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Reaccumulation

PERFECT WYCKOFF RE-ACCUMULATION - JB HI-FI (JBH:ASX)By September 2016, JB Hi-Fi was flying hitting a high of $31. Over the next 6 months the stock would pull back and have a second attempt to rally to new high's without success. This triggered a sell off down to $21.20. By June 2017 we had seen an increase in supply levels and overall increase in volume until the climax. A nice strong automatic rally from $21 saw the price reach $26. If you look closely at the volume each leg higher of the automatic rally, the volume was getting lighter. Suggesting the rally was weakening. Price completed Phase A of the re-accumulation with a secondary test. Note the volume was certainly getting less. Phase A of the process halts the downside movement of the stock. Throughout Phase B we see the volatility in the stock with swings to $30 and back to $22. What is key though is as we move through phase B, the moves to the downside and those large volume spikes are getting lighter each time. We are starting to see a transfer of stock from weak hands to strong hands. In January 2019, we see the first break of the selling climax in 18 months. Look at the lack of volume once it breaks. It's a break of a significant level yet there is no selling evident. The price jumps straight back above it and moves away from the danger area. The volume builds. We have seen our confirmed spring. Late February we retest the selling climax area, and price holds, showing strength in the stock. This is the first area of the phases that we look to take trades. It is the lowest risk area with your stop below the spring. Take notice of how the retest of the selling climax is also a retest of the supply line of the smaller downward trend channel formed in phase B. Phase C of the process is complete. Price moves away on strong demand and we are now in phase D. Now we notice that pullbacks are on very light volume. The professionals will not bring the price back down and give buyers the chance to get the price cheaper, there going to have to bid this up. We see a sign of strength as the price breaks the top of the trading range on a strong move. Price dips once more below the trading range to shake out any weak holders and phase E begins. We now have our last point of support and the stock is ready for mark up. We see a back up to the creek of only a few days and then price takes off after good news from earnings which always seems to be the case when the stock is in strong hands. We are now seeing the volume getting lighter as we move higher which isn't a bad thing as we now have strength in the background and supply has to show itself. If it doesn't the stock will continue to grind higher. If we do see supply come in in the near future, the stock may form a smaller trading range before moving higher again. The Point & Figure chart suggests that there is enough cause to move the stock to the $42 level.
ASX:JBHLong
by AussieWyckoff
BTCUSD H4 chart (7/26/2019)Good morning, traders. Price didn't close out the daily as strong as it started it, yesterday, but before you get too bearish let's take a look at the H4 picture. Stripping out most of the noise, this is what we get -- price nearing daily descending resistance while printing a possible descending wedge. We can see supply volume contracting significantly as this TR has developed (other than the one outlier volume bar ten days ago which was needed to push price below that local swing low) while demand volume has continued to expand. The lows are printing a much less steep decline than the highs which tells us that demand is showing up and increasing, which is what the demand volume expansion tells us as well. RSI is nearing its resistance and Stoch RSI is targeting a bullish cross if we can see price move to the upside in the next two hours. I would expect to see a strong demand candle print on price's break through that daily descending resistance. I have noted a possible double bottom printing, but this won't be confirmed until price closes above the swing high between the lows. This would have price targeting the $10840 level in the short-term, taking price above the H4 pivot, with a possible larger target of the $13800+ swing high that was set a month ago. Further downside movement would have me watching the S1 pivot followed by the descending support line for the bounce. _____________________________________________________________ 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.
