XBTUSD H4 chart (8/13/2019)
Good morning, traders. There isn't a whole lot to touch upon today. This morning we are seeing price finally reaching the initial bounce level I have been talking about. The H4 RSI fell through the purple horizontal line and is printing hidden bullish divergence, as I have been waiting for, but there is still another 1H20M left in the candle so anything can still happen. In terms of the RSI, it is sitting just above oversold at 30.5. We can see price bouncing at the S1 pivot. H4 Stoch RSI is oversold but does have room to fall a bit further. H1 RSI and Stoch RSI are strongly oversold. The same can be said for shorter TFs. If we look at an alternate count to yesterday's, then price has now advanced into the possible Wave 1 which invalidates the count most times. However, if this first five waves is part of a larger leading diagonal, then violation of wave 1 by wave 4 is acceptable and often the result. We can see that a bounce from this current level would make such a leading diagonal (ascending wedge) possible. In that case, we would still be looking for the ~$13065 target just above the R2 pivot.
Much will depend on how the current and following H4 candles play out. We should get a bounce sooner rather than later, but that be all it is or will price head toward the
13K target? That's to be seen. Currently, price is doing exactly what I have been mentioning that I have been waiting for so we just need to see follow through now. When looking at the daily TF, price just bounced off the pivot so continuation to the upside should confirm a bullish trend.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
Much will depend on how the current and following H4 candles play out. We should get a bounce sooner rather than later, but that be all it is or will price head toward the
13K target? That's to be seen. Currently, price is doing exactly what I have been mentioning that I have been waiting for so we just need to see follow through now. When looking at the daily TF, price just bounced off the pivot so continuation to the upside should confirm a bullish trend._____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.