Chris_Inks

Chris_Inks

Good morning, traders. Bitcoin hit Friday's target of the green box this morning. I have changed the pitchfork from the Modified Schiff to the Schiff as it fits better now that price has printed some movement. We can see that price is above the median of the Schiff Pitchfork, which is bullish. Price is now above the pivot, which is bullish as well. Traders may...

Chris_Inks

Good morning, traders. Bitcoin printed a potential reversal with yesterday's daily candle. We now need to see a green daily candle to confirm it, however. Daily Stoch RSI is in oversold but curled up looking for a bullish cross. Yesterday's volume was the strongest seen in just under a month, and it was demand-related. The weekly, as mentioned during yesterday's...

Chris_Inks

Good morning, traders. Last night is a good example of why, if you're correcting in a bull trend, you want to wait for confirmation on larger TFs before entering long. Many traders are fearful of going long now, and a lot of them are even short. Here's a reality check, though: for as far as price dropped the past two days or so, the volume was nothing special. It...

Chris_Inks

Good morning, traders. Overnight, we saw price dip into the blue demand zone that I mentioned we were watching about a week ago. We are also continuing to watch the H4 hidden bullish divergence (red arrows) complete and confirm. H4 is currently printing a TD 9 buy signal with RSI in oversold and Stoch RSI bottomed out. This does not mean that price will bounce...

Chris_Inks

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...

Chris_Inks 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...

Chris_Inks

Good morning, traders. Price has continued printing the triangle I spoke about a few days back. However, as mentioned yesterday, the daily printed a TD 9 sell signal. Rather than a full reversal, all it really means is that we generally expect a 1-4 candle pullback. This could lead to a reversal, but the reversal is not guaranteed nor required. As I pointed out in...

Chris_Inks

Good morning, traders. Nothing has really changed from yesterday, so I figured we could step back today and remove a lot of the clutter to take a much simpler look at the current price action. This H1 Binance chart shows price consolidating near the descending channel resistance and ascending channel support as volume drops off appreciably. We can also see price...

Chris_Inks

Good morning, traders. Last night, I was watching for a possible HnS to target the blue zone in the mid-$10000s. This morning I woke up to see that price had returned above the neckline without reaching that point. Instead, it bounced in the orange demand zone that printed on July 13th. In doing so, it did print the H4 hidden bullish divergence I said I was...

Chris_Inks

Good morning, traders. Over night, Bitcoin saw a high of $12320.40 on Coinbase, promptly followed by a drop to $11598.41. Price has continued to drift down less than $100 since then and found support at the R1 pivot and H2 demand. So far, we have seen a good reaction out of that demand and price finds itself sandwiched between the H1 and H2 21 EMAs, just below the...

Chris_Inks

Good morning, traders. Bitcoin has continued pushing higher this past weekend, ultimately marking $11860 on Coinbase before stalling out in supply. This is also the flag resistance and the median of the Andrews Pitchfork pulled from the July 17th swing low, July 20th swing high, and July 28th swing low. A pullback at this point shouldn't surprise anyone, but if we...

Chris_Inks Updated 

Good morning, traders. Bitcoin hit a high of $10580 over night. This is still about $200 lower than my target from yesterday and price is starting to show signs of fatigue as it stalls at the H1 and H12 HVNs, just above the R1 pivot. The H4 RSI and Stoch RSI are overbought, however the H1 RSI is dropping back under overbought with a Stoch that is just now trying...

Chris_Inks Updated 

Good morning, traders. It is now August and Bitcoin continues to rise as expected. Volume hasn't been significant just yet, so traders should continue to monitor movement. Yesterday's daily candle had a ~$500 spread which should have confirmed the pending reversal we had been watching for the previous few days as dojis were printed, along with the daily TD 9 buy...

Chris_Inks

Good morning, traders. As with yesterday, not a whole lot has changed. Price continues to drift upward with no real conviction yet. Price dropped into the yellow box as I mentioned it was likely to do during yesterday's live stream and has now hit the upper yellow box I drew as well. It was an easy $350/$400 move for anyone paying attention during the stream. RSI...

Chris_Inks

Good morning, traders. Nothing has really changed from yesterday. I am still watching the same levels for up or down and still waiting for the H4 and H6 RSI indicators to cross above their resistances. Price has not moved definitively in either direction but it has continued to contract. Zooming out to the daily, we can see that the last three days have created...

Chris_Inks

Good morning, traders. Things got interesting near yesterday's close with price dropping and then rocketing back up. This was a very strong reaction out of demand at $9100 following a low volume sell off. As a matter of fact, that pop up had the largest M30 volume that we have seen since July 18th and the swing low nearly found the July 17th swing low. This led to...

Chris_Inks

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...

Chris_Inks

Good morning, traders. Yesterday's YouTube video updated was titled "Are you ready for the bounce?" and we did get the bounce. In Discord, I made sure our members were aware of the bullish divergence on the H1 (which also showed up on the H4) following the TD 9 on the H6 which warned us that this move was likely incoming. The RSI resistances on the various TFs...