Good morning, traders. Price is attempting to push its way through the descending wedge's resistance as H4 RSI is pushing through its own resistance. H4 MACD is curled up and nearing a bullish cross above centerline. As we can see, the green target, which is based on the height of the wedge, is near the previous swing high. Traders need to be cautious as price nears that area. A close above that swing high is what is needed. A wick above but close below prints a bearish SFP which will likely have price reversing. However, a close above that swing high opens up the targets I discussed yesterday as price begins closing above the pattern resistances. While anything is possible at all times, there is little-to-no reason to think price is ultimately headed down from here at this time. At the very least, we should see price move up toward $3900. A daily close above $3615 should make this much more likely as that gets price back above the daily pivot. I am still not a big fan of the possible IHS but have left it for those of you who are interested in it.
BTCUSD Shorts may be finding a temporary bottom at the very least. More importantly, they are nearing the area where they have previously bounced and price headed down as a result. Just because it has happened before does not mean it will continue to happen, though, but it is something to keep an eye on. If Shorts happen to drop below that level this time around it may be an indication that the market is reversing.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
BTCUSD Shorts may be finding a temporary bottom at the very least. More importantly, they are nearing the area where they have previously bounced and price headed down as a result. Just because it has happened before does not mean it will continue to happen, though, but it is something to keep an eye on. If Shorts happen to drop below that level this time around it may be an indication that the market is reversing.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
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BTCUSD Shorts
