Dollar-A-Day

Dollar-A-Day

Doing an EW count and assuming this recent top to be the end of Wave 4. Any break above would make the rest of this invalid. Forecasting potential bottoms using the following as targets subtracting it from the top of Wave 4: The length of Wave 1 The length of start of Wave 1 to end of Wave 3 62% of the price length of start of Wave 1 to end of Wave 3 Trend...

Dollar-A-Day

That took a while ... wedges/triangles can be so frustrating as you wait for it to play out. So it finally broke the wedge and stopped right at where we saw support in the last update. I think we will see the following play out: 1. Expect a second bull trap ... stochastics look very oversold on the lower time frames so I wouldn't be suprised for them to correct...

Dollar-A-Day

Looks like this triangle is ending either today or tomorrow ... not 100% if its up or down. What I see right now ... Longs are coming back ... shorts got knocked out ... However, volume is very low .... bearish divergences on 1H and lower time frames while stoch RSI is aching to rollover on higher ones, especially on the 1D. This looks like a bull trap. The...

Dollar-A-Day

Looks like a bearish ascending triangle coming to an end in the matter of days, or even hours .... the question is which way. Yesterday's spike looks like manipulation ... was it a short squeeze stop hunt / bull trap? Right after it happened, I was sure it was because Bitfiniex's total shorts was showing a bit high of a number, so I assumed exchanged needed to...

Dollar-A-Day

Checking on Bitcoin ... it has reached the blue box trade exit range from the last update but failed to rise above with any strength. Looking at the macro landscape, the US is looking worse. Trump hails drugs he claims proves helps with the virus, while in the same press conference his top infectious disease head doctor disputes his claim. That happened within...

Dollar-A-Day

I think if it holds above 2300 into the close, the relief rally will finally come. That is the 2.00 extension of a corrective wave A ... The rally will hopefully run up to around 2700-2800 ... then a final move down into the 1800 area, the support levels lined in blue on the chart. Unless we continue to land slide right on down ... be sure to use tight stops...

Dollar-A-Day

This looks like the market trying to find a bottom. I highlighted the past move on the chart where it did bottom recently. Comparing the volume and RSI divergence from the bottom at $3100, this looks very similar. I think there is a good chance we move up to the blue zone before the next leg down to get RSI to come up some more. Thats somewhere in the 6500 to...

Dollar-A-Day

I am thinking 2400 holds up and its a short term bottom ...bullish RSI divergence on a daily. I think this will play out to the upside. The big question is will the rally be capped... was this wave C and did it put in a bottom???? or is it end of wave A and the rally will be wave B and we have one more low to put in? I still see too many people calling this the...

Dollar-A-Day

It looks bad right now for permabulls, but I think there is a scenario where the price bottom $3120 is still valid. I want to speculate on what could happen as we move forward here and lay out how the story of Bitcoin in 2020 could possibly unfold. There have been 3 times that I can see from Bitcoin's history where the prices has fallen more than 70%. They are...

Dollar-A-Day

Trying to identify areas of major resistance coming up that need to be passed if this recovery is going to really happen. I placed green arrows at price points I used to identify the resistance ranges. The first is $47 - $57 ... I can see this as a potential reversal area to retest the lows in the $20 range ... that actually would not be that bad in the long run...

Dollar-A-Day

Possible longer trend EW count ... Wave 1 was from $22 to $145 ... currently looks like a zig zag wave 2 to me with possible full retrace to the start of wave 1. Blue rectangle on chart is the buy zone, hit it anywhere in there ... Has to stay above $22 (the bottom of the rectangle). Tight stop possibility here too if you want to place on below $22.