COINBASE:BTCUSDLong
by Chris_Inks
3
XBTUSD 1H chart (7/19/2019)Good morning, traders. It seems that right as I got yesterday's update out Bitcoin popped for $1000+. It caught a lot of traders by surprised, but not our premium Discord members. We had already been discussing entries that morning and many of them got in right before it popped. Price topped out about $70 above my expectation and has now retraced almost perfectly to where I expected. But that doesn't mean price is done correcting yet. Currently, it is consolidating around the M15 pivot/3+ week blue TR support but it has not tested previous resistance ($10000) that it popped through yesterday as support. It does not have to test it as such, but I wouldn't be surprised if it did. For those interested in Fib levels, this morning's swing low was the 38.2% retracement of what is believed to be wave 3. So, as a wave 4, the retracement is spot-on to what we should generally expect. I see a lot of folks calling for lower lows now, but I would not be so quick to jump in just yet. There is no confirmation of any kind of large continuation down. As a matter of fact, price is doing exactly what you should expect (i.e. consolidating at the resistance of the large TF TR after printing a Spring. The 1H price continues to use the bottom of the large TF TR as support and the 21 EMA as resistance. Stoch RSI remains oversold but is attempting to push out of that level. Generally, based on the first 3 waves, we would expect wave 5 to target the green box just below the red 2018 TR resistance. However, I have a feeling that if price continues higher then it will likely overextend wave 5 which should give us a target of the orange box between the R1 pivot and the top of the blue TR. Along the way, we can expect resistance at the pivot. The 4H TF shows us bearish divergence on RSI which is currently playing out. How badly will it continue to do so? Nobody can know that, but so far we see price finding support on the 21 EMA and the blue TR support. RSI broke through both resistances, so after this bear div plays out there isn't a lot to keep it in check until it becomes overbought. Stoch RSI is overbought and trending down which gives it enough room to support a wave 5 movement as outlined above. For those interested, the swing high on Bitmex yesterday was a TD 9 on the 4H. This bear div can also be found on the 6H TF. If you make this chart yours and zoom to the 6H you will see that price has really done nothing more than bounce from the bottom of the flag to the flag's EQ. We usually expect a pullback at that point before price pushes through that resistance and that is what we are currently seeing. I have also noted a possible inverted head and shoulders that may be printing. To be valid, we need to see price push through the descending black neckline with expanding volume and increasing candle spread. Based on the height of the IHS, that would provide a target of the orange box. Those traders who are more risk adverse could wait for 6H RSI to close above its resistance before entering. As always, this never guarantees price will continue higher, but it eliminates a lot of risk associated with entry. Let's not forget that price recently moved above the large descending channel resistance and providing a target of the green box. Also, daily just printed a large hidden bullish divergence as RSI closed above its resistance that has been in place since the ~$14000 swing high. As such, it amazes me that traders are so gosh darn sure that price is heading lower from here. _____________________________________________________________ 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.
BITMEX:BTCUSD.PLong
by Chris_Inks
XBTUSD 4H chart (7/18/2019)Good morning, traders. We saw decent movement yesterday follow by rejection at the $10000 level (supply zone as noted on this 4H chart). Price has retraced following that rejection and is potentially finding support in the larger daily grey demand block once more. The 4H RSI is resting previous resistance as support and I have added the next level of resistance that it needs to get through as well if we can see a bounce here. We can see that the previous swing low bounced off the 4H S1 pivot. Follow through to the topside would suggest bullishness with the pivot at $11180 on Bitmex being the target. A close above that pivot should have traders watching the R1 pivot at $12280, just below the TR resistance. The M15 TF printed bullish divergence as price is completing a small descending wedge. That should have price targeting the M15 pivot around $9585. A close above that pivot has a price target of the R1 pivot at $1090 which should also have price attempting to get through the descending channel resistance. As mentioned yesterday, price closing above the descending channel resistance has price targeting ~$1500 above that exit point. As always, the safest bet is to wait for price to close above the descending channel resistance before entering long. Supply volume continues to drop, especially notable on the 4H and higher TFs, suggesting that there is a lack of interest in selling at these levels -- that traders would rather hold onto their supply. Traders should remain cautious until price closes above that channel resistance. _____________________________________________________________ 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.
