOTE -User pointed out that 4H cloud is GRAY meaning that it has very little influence on price.
4H Cloud top - Resistance until close > $8190 and then support - NOTE -User pointed out that 4H cloud is GRAY meaning that it has very little influence on price.
4H Cloud QRSI - Resistance (bounce zone) until close > $8323
4H QRSI - Support until close < $8100
The price break-down through 4H color-change was expected, but the strong inter-cloud support (also support on Daily real-time path) shows that the price is not necessarily resigned to the bearish channel. The next 8-12H are absolutely critical in determining which direction price will go long-term.
Keep an eye on the Cloud top, this is where the flirting between Support/Resistance will happen.
I AM FLAT right now!!!
Side Note:
It looks like market-making BTCUSD dominant influence shifting, different market influencers have gained an important leverage point in BTCUSD price movement. Recent path interactions show that the local trend in Bitcoin is now shifting and we should start seeing new patterns emerging in price over the next several weeks.
This means that trendlines, T/A and charting will be invalidated, predictive paths and cloud interactions will not be reliable until the predictive algo adapts to new price movement patterns. Hold on to your hats, I think crypto market is going for a ride!
Trade closed: target reached
I did end up taking a small short as price failed to climb above supportsNow we have found support on the 8Hr Realtime, approaching 8Hr cloud interaction.
the 8Hr cloud interaction will be interesting to trade. The setup all depends on the entry area and real-time adaptive SnR.
8Hr Support:
Note
s3.amazonaws.com/tradingview/snapshots/8/8Eldmyfp.png4Hr Realtime support still holding
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