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Higher-low

made4hr higher low & w/current bullbreak higher high anticipatedNice bullish break here puts us over both the 4hr 200ma(in blue) and on the 1day chart(not shown) we have now gone above the 1 day 50ma again which is a fantastic sign. The 1 day candle also looks very likely to close as a big bullish engulfing candle as well which should lead to more upside. Another bullish signal is the fact that it looks likely we may see a golden cross on the 4hr chart within the next few candles. We are also currently in a higher high/higher low pattern on the 4hr chart and looking to follow up the recent higher low with a higher high. To achieve the higher high we will need only to reach around $6840 which judging by our recent bullish breakout is very possible...in fact I think we will likely find our price action heading all the way up to test the top trendline of the current ascending channel we are in (in red) before dipping back down to hopefully simply form another higher low and continue the bullish pattern. If we can eventually break through 7k that will be a really big sign that the bull market may in fact be imminent. We are still awaiting a golden cross on the 1 day chart but staying above the 1 day 50ma will be crucial to speeding up the arrival of such a cross.
BITFINEX:BTCUSDLong
by DrDovetail
BTC appears to be forming a higher low on the 4hr chart.The target breakdown ended up being lightly shy of hitting its mark this time before turning around although I had anticipated a potential pump fake back up to the 4hr 50ma so thee's still a chance that this could be that pump fake. I am much more hopeful that we will simply achieve a higher low from here because if so, odds are very good that we can maintain price action above the weekly charts descending triangle pattern. This is the 3rd time we have had price action above that pattern and if we can maintain above it for 6 more days it will be the first time we've closed a follow up confirmation weekly candle above it without falling back into the triangle which would be extremely bullish. Knowing how we fell back into the triangle at the last minute the 2 times before I'm not gonna get my hopes up on that until the close is complete but with the apex of that triangle pattern at hand odds are much better now that we have broken above it for a 3rd time that this time we will close above. For now we will have to wait and see an also still have a gameplan prepared should it once again dip back into the triangle. The new potential higher low on the 4hr however is a very encouraging sign.
BITFINEX:BTCUSD
by DrDovetail
2
A break upward from here would solidify the higher low at $6250 Unless this becomes yet another fakeout the price action appears to be ready for a break to the upside which will confirm the higher low and at the point we will be looking to establish a higher high (above 6.9k) to continue the pattern and officially hand control back over to the bulls. if we were lucky enough to achieve a higher high on the next leg up then odds are very good at that point that we will be seeing btc finally break upward out of the 1 week descending triangle pattern we are in. Of course even after achieving another higher high on the 4hr chart that would still give the bears as many as fourteen days to send it crashing back down inside the triangle but probability much more highly favors a confirmed breakout. So far the recent ETF rejections haven't caused the price to dump too much but still something to anticipate the possibility of. I think most people see the big ETF to focus on as the Van Eck ETF which won't be decided on until somewhere around around September 23-30th.
BITFINEX:BTCUSDLong
by DrDovetail
big rejection @ 1day 50ma bck inside the 1week dscnding triangle Couldn't get above the 1 day 50 ma or the 4hr inverted head and shoulder neckline they were double reinforced resistance and we now find ourselves back inside the 1week descending triangle pattern. We are nearing the apex of this pattern so I anticipate a break out of it eventually and most likely a bullish break though we may see a bearish breakout fakeout just before. I would have exited my position just at the neckline of the inverted head an shoulder had I been near a computer when it pumped and would likely still be out right now sitting pretty but since I didn't and also wasn't aroudn for this breakdown I am still holding. I may have missed some accumulation opportunities but What I'm looking for at the moment is for this current dip to form a higher low on the 4hr as we just achieved a higher high. If we turn back around soon enough and form a higher low probability will continue to favor the upside.
BITFINEX:BTCUSD
by DrDovetail
2
higher low/higher high triggered need 1 additional higher lowWe have achieved the followup higher high after the higher low I mentioned in the last idea. It seems like btc is content on maintaining its fractal of 2014's behavior for now. We still want one additional confirmation higher low to hand control over to the bulls but I bought back in at 5890 as soon as I saw that higher low...not typically what I would normally do I would usually wait for at least a higher high before I jumped back in but it was my confidence in the fact that things were continuing to play out like 2014's bear market did that gave me the confidence we would be going up first. Keep in mind just one follow up lower low can be enough to hand the reigns back over to the bears which is why its so important to get that additional higher low after the current higher high. for the bulls I look for a higher low/higher high and then 1 more follow up higher low for confirmation of a trendshift. For the bears since they have gravity working in their favor I usually only wait for just the first lower high/lower low and don't wait for the follow up lower low. Hopefully if this price action maintains its close fractal similarities with 2014 we can make it to 9.7k or so within the next month before we see any further significant downtrend...Anything is possible though so we will have to wait and see and be prepared for all possible outcomes. Even though I'm listing this as long I won't be surprised if we soon enter a small correction, I'm just thinking it is likely that correction will form an additional higher low and continue the uptrend...hence the long. As always this is not financial advice...make your own decisions and good luck with whatever you decide.
BITFINEX:BTCUSDLong
by DrDovetail
4
BTC forms another higher low; testing top line of faliing wedge.BTC continues its higher low/higher high pattern by forming another higher low on the 4hr chart. and is now testing the top trendline of the falling wedge again. To continue its bull pattern we will want to look for it to reach a higher high than the last higher high of $7777 I personally think we will be heading up to 8k before the next retrace but are currently finding resistance at the falling wedges top trendline. I see enough room on the 4hr rsi to overcome this resistance though...so I'm listing this idea as long. You make your own choices though as this is not meant to be taken as financial advice.
BITFINEX:BTCUSDLong
by DrDovetail