BITMEX:BTCUSD.PLong
by Chris_Inks
6
XBTUSD 1H chart (7/17/2019)Good morning, traders. So far, we are seeing price play out its part perfectly. After the triangle failed yesterday, we immediately went into flag mode which I described in yesterday's TV update and YouTube video update. As a matter of fact, price reacted exactly as I outlined it would if it took that path. I gave our premium Discord members a target of $9050-$9100 which is where price has bounced this morning. We now have multiple bullish engulfing candles possibly printing across various TFs. The 1H RSI printed bullish divergence in oversold prior to this pop up. We can see that RSI is above its resistance now, as well, while Stoch RSI is nearing a bullish cross. Price bounced off the S1 pivot and the descending broadening wedge resistance is less than a stone's throw away. A break above that should put ~$9900 in play. That will bring price back up to the 3 week TR support and descending channel resistance. A break above that resistance should put the next target at $1500 above the point of breach. If you zoom out to the 4H, you will see RSI nearing its own resistance while just now pushing above oversold. Stoch RSI on the 4H TF is attempting to push out of oversold as well. These indicators have a long way to run now, so price has a potentially clear path much higher on this TF. Price is on the path to potentially printing a bullish engulfing candle on this TF as well. Zooming out further, to the 12H TF, shows price printing a bullish engulfing candle (but there's another 11 hours left til candle close) so far. We can see two levels of RSI resistance noted with RSI recently bouncing just above oversold and currently nearing the lower resistance. Stoch RSI is oversold and attempting to curl up. You can clearly see the declining volume across the past 3 weeks on this TF which signals supply exhaustion, indicating that we should be headed up in the larger picture, not down. We have the potential to print a very bullish daily candle. I have, once again, outlined the current TR (dark blue horizontal lines) as it appears to be reaccumulation. The 1D RSI is potentially printing that hidden bullish divergence I've been talking about for a few days now. Watch for RSI to break through its resistance. Stoch RSI is bottomed out, flat, as well. Price has printed the flag support at this time. I have previously discussed targets based on the pennant or flag successfully printing, but I will mention them again as price nears the flag resistance. Failure of price to overcome the descending broadening wedge resistance, descending channel resistance, 4H pivot, or the various TF RSI resistances noted above should result in much more caution amongst traders. While I do not expect there to be any issues, and I see price having little-to-no trouble reaching the top of the TR, we have to always be prepared for things not going our expected way. _____________________________________________________________ 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.
BITMEX:BTCUSD.PLong
by Chris_Inks
2
XBTUSD 1D chart (7/16/2019)Good morning, traders. So far, things have continued to move along as suggested was likely yesterday. Price has been retracing a over night after notching a 10% gain during the day as it reached a high of $11069. This retracement has been a bit deeper than I would've initially expected so I am cautious at this time. As mentioned yesterday, if price cannot close above that $11000 level, then we should expect further downside toward the ~$9000 daily demand block. If price makes its way above $11000, then $12400-$12800 should be expected. The reality is that all of this lower TF movement and confusion may currently just be noise in relation to the daily hidden bullish divergence that recently printed between the beginning of June and mid-July. Price is considered to have been supported by the daily pivot after closing below it two days ago and then closing above it yesterday. However, price needs to overcome the 21 EMA at $11000 to signal further price appreciation. Daily Stoch RSI crossed bullishly in oversold yesterday but RSI remains slightly bearish at 47. Currently, price is attempting to bounce between the 50% and 61.8% retrace of the recent $9850-$11069 move. This has M15 RSI bouncing off oversold and Stoch RSI crossing bullishly in oversold. The 3D RSI printed hidden bullish divergence recently, but we need to see this candle close higher to confirm it. Stoch RSI is oversold and nearly bottomed out which generally means that we should see price starting a new bullish trend sooner rather than later. That all being as it is, I have been mentioning an alternative path that price could take if it couldn't close above $11000. If you make this chart yours per the instructions below and then zoom out to the 2D, you will see the projected path which should have price bouncing out of the 1D/2D demand block noted in dark grey. This would also print a flag rather than the pennant we are watching. However, the only way we really know that price is more likely to head to that point is if it drops below the recent swing low at $9850. If the $10200/$10300 level gives way then we may see support pulled and price accelerate toward those lows rather quickly. With current RSI and Stoch RSI where they are on multiple TFs, I wouldn't be surprised to see a daily or 2D wick into the area printing the flag and then price rebounding sharply higher afterward. _____________________________________________________________ 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.
