BoomerangCap

BoomerangCap

The 1W 50 MA has now been broken and closed above. The last time this occurred was the beginning of the last bull market. Safe to say this is a significantly bullish signal. looking good for a continuation push up into the 6000s. Until the uptrend on the daily breaks down this thing seems like it could head towards the equal highs at 6.8k. The next significant dip...

BoomerangCap

Strategy based around Open-Close Crossovers

BoomerangCap

Bitcoin Daily

BoomerangCap

The 3D cloud tenkan metric has acted as resistance since August. Price showed signs of breaking above this level over the past few days but is now showing signs of rejection. This metric has sent price down over the past few months and based on the 3D cloud alone it seems we may be heading towards another down move.

BoomerangCap

The cloud edge support on the 12H is slowly beginning to fail as support around 6.5k. Price needs to remain above this level in order to head towards the opposite cloud edge target at 7.1-7.2k. The tenkan is now above price which will also act as resistance. Things are looking meek for the bulls until we can pop back over the tenkan and remain inside of the cloud.

BoomerangCap

After the weekly closed yesterday, we saw the tenkan move further down to a confluent and important level on the chart at 7.3k. This further adds to the argument that a break above 7.3k would be an increasingly bullish signal as it would make a higher high on the higher time frames to go along with the higher low we have now posted around 6.1k.

BoomerangCap

The 4H cloud looks to have rejected price once again as price was unable to break above resistance. This continues to be the metric to break above for medium-term cloud traders.

BoomerangCap

Looking at the weekly order block depicted by the red rectangular zone that spans from 5.8-7.4k, we see that this zone has been historically critical for price action. The first touch of this OB saw price bounce with strength completely above the order block. The second bounce saw the weekly candle close above the mid/halfway point (EQ) of the OB but within the...

BoomerangCap

The C-Clamp idea from yesterday seems to be playing out as price shifts back upwards stabilizing the equilibrium between the tenkan and kijun on the 4H. Looking ahead we see the cloud lines up with our horizontal resistance right at $6.5k. This is increasingly important to break above for a continuation of the current rally.

BoomerangCap

Price is now back inside of the long term range which is capped at 6.6k. This will be the level to beat in order for the bulls to get running again. A break above 6.6k will set bulls up to try and break above 6750-6.9k. After a decent bounce back into the range, price is now back above the range low at 6.2k. This will act as support first and foremost. The...

BoomerangCap

Unfortunately for the bulls, price has fallen below the tenkan support. This level will now act as resistance on the way up at 6.8k. The daily cloud remains fully bearish.

BoomerangCap

Probably, the operative chart in crypto may be a bear flag in ETH. If ETH bounces and fails at 268, 200, or even 120 could be next. The decline in crypto seems to be leading a decline in equities. Bearish RSI divergence and Bollinger band resistance on the weekly charts of SPY and QQQ hint that equities could go down a lot more than people might imagine....

BoomerangCap

There might be a 5-wave structure in place indicating that the down move could be over. There also appears to be a confirmed head and shoulders bottom on the 4-hour chart. This may give credence to the Elliot Structure and justify a modest bullish view on POLY/BTC.

BoomerangCap

At the moment price is struggling to break above the 6.6k level, created by the trading range and equal highs resistance. Above 6.6k we see a chunk of resistance from the previous local bottom neckline and 1D OB at 6750-6900. This will likely be a high volume level for shorts. Current strongest level of support below price at the moment will come in around...

BoomerangCap

Price is now settled into the cloud on the 4H, signaling a target based on cloud metrics at 7k now. Should price fall below the cloud and the tenkan cross below the kijun, this would be yet another sell/short signal for cloud traders. Until then, 7k target remains.

BoomerangCap

Looking again at previous price action, noticed that the 4H bearish OB that started the move to the current local low is now acting as resistance across the board around 6450-6525, have yet to see a 4H or above candlestick close above this level. This is the main focus for resistance at the moment. The bottom of the consolidation/range price has been stuck in for...

BoomerangCap

Price attempts to break above the resistance at $6.5k once again. As long as price can remain above the current support, the next big resistance BTC should face will come around 6.7-6.8k by means of previous support turned resistance and the .618 fib level. Above that level we have another resistance outlined at 7.1-7.2k. At the moment we see volatile sideways...

BoomerangCap

Resistances At the moment the largest block of resistance price will encounter on the way back up is from $6750-6850. This lines up with the previous level of breakout and the .618 fib. Should we see price break above $6850 on a significant time frame, the next level that will give price trouble will be from $7.1-7.2k. Supports: At the moment price is...