Waiting for this rising wedge brakedown, retest of the structure and weekly level.
Stops have been taken out which is visible on Daily (blue line).
MACD divergence present over 3 peaks.( 3 drive pattern )
At least short term BIAS is bearish.
Watching price action to see how it develops, waiting for the brakedown.
If I dont see what I want to see then NO trade.
Looking for convincing break of this strong resistance. Price raided stops that have accumulated at the bottom of the range and shoot up.
Its been building up steadily to try another brake out at the strong resistance. Higher time frames suggest rather bullish bias.
Daily close above 0.66874 would be significant and would likely see price hit my target around...
Higher timeframes suggest price should go south from here.
At least short term bias is bearish. Target set and as always watching developing price action ready to act accordingly.
Trying to establish bias on BTC through multi time frame analysis that would warrant taking a short position.
When all time frames are telling the same story then we should have a strong conviction and bias to that side.
As shown in charts I am waiting for a convincing break of that strong support to confirm my higher time frame
bias. Entry trigger can be on lower...
Multi timeframe analysis trying to establish bias on BTC.
Waiting patiently, looking for convincing brake down of support that would confirm my bias and allow me to get into a short trade.
If I dont see what I want to see then there is no trade. Re-evaluate and look for opportunities that tick my boxes again when they present themselves.
As traders we always must be prepared to go long or short. We can not be biased to one side.
I have clearly defined zones and levels within those zones that I am willing to engage off of.
I do not care which way price goes because I have a clear plan for both scenarios.
In the mean time I do nothing. Do not force the trades, WAIT for price to come to you
and if it...
Inverted head and shoulders potentially forming on BITFINEX:BTCUSD
VOLUME is going to be key here. We need Bulls to wake up to form that last bit of right shoulder
and brake the neckline.
If no volume no joy, pattern will likely be invalidated and will roll over.
There is a potential for inverted head and shoulders here on BITFINEX:BTCUSD 4 hour chart.
VOLUME is going to be key here. We need Bulls to wake up here for the final leg of the right shoulder to form and potentially brake the neckline.
If no volume starts increasing here then pattern will likely be invalidated and roll over.
There is a potential for inverted head and shoulders here on BITFINEX:BTCUSD 4 hour chart.
VOLUME is going to be key here. We need Bulls to wake up here for the final leg of the right shoulder to form and potentially brake the neckline.
If no volume starts increasing here then pattern will likely be invalidated and roll over.
XRP trade idea. BTC dependent same as everything else. If BTC goes down hard this will as well more then likely.
So far EW count + Fib working very well.
waves 1 and 2 completed. we should be in the 3rd wave up. fib levels working like a charm so far. lets see if bulls have enough steam here to keep pushing
RSI very powerful tool not just limited to 70/30 overbought and oversold is in my opinion one of the most unused indicators. it offers many concepts and perspectives
such as RSI channels, divergances etc....