BITMEX:BTCUSD.P
by Chris_Inks
2
XBTUSD 1D chart (7/15/2019)Good morning, traders. I've noticed a lot of "the sky is falling" coming out of CT after this weekend, and calls for $7500 and lower. In reality, the only thing that's really happened, though, is that price followed last week's triangle outline. Until it breaks down, this is the pattern that traders should be paying attention to at this time. It is possible that this wave down is a 5 subwave C wave (recently just printed subwave 3, so we should get a small corrective subwave 4 if that's the case), but currently it looks like an ABC just like the previous two wave sets. Things we know, which are important: 1) volume continues to drop suggesting this is reaccumulation, not distribution (in other words, we should still be on the first wave set from the $3100 level), 2) price is currently printing a descending wedge after having printed descending, and then ascending, wedges, 3) daily Stoch RSI is bottomed out and RSI is nearing a break of its resistance (suggesting a turn back upward), and 4) 12H RSI is printing bullish divergence with bottomed out Stoch RSI. I believe we will see a strong move back up, above $11000, within the next 24 hours. This will bring price back above the daily pivot which has been supporting the bounces for the past three weeks. The 4H RSI is nearing a break through its resistance and Stoch RSI is nearing a break above oversold. We can see price printing a Spring just below the green local TR. We can also see that price has multiple alternating support/resistance touches of the current descending wedge, with a touch of resistance (and, likely, break through) coming next. The 1H RSI is also nearing a break of its resistance, however Stoch RSI is in overbought. Remember, the 4H TF is dominant over the 1H TF so it's not a big deal. I will also be attaching a daily Kraken analysis below which outlines the big picture. Why Kraken? Because it is the exchange that has had the large wicks that other exchanges haven't had. And when it comes to EW, the big picture should generally align across all exchanges. So, we can use those outlier wicks to help us likely understand where we may be in the large wave count. This also explains why we are currently printing a pennant (symmetrical triangle), as they usually occur in the 4th or B waves. That would make price currently in the 4th wave with the 5th yet to come. _____________________________________________________________ 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.
BITMEX:BTCUSD.PLong
by Chris_Inks
19
XBTUSD 1H chart (7/9/2019)Good morning, traders. Price hit the $12800 target last night and proceeded to pull back. I locked in profit last night, along with many of our Discord members, and then entered long again this morning with the top of the channel as the target. However, we could see price stop just short of that as it hits yesterday's larger ~$13800/$13900 target. This 1H Kraken chart shows price printing a descending broadening wedge (with a target of $13075-$13100, depending on when price breaks through wedge resistance) as it continues to consolidate around the R1 pivot. RSI has pushed through its resistance and Stoch RSI is printing a bullish cross in oversold as price uses the 21 EMA as support and the R1 pivot as resistance. The horizontal green line is the top of the 2018 TR which price has been consolidating around since the end of June. The orange lines denote the local reaccumulation TR and we can see price consolidating around that TR's resistance as well. I have outlined my expected EW count if price completed its correction (simple ABC zig zag) with the $9712 swing low on July 2nd. Price has three alternating touches on the ascending channel. A touch at the channel resistance now would confirm the channel. Price falling through channel support would likely negate my EW count. Just a reminder, price can extend higher than my plotted wave iii target level. We have to remember that traders will get excited if/when price moves above the recent ~$14K swing high and go long, so price could pop up further than expected. Of course, if price completes wave iii just below that swing high, then the pullback for wave iv could set the stage for an overextended wave v. Either way, its imperative that novice traders understand this so they don't take the wave targets as absolute. _____________________________________________________________ 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.
KRAKEN:BTCUSDLong
by Chris_Inks
6
BTCUSD 1H chart (7/8/2019)Good morning, traders. My larger TF EW and Wyckoff labeling are still valid and doing quite well. That doesn't guarantee that they will continue to do so, however, as EW is notoriously tricky during corrective moves, but for now I don't see any reason to change them. It appears that Bitcoin's price recently completed a symmetrical triangle which it broke out of this morning. As always, we have two targets based on that pattern: 1) $12800 based on the height of the triangle and 2) $13900 based on the height of the flagpole leading up to that triangle/pennant. I do believe that price will reach the upper target as it aligns perfectly with the daily R1 pivot and, of course, it is the general target level of the large descending wedge that begins at ~$14000. Demand volume on the 1H and 4H TFs looks really good with the recent move up which gives more support to the idea that price will be headed higher. Currently, we can expect a small retracement (as we are seeing) as price cools off from that pop before heading higher. Additionally, in terms of VPVR at the 4H TF and higher, the LVN is located between $12225 and $13000 which means price shouldn't have a difficult time making its way to the lower target at least. Don't forget, price has not spent a lot of time above $13000, so there's little in the way of resistance in the grand scheme of things. The 4H Stoch RSI is just now breaching overbought, so it still has a lot of room to move up, while the 4H RSI is bullish at 60 (it, too, having a lot of room to run). The 1H Stoch RSI and RSI are cooling off as price retraces a bit, readying for the next push up. Weekly R1 pivot is at $12975 _____________________________________________________________ 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.
