To make sure the project has order, it would be wise to dedicate a page for each stage of the project. Stage 2 is now in action: trading within a range of 600-1,500 USD. Accordingly, I will provide my TA on this page with entry and exit points until I move to the next stage. Let's start!
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While creating this page BTC already made a pump. I got to enter at 22,800 USD with 2 lots and will exit at 38.2% and/or 61.8% to fix my profits.
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The price may well be heading towards 23,950 USD. This is 61.8% on 4H. There is also an unclosed gap from the weekend at this level. If the price gets there, it may be worth looking for a price reversal signals.Note
2 rebounds were made from the descending red line. There is a divergence in volume against price. I went long at 22,850 USD while support is holding. If the price consolidates above 23,030 USD, then growth can be expected.
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If there is no break through the downward red line, then I plan to take TP around 23,300 USD.
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Came out of a wedge with a limited order. Based on the wedge's height in blue colour, the price is heading towards 38.2%. Unless the support lines in black and green colours are broken, I will hold my deal.
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AUD/USD - divergence on volume against price on 15M
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BTC/USD - divergence of volume against price
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I see 2 options for the price movement. I marked them with green arrows. The reason for the pump is based on the price showing re-accumulation phase on 4H.
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The price's target I expect to be 50% on Fib.
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Looking to go down on 15M and 1H. Quite possibly the price may head down towards 22,600 USD.
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Yesterday the price broke through the accumulation zone and currently stopped at the resistance line. If the line gets broken, then it is likely that the price will move to point 5. Point 5 is somewhere in the area of the yellow triangle or on the black trend line itself.
Thereafter, the price may go down the Wolfe Waves pattern or pump up towards POC of 29,500 USD. At the moment, the ascending channel has a divergence against vertical volumes, however, this scenario may change. It would be essential to watch closely the volumes along with the signals at the approximate point with a question mark.
For now, I stay LONG, though a rollback to 23,600-23,400 USD can be expected.
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The pullback ended with a pin bar above the support line on H12. There is also a divergence of the volume in relation to point 4. If you look into perspective, then the price will most likely break through the formed triangle in blue color this time around. Follow the RSI - the key point here is to confirm its break through the top line of the triangle!
Although standard indicators do not confirm the move up, it is confirmed by the Renko chart, its growing volume and RVI. Therefore, I dare to assume that the price will reach 25,500 USD, roll back down to 24,500 USD, and then make a pump to 29,500 USD.
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It is worth noting that if you look at 4H or 6H, then the first resistance line is at 27,400-27,600 USD level. Therefore, it cannot be ruled out that the price will immediately pump up straight to this level.Note
The announcement of the PPI index will be made in half an hour. A decline is expected. Accordingly, we should expect a fall in prices for all instruments. The indicators also confirm the potential fall.Note
A little pull back
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Volumes are falling. We can expect that the A-B-C zig-zag will end its movement around 23,750 USD. Thereafter, according to the strtegy above on 12H, the price should continue its move towards 27,000 USD. A little slowdown in the form of a triangle in the range of 24,500 - 24,000 USD, however, can be expected first.
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H8 shows a different picture. There is an ascending wedge, which has a divergence against volumes. RSI shows an equilateral triangle.
In the light of the last two candles, it would be wise to wait for a breakdown of either top or bottom trend lines.
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Ascending wedge + price divergence against volume. Expect a fall!
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Now that the weekend is coming up to an end I took a closer look on where the price is likely to head.
The left chart on 4H shows re-accumulation phase. Volume is growing relative to the price - there is no divergence! The price should form a descending triangle - this will be an additional confirmation for the price's growth. If the price breaks through 23,600 USD thought, then this TA would have to be updated.
On the right chart - Renko candles show a break through the resistance line. Volume is also rising along with the price - there is no divergence! RSI is heading up. RVI on the lower indicator shows growth from 50!
Based on the above, it is fair to assume that the price will pump up towards 27,000-29,500 USD.
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The price came out of the descending wedge around 23,700 USD - this is the area where the accumulation phase should essentially end. On 1H chart you can see price divergence against volume! Price growth should be expected, once it breaks through the top black line. The two options for price pump are shown in green colour.
The alternative - the price breaks through the purple trend line, consolidates and goes further down.
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We should expect a pullback and consider two possible scenarios. Check out the price divergence against volume. It is likely that with a good increase in volume, the price will rise up to the resistance line.
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Received a signal on 1H for a price rise. Divergence on RSI, MOM, OBV, MACD, Stoch have been obtained. Also on 6H, the RSI is at the very bottom and is waiting for its signal to the upside.Note
The market is oversold. The price divergence against volume is present on H4. RSI is turning around. We should expect a reversal soon - a rollback to the area of 22,500-22,800 USD or perhaps a new upward impulse.
However, for conservative entry point, it would be best to first wait for MACD to reverse and cross the lines. Otherwise, due to its high volatility BTC may target a second support zone before its reversal.
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On 4H RSI and MACD are showing reversal signs, therefore, we can expect the price to target 38.2% or 50% Fib if the price gets a full closed candle above 21,320 USD.
Otherwise, when the lower black line is broken and consolidated, the price will move down to the second support zone.
Price action in this instance is best to follow on 15M.
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In general, 8H shows that the price is ready to rise. This is confirmed by RSI, MACD and STOCH. The resistance level is in the area of 23,900 USD. Profits can be fixed at Fib levels if volume's growth continues.
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If you zoom in, then at 15M you can see the accumulation phase + a triangle with Wolfe waves. Therefore, it is worth considering the price action as in this scenario.
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In addition, if you look at 12H, then a new upward impulse is emerging. It is worth waiting for the MACD lines to cross for additional confirmation. Right now it is difficult to predict how strong the impulse is going to last. The resistance line is at 23,900 USD.
The Renko chart on 4H is also preparing for a reversal. RSI and RVI is giving such assurance.
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1H shows the break of Gann's resistance and the horizontal blue line + consolidation. Volumes show further growth.
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The previous TA unfortunately did not work. News on Friday from Mr. Powell drove the price down. Currently the price has reached its target - point 6 on Wolfe waves. I expect the price to break out of the wedge and go to 38.2%. The reversal is supported by the RSI, MOM, Stoch, MACD, CMF indicators on 8H.
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The price is in a rising wedge. There is a price divergence against volumes on 15M. The conditions for the Wolfe waves are fulfilled. A drop to point 6, which is on the green line can be expected.
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The price may now go up to 20,800 USD to meet BB's average on 4H.Note
BTC is preparing for a bounce or a new impulse. The price shows a descending triangle. Indicators on 4H show intersection. The Renko chart also shows readiness for a reversal. We should expect growth to 38.2% on Fib in the area of 21,700 USD.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.