edwnjos99

05:52

edwnjos99

The market rarely goes the way people expect it to, and at the moment everybody is expecting bitcoin to go down to 8500, in this video I discuss a few alternative scenarios: - we are in a channel and are going to go upto 11800 then back down to 8000. - we are going further down to a 40%- 45% correction (8200 - 7500). - we forming a bull flag in the higher time...

edwnjos99 Updated 

We have a lot of bearish signs: trendline resistance being tested, bear flag on the 1h chart, death cross, low volume profile until 8.5k, etc. On the other hand, It is still possible for btc to breakout of the trendline towards the upside and retest the 10k - 10.3k region but less likely in my opinion. A trend reversal from the larger correction to bullish is also...

edwnjos99

We have an inverse head and shoulders pattern in the 4h chart, if this plays out then it should get us to 11.7k. After that we can either continue the downtrend or see a larger trend reversal to bullish.

edwnjos99 Updated 

We have a triangle formation in the chart and we are getting near the end so we should get a breakout to either side in the next few days.

edwnjos99 Updated 

We are getting near the end of an ascending triangle and the volume is decreasing so should see a breakout soon. The next major resistance is at 12k, we could continue going up from their or get rejected and get a likely bigger correction.

edwnjos99 Updated 

We can see a wedge formation in the chart, I'm not sure which way its going to be breakout but there is an opportunity to make a couple of scalp trades. When it comes to the fundamentals, I'm very bullish on Gold but the fed rate cuts will artificially prop up the market and while that is not necessarily bearish for gold, it will delay the upcoming big bull run in...

edwnjos99 Updated 

We have a clear ascending triangle formation, multiple attempts to go above 11.5k resistance and the bullish momentum is go high that it completely ignored the rising wedge formation yesterday.

edwnjos99 Updated 

We have clear rising wedge formation and a breakout to the down side. Looks like a good short position. Be careful though, we are in a long term bull market and we just had a $1000 pump since the bounce from 9.7k, we could be in the beginnings of a trend reversal and this could be a bear trap.

edwnjos99 Updated 

If you use 1440 as the top and 1280 as the bottom, that's healthy 40% correction and we are left with a clear bull flag formation. 1380 was a major long term resistance, now its acting as strong support. Its very unlikely to go below 1380. If you look at the fundamentals, it also looking really good for gold: Trade War, US/Iran tensions, Fed rate cuts (suggesting...

edwnjos99 Updated 

If you look at the chart patterns, we still have a bear flag, and a rising (kinda) wedge. When you combine this with the blow off top (after parabolic rise), the odds are still in favor of the bears. On the other hand, this is reminding me if what happened around 7.5k, its good to remember this is a bull market and the correction might not happen at all....

edwnjos99 Updated 

Just started looking into head and shoulders, this looks like a inverse head and shoulder pattern. When you combine this with the bitcoin blow off top and sideways action, there is probably going to be a breakout soon. Note: New to trading, just figuring out these chart patterns, don't use this to make trades.

edwnjos99 Updated 

If you look at the chart, there is a clear bear flag formation. When you combine that with the blow off top and the cme futures gaps to be filled. This is going to be an easy ride down to 8.5k. Currently we see support and resistance provided by the EMA ribbons. Note: new to trading, just figuring these patterns out, don't make trades using this.

edwnjos99 Updated 

I'm still messing with falling wedges, this is very likely to be wrong but here we go any way. It looks like another falling wedge formation, If it continues to make lower highs then we could have a scenario where we go all the down to fill the cme futures gap which goes down to 9.9k then bounce all the way back up to 13k. This is still very unlikely because there...

edwnjos99 Updated 

Looks like a falling wedge formation, it could go up to 13k or even 13.4k. One caveat is, bitcoin is due for a correction and we just had a blow off top so we might just continue going down or bulls get back control. Let me know what you guys think.

edwnjos99 Updated 

This is a continuation from my previous chart where we bounced from the major support around 1403. Now it looks like a bull flag formation. We could see gold go up to the next major resistance area of 1416 and then 1424 after that we might see a minor correction to around 1392- 1400 or we might continue going up, we already got a small correction and the...

edwnjos99 Updated 

Maybe I'm looking too much into it but this looks like another bull flag to me. Easy ride to 13k

edwnjos99 Updated 

Gold just broke the major support line ("S1") when I was just about the publish this chart, here are the major resistance and support areas, lets see what happens next.

edwnjos99 Updated 

We saw a strong rejection from the major resistance around 11470 and now its forming a diamond pattern so we could possibly see a pullback to the next major support of around 10850. Be careful though, there is a clear bull trend and bitcoin has a history of defying chart patterns.