Yesterday BTC broke the higher low every day pattern which had been intact over a week.
This has us looking for healthy daily consolidation, and a daily higher low.
If this head and shoulders breaks bearish, we will see a test of daily EMA12 support.
If this pattern does not confirm, we will have a daily bull flag looking towards $10k.
Patiently waiting for...
Bitcoin bulls are keeping up the strength with currently 9 days in a row with a higher low every day.
When this pattern breaks we will look for healthy daily consolidation and a higher low.
Bulls keep full control as long as this pattern is intact.
4H EMA support is lining up with this pattern, and when it is broken we will likely lose this EMA support as well....
BTC bulls held the first test of 4 hour EMA support, but were unable to see continuation.
This leaves us with a daily inside bar forming and tightening range.
With a bull break we see higher highs and with a bear break we see daily consolidation looking for a higher low.
Either way bulls are still keeping control of the trend for now and looking for more...
Bulls keeping control as long as this uptrend remains intact.
The 2D chart has the most clarity for me otherwise.
We are watching for 3 scenarios:
- Daily continuation
- 2D Head and Shoulders Reversal for more weekly consolidation
- 2D Lower high and equilibrium
Knowing the frame work of the setups on the longer term time frame, the 4 hour chart can give us...
Bulls currently have a bit of an upper hand in the pattern with the strength we see off each new support found.
The range is tight enough that we can be looking for a break within the next 12 hours or so.
The most important thing to see if we do break bull, will be continuation on the hourly or 4 hour time frame after the break occurs and we see the initial...
With the bear push this morning we are looking to form a 4 hour higher low at some point today and remain in the tightening daily range at least until tomorrow.
This range is very important because it will give us a significant shift in the % odds the current weekly consolidation is done to head back to $9k vs. needing to head down to $7k.
We also much look for...
Currently we have a bear flag on the daily and a bear flag on the 4 hour chart.
In this setup it is possible for both to confirm at the same time.
Bulls are defending support, but are not doing much in terms of breaking resistance.
With another leg down we will look to the futures gap in the upper $7,100s to fill.
We will also look to weekly EMA12 support as a...
BTC bulls held the low of consolidation and are bouncing significantly.
A few things to note for the broader setup:
1. Anything under $8,834 is a daily lower high
2. Weekly bull flags are forming and the burden of proof is on the bears to change that
3. This move is coming off the low and we will likely need a 4 hour higher low on consolidation today
4. LTC clear...
Bulls have seen a very nice bounce from an oversold climax on the 4 hour chart.
We are still in a 4 hour downtrend and with declining volume the bulls are losing some momentum.
I believe in order to change the trend it will have to be an inverse head and shoulders.
Remember if the 4 hour trend changes, we zoom out to the daily and look for a lower high on that...
Yesterday the daily uptrend was lost on BTC indicating the start of weekly consolidation for the first time in a couple months.
It was also the first time the 4 hour RSI had been that oversold since the $3,000s.
This shows a shift in the market, where RSI levels on longer term time frames should be paid attention to more, as bulls are not longer in full control....
The most likely scenario from the video yesterday is playing out on BTC.
Loss of the 4 hour higher lows was the indication a tightening range was likely. We are expecting a break Tuesday or Wednesday.
Bulls want to hold EMA12 on the daily on a back test of support, which hourly oversold already bounced off.
The weekly bearish reversal candle has us cautious of...
Slowwww and steady recovery attempt from the bear attack yesterday.
1 by 1 we see EMA resistances grinded against and eventually surpassed as resistance.
Now the battle is on for the hourly EMA12/26 resistance.
Break it and we zoom out to the 4 hour EMA resistance.
Notable that as of right now bulls are still holding the daily uptrend and daily EMA12 support....
First we saw 5 min oversold RSI bounces, then 15 min, and now most recently it was hourly.
This has lead to further lower lows on consolidation, but the first hourly oversold RSI since the breakout saw lots of bulls step in to be buyers.
I expect to top out on this bounce shortly this morning and then consolidate for hourly higher lows.
Bulls are still setting...
Currently seeing healthy and contained consolidation after bulls were unable to break resistance.
Looking for the bulls to hold 4 hour EMA support to remain in full control.
If we lose this level we will be looking for a daily higher low.
Currently still riding ETH and BTC positions, my LTC stop was placed a bit higher and triggered overnight.
If we were to...
BTC rejected from resistance yesterday, leading to consolidation remaining in this tightening range.
Break is imminent within the next 24 hours and how this 4 hour pattern breaks will have significant implications on how the daily range breaks.
Bulls need to show up this morning and shift the hourly trend to form a 4 hour higher low.
Currently still in an ETH...
Ranges are tightening up and how this pattern breaks this morning will likely dictate direction on the day.
The bulls are still holding 4 hour EMA support, and the daily chart is still holding well for bulls.
If we bear break we will zoom out and look for the daily higher low to still need to be set.
Inside bar on the daily yesterday and another is possible for...
BTC bulls made a push last night that rejected from the high of this entire move by 1%.
What is notable is the bear break on the 4 hour chart with no follow through.
This is notable because there is a lack of price history support in that range, yet bulls bought the dip quickly.
The sooner the bulls erase this double top, the better for comfortability.
Last night we saw a flush with a significant amount of long positions being liquidated.
This crushed liquidity in the market and cleared out all orders within a 15% range.
Surprisingly the bounce on BTC was the best in terms of %, as we finally hit hourly oversold conditions for the first time since the bull move. Even 4 hour RSI was oversold at the low of the...