XBTUSD H4 chart (8/12/2019)
Updated
Good morning, traders. As mentioned in Discord this weekend, the triangle we were watching appears to have been wave B of the correction and price is currently printing wave C. At this time, I am expecting the 5th subwave of wave C to complete in the lower orange demand, likely around the S1 pivot. My upper targets remain the same as they were last week with my interest at the $13000 level.
There is a possibility that price printed a short 5th subwave on wave C. If that is true, then we should see price close above the pivot on the H4 rather than head further down. At this time, we can see that the H4 RSI has retested previous resistance as support and is slightly bearish at 46. If RSI continues to drop, then a close below the horizontal purple line sets up hidden bullish divergence as long as price remains above $9369.30. Stoch RSI is nearing a bullish cross with lots of room to run. While the H4 RSI has been moving down from overbought, the H1 RSI has been moving up from oversold (currently sitting slightly more bullish than the H4 at 48) and its Stoch has a lot of room to run as well.
I mentioned that it's possible price has completed wave C and is headed up. While it is possible, I am leaning toward the lower target mentioned above first. If you make this chart yours and then zoom into the M30 TF you will see the local TR that is printing. With Stoch RSI overbought and nearing the top, as well as price sitting in the HVN, it seems more likely that we will see price drop below the TR's support and print a Spring before heading up. However, there are no guarantees for either direction at this time so traders should remain cautious and hold off entering until confirmation of either direction is noted.
The weekly recently confirmed a 2 month long hidden bullish divergence. Its Stoch RSI is now crossing bullishly. While this is only the beginning of the week, if price ends up for the week then we will see that bullish cross which would only increase the odds that price continues higher.
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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.
There is a possibility that price printed a short 5th subwave on wave C. If that is true, then we should see price close above the pivot on the H4 rather than head further down. At this time, we can see that the H4 RSI has retested previous resistance as support and is slightly bearish at 46. If RSI continues to drop, then a close below the horizontal purple line sets up hidden bullish divergence as long as price remains above $9369.30. Stoch RSI is nearing a bullish cross with lots of room to run. While the H4 RSI has been moving down from overbought, the H1 RSI has been moving up from oversold (currently sitting slightly more bullish than the H4 at 48) and its Stoch has a lot of room to run as well.
I mentioned that it's possible price has completed wave C and is headed up. While it is possible, I am leaning toward the lower target mentioned above first. If you make this chart yours and then zoom into the M30 TF you will see the local TR that is printing. With Stoch RSI overbought and nearing the top, as well as price sitting in the HVN, it seems more likely that we will see price drop below the TR's support and print a Spring before heading up. However, there are no guarantees for either direction at this time so traders should remain cautious and hold off entering until confirmation of either direction is noted.
The weekly recently confirmed a 2 month long hidden bullish divergence. Its Stoch RSI is now crossing bullishly. While this is only the beginning of the week, if price ends up for the week then we will see that bullish cross which would only increase the odds that price continues higher.
_____________________________________________________________
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.
Note
When I say close above the pivot, I mean a close and then another candle opening and closing above it as well to confirm that previous close. It also means that I will be looking for that close on the H4 TF. It is possible that we could see a close above the pivot and then fall back below as price targets the S1 pivot before making a true move above the pivot. Lots of possibilities at this point, so it pays to be patient and look for a good entry rather than just entering right now.
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