BITFINEX:BTCUSDLong
by Chris_Inks
6
BTCUSD 4H chart (7/2/2019)Good morning, traders. My chart is a bit full today, but I wanted to make sure you see the confluence that I will be speaking about below. With the continued pressure on $10K last night, I was stopped out of my long in slight profit and am short to $9500. I am expecting price to bounce at the $9300-$9500 level. We can see that price is printing an almost perfect ABC correction and we appear to be in the 5th wave (ending diagonal) of Wave C. As I have been mentioning, the 4H S1 pivot sits at $9400 (yes, I am exiting a bit earlier than the expected completion of the move. Liquidity is everything when entering/exiting) and finds confluence with the daily pitchfork support, ascending dotted line support, 1.272 extension of Wave A, and the top of the demand zone. The only thing that hasn't happened is the 4H RSI hitting oversold. At this point, we may not even get it with this expected move down, however we will have a flat RSI (just above oversold) if we don't and that is usually indicative of an impending reversal. We can see that demand is growing down here while supply, overall, is decreasing. The flag (descending wedge) printing has a potential target of ~$17000, based on the height of the flagpole, depending on when price moves above wedge resistance. We can also derive a target of ~$13540 based on the height of the descending wedge. If we get a bounce from the mid-$9Ks as expected and price prints an ABC rather than 1-5, then that lower target should be the expected cap on upward movement. In that case, we would expect to see price print a double combo (WXY) or triple combo (WXYXZ) correction. If that happens, then we would likely see the CME gap in the $8000s filled. However, remember, it does not have to fill right now even if it's going to fill eventually. Previously, it's taken up to more than a month for a gap to fill on a few separate occasions, so it's not unheard of that it doesn't fill before heading up higher. My expectation at this time, based on the appearance of clean ABC movement, is that we are completing reaccumulation after decline with a spring (once you make this chart yours via the directions below, zoom into the 1H to see the labeling of the TR). This means that I am expecting price to reach toward $17000 rather than stopping at $13540. But understand, that does not mean that I am long without thought now. This is nothing more than my current view of what's going on. As price moves, new information may come in that makes me lean the other way, in which case I would close out my long and go short. But that is unknown at this time. In either case, the move should be up toward that ~$13500 level at the least. Never forget, a good trader is fluid, not rigid, and able to trade with new information. Be sure to join me every week day morning at the YouTube address below for a video look at the market where I go more in-depth and often look at other cryptos and/or markets as well. 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.
BITMEX:BTCUSD.P
by Chris_Inks
12
BTCUSD 1H chart (6/28/2019)Good morning, traders. The update I posted yesterday to my TV chart was spot on and price bounced out of the red box. I first went long around $10776. On our paid Discord side, traders were able to trade along with me and get an explanation of what I was seeing and what it meant as I bought and sold this move up. Unlike other Discord servers out there, ours is an immersion experience for new and seasoned traders. This allowed many of them to enter much closer to the reversal as we noted a possible double bottom forming around $10300 on the very short TF chart which also tested the 1H pivot as support. Ultimately, we have seen an almost $2000 price increase in less than 24 hours. Now I know that most traders out there are swearing this is the larger correction and that price will head further down. However, I am not of that mind just yet. I warned that we would see strong moves like this while price is parabolic. It doesn't matter whether it's some "whale" selling $100M of Bitcoin on Coinbase or something else, the underlying cause for the strong movement is psychological. With price pushing hard and fast upward, traders of all wallet sizes tend to get scared and pick opportunities to lock in profits along the way. When the initial sell is large enough, it causes retail traders to sell out of fear and this cascades, especially when the order books are thinly bid due to the large, strong upward movement of price. Simply put, there just isn't enough of a base right under price when the selling starts to support it. While that doesn't mean that I am ignoring the possibility of a larger movement down, it does mean that I am looking at more bullish price structures and targets until they no longer play out. This means that I am buying the dips rather than shorting the rallies at this time. If it does head further down then the mid-$9000s, as I have been mentioning, would be the likely bounce zone. The ~$2000 increase over yesterday's low, coupled with 5x leverage on Kraken and making a total of 4 trades in that time, has resulted