FSR has a similar structure to RMH (See link below). FSR has also found support at the previous accumulation range and the Yearly Pivot Point. With the Rand (ZAR) strengthening (See link below) this also provides support. The high volume after the breakout can be seen as a Buying Climax (BC). The bottom of the range provides support on higher demand volume. We...
Good morning, traders. Bitcoin broke out of the descending broadening wedge as expected and reached the pattern target. While this did take price above the descending dashed red resistance line, it wasn't able to hold and price has since bounced off the 15 minute R1 pivot while finding resistance at that dashed line once more. OBV on that short TF has moved up...
Good morning, traders. Bitcoin's range continues to tighten as traders become restless. Don't allow this lack of price action push you into making an emotional decision. If you are actively trading at this time, then you should already have a plan in place. And if you have a plan, then you shouldn't allow emotions to change it. Currently, we can see price...
Good morning, traders. It is Columbus Day in the U.S. which means professional traders are enjoying a 3-day weekend so volume is lighter across all financial markets. This includes the crypto market. After another lackluster, sideways weekend, Bitcoin finally pushed up and through the resistance of the July triangle this morning. The question is, can price remain...
Good morning, traders. I'm trying a darker color scheme here, so let me know what you think. It is the beginning of the work week in the U.S. after the 3-day holiday weekend. Shorts jumped up over the weekend the short/long ratio currently stands at 1.1558. There are a couple of possible reasons for this: 1) big player could be baiting retail into shorting so they...
Good morning, traders. It's Monday and time to get the trading week underway. As pointed out during Friday's daily live stream (where we always go into greater depth concerning price action), Bitcoin appears to be following April's pattern. The same can be said with the shorts/longs ratio. While there are no guarantees, it does give traders something to watch as...
Good Friday morning, traders. The end of the week is here and Bitcoin appears to be setting up for a large move. Many traders were shaken out overnight by the drop in price and remain even more skittish now. As I mentioned during last night's live stream, yesterday's daily candle printed an inside bar which most often precedes a strong movement. While that...
Good Thursday morning, traders. Things start becoming interesting now with the weekend just a day away and daily RSI sitting on oversold. If you have been tuning into our daily live streams, then you know I have discussed the various possibilities presenting themselves at this time. Daily oversold often provides a bit of a decent bounce for price, at least, though...
Good morning, traders. Bitcoin appears to be working on the bounce that I discussed was more likely than not during the live stream last night. However, we must remain aware of the potential for a dead cat bounce rather than a full reversal of what may just be a corrective leg down since the $8500 high. This recent upward momentum has pushed price above the...
Remember, all corrections take the same general path as they are all the result of human beings and their unconscious reaction to fear and greed. They just take longer or shorter depending on the movement prior, and the movements may be more or less exaggerated. This comparison in no way suggests that price will definitively do one thing or the other. It is...
Good morning, traders. Price dipped a bit further than expected, but so far is acting exactly as I discussed it was likely to do. We saw strong absorption on the drop as indicated by the large volume and appear to have found the bottom, for now, at around $7450. This provides two possible scenarios if price is to continue upward. The right chart shows the...
Good morning, traders. It's Thursday which means the week's end is near and trade volume generally begins decreasing. The overhang from the OKEx $420 million long liquidation comes to a head tomorrow. OKEx needs price to ramp back up above $8000 by Friday's settlement, which is 16:00 Hong Kong time on August 3, to cover/mitigate the loss created by that...
Good morning, traders. Price action this morning exemplifies the importance of short term traders not getting into a position when the market is moving sideways like it has been. This is what I'm constantly warning new traders about. There is no definitiveness of movement until price exits that sideways chop. Unfortunately that is also one of the most difficult...
Bitcoins painting a very similar re-accumulation phase just like before . Theres a very well defined BC and AR creating the TR, a ST and what appears to be a creek forming. I'm wary that there is a possibility that this is a little premature none the less something to keep in mind. Volume is dropping, price range is narrowing, volatility dying and buying...
IMO we're still in reaccumulation. We've just broken the TR on low volume sprung back into the TR and tested the support. Sell volume is being absorbed. Expecting a move to the top of the TR for an LPS then upwards to $7800. 2&3hr bull STOCH springs, tensor charts showing support below and clear above.
Bitcoin going through Wyckoff Reaccumulation. Hidden bullish divergences and weak volume sell offs on the way down (supply absorbtion). Could see spring at weekly support ~$8700 before next leg up to ~$11.3k. BTC/USD BTCUSD #BTC $BTC #Wyckoff #Reaccumulation - @CryptoCurb