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Forexpeacearmy

Goldmine for breakout tradersMorning folks, So, it seems that "222" Sell last time was not a bad idea at all. Despite that BTC stands in rectangle we've got two nicely looking downside bounce. Now we have some nuances with the BTC performance, but to keep it simple it is mostly suitable for those who like to trade breakouts. If you do not want to wait a bit for clarity on daily chart, in what direction market still will follow, but want to trade today we could offer you few options. First, is, if you want to bet on upside breakout and take long position - try to do it as closer to the rectangle bottom as possible. For example - it is nice "222" Buy is forming and almost ready to go. The opposite is true for bearish position. Now we have no patterns, but they could appear later. Finally, for the breakout, if you do not care on direction. The simplest way to act is to use Stop Sell and Buy orders at once, placing them just outside of rectangle. When breakout happens, you just cancel the opposite order. That's all. I mark today's idea as "neutral", because it is volatility-based.
COINBASE:BTCUSD
by Sive-Morten
Control the riskMorning folks, So, our H&S is done well, and already has reached the minimal target. Now the major question whether it will go to 74.3$, a kind of "bonus" upside target. Maybe.. But, today we would think about protection and risk control, rather than about some bargain. On daily chart we've got bearish grabber that is taking the shape of '222" Sell here, on 1H chart. We're coming to PCE report and long Easter Holidays. BTC could go higher, but today we would focus on risk control instead. Think about some risk management of long position - booking totally or partially, stop tightening etc. Bears by the way, could think about short entry. Chances on success are low, but potential money risk is small as well. If you succeed, result will be 10K+ per coin. It worthy at least to think about it... Let's mark this report as "bearish"due described issues.
COINBASE:BTCUSDShort
by Sive-Morten
2nd attempt is betterMorning folks, So, let's go back to our H&S pattern, which is a 2nd attempt to go long. You could see that it starts working. Right arm stands in place and now we could move stops to breakeven. Second is - we could estimate targets. First one is H&S AB=CD around 69.70K. If we get lucky, we could see 1.618 expansion to 74.3K. Finally, if you've missed entry but still would like to step it - on 1H chart we have local "222" Sell. Here you could watch for two nearest support levels. Just avoid buying if we get strong downside action. Drop under 64.50K Fib support also will be a bad sign, because it breaks the nature of reverse H&S pattern that should be bullish. And strong drop with erasing of the right shoulder definitely will be the sign of H&S failure. Keeping this simple rules in mind should let us to pass this journey without big shocks.
COINBASE:BTCUSDLong
by Sive-Morten
Nice bullish signalMorning folks, Although we were a bit sceptic last time about good entry chance, because we saw how BlackRock just buying out any, even minimal deep on the market. Still, market was able to reach 65K area that we've discussed on Thursday. 65K is also daily oversold. Since we have strong upside momentum, upside bounce should be at least 5/8, which is around 70K, but this is minimal target, it could move higher. On 1H chart we have great pattern on the back of this idea - reverse H&S. It is not totally completed yet, but shape is becoming clear. So, depending on what AB-CD pattern we will get, based on this pattern, we get corresponding upside target. For now it is around 71-72.5K We consider no shorts by far.
COINBASE:BTCUSDLong
by Sive-Morten
1
Low chances for good entry piontMorning folks, So, BTC keeps it unstoppable rally, and is strongly overbought on weekly chart. But for now market totally ignores this. Yes, upward action is slowing, we have small tactical bearish grabbers on 4H chart, but it gives low chances on moderate retracement. BTC successfully holds above previous ATH, showing no significant retracement and no doubts - this is bullish sign. Besides it has no strong resistance levels above, right up to our 85-88K target. That's being said - common technical rules recommend to not buy and way for the pullback. But would you wait or not - you need to decide by yourself. Here we just acknowledge that we do not have attractive entry point. Only, if by some reason, market will show pullback to 65K or at least to 68K, it might be interesting. The same is for bearish positions - no reasons by far.
COINBASE:BTCUSD
by Sive-Morten
5
Better to wait a bitMorning folks, So, on Monday we've sent relatively modest target - around 65.5K, it was completed. Now BTC stands at weekly overbought and strong upside continuation is hardly possible immediately. Still, intraday scenarios are also not perfect. At first glance, on 4H chart, with the grabbers aboard, we could count on tactic downside deep. But, on 1H chart (not shown here), price performance is not quite bearish. If we consider bullish position instead, we could take it only when grabbers will be erased, but this put entry level too close to the previous top that is upside target for now, because BTC is at overbought. Thus, both scenarios are not perfect and care higher risk than usual. That's why our conclusion is to wait...