in a 100% increase in that trading account. This is without shorting, only longing, the dips. I am known to constantly explain to novice traders that they do not have to utilize 50X or 100X leverage to make money. They just have to trade intelligently. And I continue to prove that to our Discord members in real time thereby giving them the confidence to let go of their preconceived notions about trading so that they can create real, lasting wealth for themselves. So where are we at now? In terms of the larger picture, price is currently attempting to push, and remain, above the 1H R1 pivot/2018 TR resistance around $11,800 (the purple horizontal line). The long red horizontal lines are the weekly pivots with the one below price being the pivot and the one above it being the R1 pivot. A daily close back above this ~$11800 level would be bullish. While the weekly candle doesn't look too hot at the moment, with 3 days left until the candle closes there's more than enough time to change it. We can see that price exited the large descending wedge and is currently back above the 1H 21 EMA. Notice that the target of the wedge is just above that weekly R1 pivot. Additionally, we can see a possible double bottom on this 1H chart as well. While price has closed above the swing high between the bottoms, I want to see price bounce off that swing high resistance and use it as support, which is what it appears price is attempting to do at this time. If it does, then the target of the double bottom is also near the weekly R1 pivot as shown. This could also be seen as an ascending triangle, however the target remains the same so feel free to use whichever pattern you are more comfortable with. Both of these targets are above the 1H R2 pivot as seen as well. That kind of movement would be considered bullish. Although demand volume is growing, without a strong show of demand just yet, I am going to be wary around ~$12500 for now. Finally, I wouldn't be surprised to see price build a base in this area, similar to what was done at the $8000 level. So far we have had the large initial drop that creates the TR. As such, if price doesn't immediately take out the daily swing high from a couple of days ago, just under $14000, I would pay attention to price within the larger TF TR. Does it find support at the TR's EQ after testing that swing high? As we can see, that is currently level that price is consolidating just below. If so, then I would be extremely careful about attempting to short as price will more likely than not continue higher as I have already been expecting. As always, I will be discussing this and more in this morning's YouTube video (link is below). 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.
BITSTAMP:BTCUSDLong
by Chris_Inks
3
BTCUSD 1H chart (6/26/2019)Good morning, traders. Bitcoin has continued its climb, stopping just shy of $13,000 overnight before retracing to just under $12,200. Some of the crazy volatility hit my SL and stopped me out in profit last night but I longed once more and remain long at this time. Currently, it appears that price is printing a flag which should have a target of $14564. This is also just about the same target as the height of the ascending blue channel. The red line is the weekly resistance dating back to the beginning of 2018, which lines up almost perfectly as well. If price hits this level, then it completes its journey toward the target that I have been telling traders to watch for since it broke above the 2018 descending wedge in December. I don't know about anyone else that has had this target since then. I'm sure someone, somewhere did, but I haven't come across them yet. That being said, the question then becomes is this the end of Wave 3 or Wave 5? If you've been following me, then you know that Wave 3 would make for an easier count. Often, in Elliott Wave analysis, the easier count is the correct one. So, for now, that's what I'm looking at. Price can obviously continue higher from here as there is a lot of room above that red line. In that case, we would have to take another look at the count if it does. At this time, I am looking to exit in that green box somewhere between ~$14100 and ~$14600. I will be looking for confirmation before shorting. That ascending black line in the green box is the top of the ascending channel that began in the $4000s and touching it would give us 4 alternating touches of the channel. The target, if price were to exit the top of the channel today or tomorrow, based on the height of that large channel would be just around the ATH in the mid-$19000s. The 4H Stoch RSI seems just about tapped out, but the 1H Stoch RSI has a lot of room to run, and as we can see price has been consolidating right at/under the R2 pivot. A break up would have us looking for price to target the R3 pivot which happens to be at the low end of my green box. As always, I will be discussing this and more in this morning's YouTube video (link is below). The "more" often includes an analysis of ETHUSD, LTCUSD, XRPUSD, Gold, USD, and/or equities, as well as my thoughts on current news. 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.
