Good morning, traders. We have made it to Friday once more and Bitcoin continues its sideways shuffle. However, I don't believe that will continue for much longer. During the live streams you have heard me say that I feel like we could see a move as early as this weekend, but if not then the most likely outcome will be to see it within the upcoming week. I continue to see more bullish than bearish bias at this time in the charts. That doesn't mean that my opinion won't change if differing, stronger info reveals itself as price action plays out. Traders must always remain pliable. This nonsense about someone's opinion being wrong is a bad thing only makes sense to the person trading on it. But we don't trade on opinions and neither should you. We create trading plans, complete with confirmation levels and strong risk management. If you fail to do so then you don't understand that all trading is mere speculation -- nothing more. As such, risk management is the name of the game since the only thing you control in the market is how much you lose.
For today, we are zooming out to the daily chart once more to note the larger picture. This time around I have drawn in the green zone which is working as resistance. Price continues to print higher lows toward that zone as volume decreases. CMF remains well above zero at this time, OBV is printing higher lows, MACD is nearing a bullish cross of centerline as it continues printing higher lows, and RSI is near bullish at just under 50 while printing its own symmetrical triangle. We can see triangles within triangles printing as consolidation plays out. If you are the type to draw your trend lines at the bodies of the candles rather than the wicks, you can clearly see the blue pennant playing out. A successful breach of the resistance should provide a target of around $7245. If price follows this route, my expectation is to see it drop back to the green zone to test it as support and then bounce higher. If price breaks down instead, we should be watching for the other ascending lines to provide initial support.
Gold continues to increase upward pressure and the DXY bounced against the $95.93 level then dropped hard in response as mentioned was likely to happen during our live stream yesterday.
For today, we are zooming out to the daily chart once more to note the larger picture. This time around I have drawn in the green zone which is working as resistance. Price continues to print higher lows toward that zone as volume decreases. CMF remains well above zero at this time, OBV is printing higher lows, MACD is nearing a bullish cross of centerline as it continues printing higher lows, and RSI is near bullish at just under 50 while printing its own symmetrical triangle. We can see triangles within triangles printing as consolidation plays out. If you are the type to draw your trend lines at the bodies of the candles rather than the wicks, you can clearly see the blue pennant playing out. A successful breach of the resistance should provide a target of around $7245. If price follows this route, my expectation is to see it drop back to the green zone to test it as support and then bounce higher. If price breaks down instead, we should be watching for the other ascending lines to provide initial support.
Gold continues to increase upward pressure and the DXY bounced against the $95.93 level then dropped hard in response as mentioned was likely to happen during our live stream yesterday.