BTC/USD H4/D1 charts (1/1/2019)
Good morning, traders. Welcome to 2019. I am seeing a lot more of the doom and gloom lately, which should be interesting in terms of overall retail sentiment. Bakkt being delayed once again has traders sure that price will rollover and continue further down now, but as we know the market rarely does what the herd thinks it will. That doesn't mean it won't fall further, only that there is a certain greater level of risk associated with following the herd at certain levels within price movement. We will take a look at the monthly and yearly candles during this morning's live stream.
Not a lot has changed with the charts since yesterday, so we will zoom out to the H4 and see what there is to see. I have noted a horizontal blue TR as well as a descending channel or wedge that is currently printing. The reactions continue to lose steam while the rallies have become increasingly stronger during this likely corrective movement from the recent $4236 price high. As we can see, the most recent candle shows a large wick through the pattern's descending resistance and is capped by the McGinley Dynamic in pink. Could this be a stop run before a thrust up? We will have to continue to watch, but let this be a reminder that traders should never set their stops and entries just on the other side of support or resistance as they run the risk of being caught in a liquidity engineering event such as a stop run. RSI is trending down within a possible channel or wedge as well. The latter, as with price, suggests upward movement while the former suggested downward, so a close above resistance is what you are looking for if you want to see price rising. A move up and through the price pattern's resistance should send price targeting the swing high at $3970. If price falls below the swing low at $3566, then my expectation is a move down to $3340-$3440, with the greatest emphasis on the yellow zone within it, especially around its EQ at $3391, as that gets price to the 78.6 retracement of the impulsive move up. Failure for that box to hold will have me looking at the S2 pivot at $3209 for support. My concern continues to be that RSI has not dipped into oversold yet since it hit overbought. That doesn't mean it can't go up from here, only that it causes me to use more caution with any potential shorter-term long trade.
The D1 chart shows price sitting on the pivot and just above the McGinley Dynamic. A close below those increases the likelihood that price will be headed toward that lower target mentioned above. However, a close above the descending resistance line will likely see price heading above the R1 pivot. Traders can also watch for RSI to close above its own resistance as an indication that price is headed toward the R1 pivot. Volume is dropping off and the MACD is evening out, so we will likely have a bigger move coming sooner rather than later. Make sure you notice that the H4 chart is Bitstamp while this D1 chart is Bitfinex.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
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.
Not a lot has changed with the charts since yesterday, so we will zoom out to the H4 and see what there is to see. I have noted a horizontal blue TR as well as a descending channel or wedge that is currently printing. The reactions continue to lose steam while the rallies have become increasingly stronger during this likely corrective movement from the recent $4236 price high. As we can see, the most recent candle shows a large wick through the pattern's descending resistance and is capped by the McGinley Dynamic in pink. Could this be a stop run before a thrust up? We will have to continue to watch, but let this be a reminder that traders should never set their stops and entries just on the other side of support or resistance as they run the risk of being caught in a liquidity engineering event such as a stop run. RSI is trending down within a possible channel or wedge as well. The latter, as with price, suggests upward movement while the former suggested downward, so a close above resistance is what you are looking for if you want to see price rising. A move up and through the price pattern's resistance should send price targeting the swing high at $3970. If price falls below the swing low at $3566, then my expectation is a move down to $3340-$3440, with the greatest emphasis on the yellow zone within it, especially around its EQ at $3391, as that gets price to the 78.6 retracement of the impulsive move up. Failure for that box to hold will have me looking at the S2 pivot at $3209 for support. My concern continues to be that RSI has not dipped into oversold yet since it hit overbought. That doesn't mean it can't go up from here, only that it causes me to use more caution with any potential shorter-term long trade.
The D1 chart shows price sitting on the pivot and just above the McGinley Dynamic. A close below those increases the likelihood that price will be headed toward that lower target mentioned above. However, a close above the descending resistance line will likely see price heading above the R1 pivot. Traders can also watch for RSI to close above its own resistance as an indication that price is headed toward the R1 pivot. Volume is dropping off and the MACD is evening out, so we will likely have a bigger move coming sooner rather than later. Make sure you notice that the H4 chart is Bitstamp while this D1 chart is Bitfinex.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
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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