KRAKEN:BTCUSDLong
by Chris_Inks
4
BTCUSD 1H chart (6/25/2019)Good morning, traders. Bitcoin's price continued to grind up over night to a high of $11488 where it was rejected by the 15 minute R2 pivot. As a result, we've seen a sharp, quick drop of around $470 this morning which was also quickly bought up. These liquidity grabs help price continue its journey higher. I have continued to warn about this volatility at these levels after such a strong, continued push from the December 2018 low. Don't forget, the ~$11780 level is the 2018 TR resistance and just below that is the 4H R1 pivot at $11750, so traders should be mindful of possible temporary rejection at that point before continued upward movement. However, the target based on the height of the TR that price left overnight is ~$12366. This is based on Kraken, though, and the other exchanges often don't drop as far on the shakeouts since Kraken seems to suffer from liquidity issues on those shakeouts causing price to reach deeper for liquidity. So, if we take a look at Coinbase, Bitstamp, Bitmex, and Bitfinex, then we see that the TR is not as large and the target is actually $200-$270 lower at ~$12095-$12166. This is just a bit higher than my P&F target area between $11775 and $12075 (which was drawn on a Coinbase chart) suggesting that we may see some consolidation around this range. This doesn't mean that price won't reach $12366 on Kraken before consolidation, but traders must be mindful of the same pattern targets on other exchanges as they may differ as a result of the increased volatility at these levels. I wouldn't be surprised if we saw price hit the 2018 TR resistance and fall back to $11000/$11200 before pushing up once more and, finally, through it but that is just one of the many possibilities at this time. If price ultimately fails to get through that $11,800 level, then that could mark the top of the run. I believe we have higher to go, as I've stated numerous times, but that doesn't mean I haphazardly just long without thoughts about risk management. Traders absolutely must protect their capital above all else. As always, I will be discussing this and more in this morning's YouTube video (link is below). 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.
KRAKEN:BTCUSDLong
by Chris_Inks
2
BTCUSD 4H chart (6/24/2019)Good morning, traders. We saw pretty much everything I said we would see this weekend -- Price eased through $10,000 just like it did at $6,000, it topped out around $11,200-$11,300 depending on which exchange you were watching (I mentioned a target of at least around $11,084 based on the pennant's flagpole height), and we saw strong volatility as price dropped $1200 and then $850, both suddenly. So far, the $10,000 level has held as support as I have been saying was likely once we got above it. Since the initial move above $11,000, and subsequent drop to $10,000, on Saturday, price has continued to print a TR. While there still seems to be a good bit of supply around $11,200, we can also see that slightly less effort was expended on the second drop which produced significantly less result. In other words, although there was a strong market desire to sell at that level, the demand that's showing up at $10,000-$10,7000 level is quite strong as well and buying up all that selling. Also important to note is that the volume on the first drop was only slightly more than the large demand spike about 14 hours prior and resulted in a very small candle body thereby suggesting that we still have higher to go. We can see price printing higher lows toward that upper resistance at this time. The 4H RSI shows us that back-to-back hidden bullish divergences printed. This is to be expected, as I have mentioned before, because of the large, sudden drop seen on Saturday. We can see that Stoch RSI is still oversold and RSI is now below overbought, though remains strongly bullish and is rising once more. We haven't really seen any Springs print during these reaccumulations on the way up, so we may not see one again this time around. However, that isn't a guarantee and we could still see price dip below the bottom of the TR. At this time, as mentioned above, price is printing higher lows so my immediate thought is that we will not see a Spring but, instead, will continue higher. Price has continued to move within the ascending blue channel that it has been printing since the mid-$8000s but because we don't have four alternating touches to the channel's support and resistance, it is not confirmed yet. Price has remained above the 21 EMA so far and is currently above the most recent 4H pivot. Notice that the top of the 2018 TR is at the 4H R1 pivot. The safest entry would be a break above the recent swing high of $11,286.80 (on Kraken). At this time, I am still expecting a move up to the lower-$14000s before a deeper correction, most likely back down to $11,500-$12,000. This would take price to the 2018 descending wedge target. Furthermore, such a move has the increased likelihood to see price reach the ATH area before completing a larger pullback and then proceed toward $22,500 at least. However, because of the FOMO expected once price leaves the 2018 TR resistance at $11,780, we could see price reach higher targets at each point before retracing a bit. So, as I continue to warn, traders should be utilizing strict, intelligent risk management while also suppressing their urge to FOMO. If price happens to drop, then I would be looking for a bounce around $9300/$9500. As always, I will be discussing this and more in this morning's YouTube video (link is below). 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.
