BTC:USD DAILY UPDATE (day 140)
Updated
Yesterday’s analysis: Rally should take us to the bottom of the triangle and the 128 day MA - around $7,600. Then pullback to $6,200. From there I expect us to find a base and rally back to $10,000. If you missed it I would highly recommend checking out the Bitcoin Bubble Comparison that was posted yesterday.
Patterns: higher low/diamond bottom. Inverse h&s with $7,835 target and $6,825 neckline
Horizontal support and resistance: R: $6,800 S: $6,676
BTCUSDSHORTS: Broke out of channel, but found resistance at 24,717. Hanging man on the daily. Expect 21,400 support to be retested
Funding Rates: Today longs will pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12: +3.94% 26: +3.36% | Getting ready to make bullish crossover on daily for first time since 4/19. Recent bullish cross on 12h.
MA crossovers (50 and 128): Bullish on 1h. Getting ready to cross on 2h.
FIB’s: 0.382 at $8,476 and 0.236 at $5,817
Candlestick analysis:
Ichimoku Cloud: Kijun at $7,184. Cloud at $7,488. Fully bearish. 6h just broke out of cloud, had a bullish kumo twist, and is getting ready for a TK' cross.
TD' Sequential: Green 2 above a green 1 on the daily. Green 1 after a red 9 on the weekly. Green 8 on 12h.
Visible Range: Increasing resistance from here to $9,000
50 & 128 MA’s (calculate % difference): 50: Current candle is trying to breakthrough 128: -13.36%
BTC Price Spreadsheet: X
Bollinger Bands: Monthly MA is at $5,473 Weekly is starting to sqeeze. MA is at $7,738. Top band on daily is apart of resistance cluster at $6,800
Trendline: Bull trend start at 9/15/17 and connect with 6/30/18 (green dotted). Bear trend was recently broken. Down trend from triangle will be at ~$7,600
Daily Trend: Bullish since 6/29
Fractals: UP: $6,822 DOWN: $6,075
On Balance Volume: Coming up with the price
Buy/Sell Sentiment on Trading View: RSI: 56.3 | Stoch: 70.5 | Short term MA’s showing buy signals.
Conclusion: Very confident in a pump to $7,500. Green 2 trading above a green 1 on the daily is providing an entry. I have set a stop order to long as soon as the price reaches $6,851. That will allow us to break through the major resistance at $6,800 and will still get us in a position with a favorable risk reward. Stop loss would be set at $6,474
Patterns: higher low/diamond bottom. Inverse h&s with $7,835 target and $6,825 neckline
Horizontal support and resistance: R: $6,800 S: $6,676
BTCUSDSHORTS: Broke out of channel, but found resistance at 24,717. Hanging man on the daily. Expect 21,400 support to be retested
Funding Rates: Today longs will pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12: +3.94% 26: +3.36% | Getting ready to make bullish crossover on daily for first time since 4/19. Recent bullish cross on 12h.
MA crossovers (50 and 128): Bullish on 1h. Getting ready to cross on 2h.
FIB’s: 0.382 at $8,476 and 0.236 at $5,817
Candlestick analysis:
Ichimoku Cloud: Kijun at $7,184. Cloud at $7,488. Fully bearish. 6h just broke out of cloud, had a bullish kumo twist, and is getting ready for a TK' cross.
TD' Sequential: Green 2 above a green 1 on the daily. Green 1 after a red 9 on the weekly. Green 8 on 12h.
Visible Range: Increasing resistance from here to $9,000
50 & 128 MA’s (calculate % difference): 50: Current candle is trying to breakthrough 128: -13.36%
BTC Price Spreadsheet: X
Bollinger Bands: Monthly MA is at $5,473 Weekly is starting to sqeeze. MA is at $7,738. Top band on daily is apart of resistance cluster at $6,800
Trendline: Bull trend start at 9/15/17 and connect with 6/30/18 (green dotted). Bear trend was recently broken. Down trend from triangle will be at ~$7,600
Daily Trend: Bullish since 6/29
Fractals: UP: $6,822 DOWN: $6,075
On Balance Volume: Coming up with the price
Buy/Sell Sentiment on Trading View: RSI: 56.3 | Stoch: 70.5 | Short term MA’s showing buy signals.
Conclusion: Very confident in a pump to $7,500. Green 2 trading above a green 1 on the daily is providing an entry. I have set a stop order to long as soon as the price reaches $6,851. That will allow us to break through the major resistance at $6,800 and will still get us in a position with a favorable risk reward. Stop loss would be set at $6,474
Comment
That didn't take very long : )Trade closed: target reached
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