If you are looking to make a quick profit on BTC, be very careful.
Right now it is on the verge of a breakout up/down.
I am still very Bullish on BTC, but we need to keep the bears in mind.
As of right now, we are consolidating in a textbook bear flag.
Here's the problem.
It seems too textbook.
Do you understand what that means? Reverse psychology 101:
The whales WANT you to think it'll break down.
Then it doesn't.
Scenario 1: Bear
The bear momentum comes back and we drop below the wedge. This would be BAD.
If we break down I believe our first solid support would be $8,440 to $8,482.
If this breaks down past $8,350, you can safely assume we will see $8k or worse.
Where are currently will be hard for the bears to break
as it is a very long term trend line.
The chances of that though in my opinion, are very small.
We will cross that bridge if we come to it.
The RSI is close to meeting resistance, price has reflected this.
The MACD shows a buy but the divergence is too small to be reliable.
Scenario 2: Bull
We need a breakout with some good volume, desperately. In order to consider
going full bullish again, we need a breakout above $9k. Ideally $9,400.
RSI needs to break it's resistance which will allow us further room to the upside.
We can go as low as about $8k while still being in a bullish trend.
We have gotten all good news for the past few weeks.
Wall-Street is telling you not to buy in the news. (Gee I wonder why)
The Consensus meeting is taking place on the 14th.
There is Hidden Bullish Divergence that has taken place for the past 2 weeks,
as well as the longer term Hidden Bullish Divergence from the 12th of April.
So long as we hold here, this will provide even STRONGER Hidden Bullish than what
we have seen for over 2 weeks.
The above 2 resistances will be strong, and hard to break. This is where we need
the most momentum.
If my count is right, we are starting sub-wave 2 of the larger series 2nd wave.
IF my count is right. Within the next day or two we should start wave 3/3/3, a
very, very powerful Elliott Wave sequence. This means an epic green dildo is coming.
I do believe we still need to go down a bit to test the support formed around $8,337.
Ideally, a higher low would be perfect in this instance.
It would allow us to stay bullish and add to the building Bullish Divergence.
Right now it is on the verge of a breakout up/down.
I am still very Bullish on BTC, but we need to keep the bears in mind.
As of right now, we are consolidating in a textbook bear flag.
Here's the problem.
It seems too textbook.
Do you understand what that means? Reverse psychology 101:
The whales WANT you to think it'll break down.
Then it doesn't.
Scenario 1: Bear
The bear momentum comes back and we drop below the wedge. This would be BAD.
If we break down I believe our first solid support would be $8,440 to $8,482.
If this breaks down past $8,350, you can safely assume we will see $8k or worse.
Where are currently will be hard for the bears to break
as it is a very long term trend line.
The chances of that though in my opinion, are very small.
We will cross that bridge if we come to it.
The RSI is close to meeting resistance, price has reflected this.
The MACD shows a buy but the divergence is too small to be reliable.
Scenario 2: Bull
We need a breakout with some good volume, desperately. In order to consider
going full bullish again, we need a breakout above $9k. Ideally $9,400.
RSI needs to break it's resistance which will allow us further room to the upside.
We can go as low as about $8k while still being in a bullish trend.
We have gotten all good news for the past few weeks.
Wall-Street is telling you not to buy in the news. (Gee I wonder why)
The Consensus meeting is taking place on the 14th.
There is Hidden Bullish Divergence that has taken place for the past 2 weeks,
as well as the longer term Hidden Bullish Divergence from the 12th of April.
So long as we hold here, this will provide even STRONGER Hidden Bullish than what
we have seen for over 2 weeks.
The above 2 resistances will be strong, and hard to break. This is where we need
the most momentum.
If my count is right, we are starting sub-wave 2 of the larger series 2nd wave.
IF my count is right. Within the next day or two we should start wave 3/3/3, a
very, very powerful Elliott Wave sequence. This means an epic green dildo is coming.
I do believe we still need to go down a bit to test the support formed around $8,337.
Ideally, a higher low would be perfect in this instance.
It would allow us to stay bullish and add to the building Bullish Divergence.
Comment:
An alternate, more intimate perspective:
Comment:
Prior hidden bullish
Current hidden bullish
If you don't know what Hidden Bullish is, it's the Price action lows getting higher while the RSI lows are getting lower.
Current trend shows the SAME RSI but with a much much higher price.
This is looking good so far for the bulls.
If you don't know what Hidden Bullish is, it's the Price action lows getting higher while the RSI lows are getting lower.
Current trend shows the SAME RSI but with a much much higher price.
This is looking good so far for the bulls.
Comment:
Price is holding strong support so far at the 20 day MA around $8,640.
This is a good sign, if we can continue to hold.
This is a good sign, if we can continue to hold.
Comment:
About that long term trendline.
We're resting on it.
COME ON BULLS.
We're resting on it.
COME ON BULLS.
Comment:
Comment:
Comment:
Path of least resistance short-term: UP
Comment:
The daily candle will very likely close bear. That being said, the wick is 2x as long on bottom as it is top. Technically, even though this is a bearish candle, the bulls won this one.