KRAKEN:BTCUSDLong
by Chris_Inks
BTCUSD 1D chart (6/17/2019)Good morning, traders. As I warned on Friday, "...what appears to be a wedge, many times, is nothing more than price grinding toward channel resistance and when it pops through it usually makes quite the move." After this weekend, price now sits ~$1000 higher while printing a large ~$1350 engulfing candle. Is it a bullish engulfing candle? I don't believe it fits the definition since there wasn't a downtrend, rather just a 1 period drop followed by that candle. That said, it's still bullish and it makes more sense for traders to look for higher highs than lower highs at this time. In terms of the VPVR, we can see that price is clearly above the highest volume nodes which generally means that it's easier for price to move up higher than it is to drop lower. The relevant weekly/monthly pivots are labeled in purple, and they are probably the most useful targets of all right now. Those of you that have been following me for a while know that I've had issues with potential Elliott Wave counts. I've provided a few different possible counts, but have always lamented that I cannot drop a line from the bottom of wave 2 to the possible wave 4 bottom. There has also been the confusion amongst EW traders about whether we are in the 3rd or 5th wave (although it seems that most have delegated price to the 5th wave at this time). But what if this is the count? What if wave 3 doesn't begin until the break through $4000? If so, then all of the sudden the count becomes much easier with the consolidation under $5000 being subwave 2 of wave 3 and the hard drop in May being subwave 4 of wave 3. That would most likely have us in subwave 5 of wave 3 right now. Using the large ascending channel as a guide for wave 4, based on wave 2, then that would give us a wave 3 target of the ascending channel's EQ just above the daily R2 pivot and the 2018 TR's resistance, most likely near the monthly R1 pivot which would occur by the end of the month. We would then see price retrace for about 2-3 weeks during July as it prints wave 4, followed by a large move up for wave 5. Where would wave 5 target? Based on the channel, it seems most likely that we would see it target the top of the ascending channel around the R2 pivot/4.618 extension ($22,000-$24300). Again, for those of you who have been following me, these targets aren't surprising. It is the same thing I have been mentioning for months now, except we have a lot more data to support such a move. This would also mean that $10,000-$12,000 likely becomes the floor for wave 2 before the next push up. For those of you still interested in the parabola, this count gives us the first base at subwave 2 of wave 3, second base at subwave 4 of wave 3, and third base at wave 4. Remember, what I've said about parabolic movement off the 3rd base -- it generally provides 100%+ in movement which means we should expect the blow off top around ~$20,000 or more. Finally, don't forget, the expectation is for retail to finally start FOMOing in as price moves through $10,000, and especially when it moves through the top of the 2018 TR just under $12,000. I am going to take a look at LTCUSD, XRPUSD, and ETHUSD during this morning's video, as well as a deeper look at what I am discussing here, so be sure to check in at the YouTube link below. 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.
COINBASE:BTCUSDLong
by Chris_Inks
10
BTCUSD 1H chart (6/12/2019)Good morning, traders. Bitcoin continues to trade sideways while printing higher lows toward the $8100 resistance on the lower TFs. It doesn't amaze me anymore that novice traders think highly bearish in spite of this development. Many of y'all are still in disbelief at this 6 month bull market. Sadly, what they fail to understand is that even a correction toward $6000 is not bearish. It's a pullback in a bull market. It's one of the most bullish things that can happen as it gives traders the opportunity to ride the next wave up. The biggest thing that novice traders have to overcome is their emotion and they can start by choosing to use non-emotional words. The higher lows on the lower TFs don't guarantee that price will go up, but they should at least give traders pause when being so bearish. The higher TFs are showing higher lows and higher highs, however price has been trading sideways for a month now while printing a higher high and currently a possible higher low. The daily shows price consolidating against resistance. A couple of days ago price left the descending channel it had been in for two weeks prior. It then retested channel resistance as support yesterday and since then has been printing higher lows and highs. I have two support lines noted on the 1H RSI and 1H Stoch RSI is consolidating just under overbought. The higher lows toward resistance has me thinking that we should see a good pop upward through that resistance. As a reminder, the red line is the monthly pivot, the dashed purple line is the 2018 TR EQ, and the horizontal black line around $8400 is the top of the TR that price has been printing for about a month now. Price is also currently back above the 1H pivot. There are a couple of targets to watch at this time based on channels and TRs. The red target is based on the large descending channel and targets that fresh supply in the blue zone from the recent swing high. The blue target is based on the blue TR and targets the 2018 TR EQ. The purple target is one that traders should also keep an eye on. There is the possibility that price has printed a triple bottom as noted in purple. If price can close above that swing high at $8115, then we could see price targeting ~$8800 and that gets it pretty close to the red channel target at ~$8970. If price falls further, then I will continue watching the same support levels that I have been mentioning for a while now including the noted demand zones on this chart. 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.
BITSTAMP:BTCUSDLong
by Chris_Inks
2