COINBASE:BTCUSD
by Sive-Morten
Great Pump, but what's next?Morning folks, Well, rally looks great, but absolutely unnatural and has no relation to normal market dynamic. It is pumped externally. This is not a surprise when 80% of spot market and all transactions and depository operation stand in one hands. Bubble? Yes, but it is not totally ripen yet, need some time to grow more... Our setup has worked perfect whatever you've done - either use Stop "buy" order for breakout or just bought near the lows of our consolidation. Our next upside targets are 70K, i.e. previous top and 80-85K. Now price is at overbought and it makes sense to wait for some relief. We will be watching DiNapoli patterns, based on the thrust - either DRPO "Sell" or B&B Buy. It seems that any analysis of BTC market very soon will become useless, because it is not controlled by market natural force any more, it is concentrated and market goes with the direction that BlackRock& Co will choose.
COINBASE:BTCUSD
by Sive-Morten
Adv. on bearish sideMorning folks, It seems that market is tired a bit from previous ETF rally. Major drivers are worked out already, and market needs something new. Supposedly coming April halving and possible ETH ETF approvement in May are most probable ones. Right now price stands in tight consolidation, which is might be treated as a bullish sign. At the same time, this consolidation is forming at strong Monthly resistance area of 48.5-52.5K, so some downside reaction seems very probable. This could make any rally here very short term and unstable. And this keeps us aside from taking any long positions by far. On intraday charts it is few things that we could consider - bets on breakout of the range might be done by using Stop entry orders near the borders. If you still would like to buy, we have some shape of reverse H&S pattern on 1H chart, that theoretically you could try to use. But, this is very weak setup.
COINBASE:BTCUSD
by Sive-Morten
Contradictive patternsMorning folks, So, intraday H&S patterns that we've discussed last time has started very accurately as we've suggested. But, BTC was not able to break the top, forming minor W&R, grabbing stops around it. Thus, this H&S has failed. This is bearish moment. Dont' forget, that market stands at very unstable area of strong 52K monthly resistance. On daily chart we have two opposite patterns. First is DRPO "Sell", second is bullish grabber. With mentioned situation on intraday charts, it seems that DRPO has better chances. Anyway, if you're conservative - it would be better to stay aside. Still there some advanced ways of trading exist - we provide it in video on our website. It is too much typing to describe it here.
COINBASE:BTCUSD
by Sive-Morten
1
51.5K seems vital for short termMorning folks, So, BTC hits our Yearly Pivot Resistance 1 level and in nearest 1-2 months, it will be really decisive time for next direction on the market. Meantime, while BTC is still coiling around, let's take a look at lower time frames. Context remains bullish, so we do not consider any shorts by far. We suggest that 51.5K area will be vital in nearest term. If BTC holds above it - it could start forming reverse H&S on top with upward continuation and start moving to our next 55.5K target. If it fails, then we could get Double Top here and deeper downside pullback first. Thus, if you want to buy - think about 51.5K area, it could let you to place tight stop.
COINBASE:BTCUSDLong
by Sive-Morten
Waiting for the pullbackMorning folks, So, upside target of 52.2$ is reached. Now price stands at strong resistance area, including monthly major 5/8 level, Yearly Pivot Resistance 1 and upside weekly XOP target. Additionally we see that daily butterfly has been completed and market is overbought here. Although we do not exclude some wobbling in 52-55K area, so 1.618 butterfly target also could be reached, in nearest time we will be watching for natural downside reaction on strong support area. Now we do not consider any new longs positions. For intraday short positions it seems too early as well, as market has not started yet any reaction on this level
COINBASE:BTCUSD
by Sive-Morten
Tactical pause is necessaryMorning folks, So, 47.2K target is also completed. The next one is 50.50-52K, which is a big monthly cluster, including upside weekly XOP target, our XOP here, from reverse H&S target that we're trading now (it stands around 50.50K), Yearly Pivot Resistance 1. But for now it seems market needs some tactical pause. Now major 5/8 monthly Fib resistance is hit, and price is overbought on daily chart. Thus, appearing of small 1H H&S pattern could trigger tactical natural pullback before market will proceed to the next target
COINBASE:BTCUSDShort
by Sive-Morten
3
Up right now?Morning folks, So, today we take a look at daily chart finally. Last time we've discussed upside bounce that should become the right arm of H&S pattern on 1H chart. Indeed, upside bounce has happened, and it seems that it has become the arm of H&S, but there are few nuances... H&S on 1H chart stands too distorted and skewed to the upside. And we do not want to rely on it. Recent price performance also doesn't match to idea of bearish pattern. On daily chart we've got tweezer bottom and obvious pennant pattern under 3/8 resistance - two bullish signs. So, we do not exclude that upside action could continue. We keep our nearest target at the same 45K area. So, it seems that our reverse H&S pattern, that we're considering for last 2 weeks - might be in action already
COINBASE:BTCUSDLong
by Sive-Morten