BTCUSD 15 min/4H charts (10/31/2018)
Good morning, traders. My Internet appears to be stable this morning so far (still waiting on the tech) so I will be attempting to live stream at 10 a.m. CST per my usual schedule. Price has continued to tighten the range it has been trading in for the past two days creating a symmetrical triangle. As these patterns have no bias, traders should be ready for a move up or down which is likely coming by this afternoon unless price just moves sideways out of the triangle and continues to range. Based on the size of the triangle, a move up should initially target the 15 minute R3 pivot around $6341-$6367 and put price back into the blue 4H TR. A move down should target the S3 pivot around $6194. The triangle structure, itself, is not ideal as price has spent most of its time in the middle of it rather than fully moving between the resistance and support. This is why I mentioned that price could just continue moving sideways out of it rather than exploding up or down. Overall, volume is muted but if we zoom in we can see that it has begun rising over the past 24 hours
The 15 minute OBV started rising a few hours ago and is working its way to the top of the descending channel it has been in since Monday morning. A breach to the upside would be bullish on this TF and may signal a larger move up on the larger TFs. MACD recently broke to the upside of its histogram's symmetrical triangle and RSI is bullish at 53.6. The 4H OBV is currently breaking bullishly out of its own descending wedge, MACD is about to cross bullishly over the signal line, and RSI is sitting just above oversold at 32.7 after having fallen into it. While there are never any guarantees in trading, these things together do appear to be signalling an impending move up. Howevever, this 4H candle has only just begun so there is a lot of opportunity for all these signals to revert to bearish. The 4H candle must close higher to set bullishness in motion for the near-term at least.
Overall, price remains within the larger two-month-old black TR between $6095 and $6587. Once price moves through the resistance or support of that TR, I will evaluate the movement to decide whether I will enter at that time. Until then, all this little movement is nothing more than noise with a risk that is far too great in exchange for any reward for me.
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.
The 15 minute OBV started rising a few hours ago and is working its way to the top of the descending channel it has been in since Monday morning. A breach to the upside would be bullish on this TF and may signal a larger move up on the larger TFs. MACD recently broke to the upside of its histogram's symmetrical triangle and RSI is bullish at 53.6. The 4H OBV is currently breaking bullishly out of its own descending wedge, MACD is about to cross bullishly over the signal line, and RSI is sitting just above oversold at 32.7 after having fallen into it. While there are never any guarantees in trading, these things together do appear to be signalling an impending move up. Howevever, this 4H candle has only just begun so there is a lot of opportunity for all these signals to revert to bearish. The 4H candle must close higher to set bullishness in motion for the near-term at least.
Overall, price remains within the larger two-month-old black TR between $6095 and $6587. Once price moves through the resistance or support of that TR, I will evaluate the movement to decide whether I will enter at that time. Until then, all this little movement is nothing more than noise with a risk that is far too great in exchange for any reward for me.
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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