XBTUSD H4 chart (7/31/2019)
Good morning, traders. As with yesterday, not a whole lot has changed. Price continues to drift upward with no real conviction yet. Price dropped into the yellow box as I mentioned it was likely to do during yesterday's live stream and has now hit the upper yellow box I drew as well. It was an easy $350/$400 move for anyone paying attention during the stream. RSI on the H4 and H6 TFs finally made its way through the resistances that I have been watching. At this point, price is at the top of the high volume node that price has been working through, and above the H4 pivot, so a close above $9900 should have price clear for a move up to the R1 pivot and higher volume node at $10440. However, the lack of volume at this time remains a concern and could curtail any possible attempt at a move up.
The H4 is on a TD 8 sell and Stoch RSI is topped out while price has found resistance at the same ascending resistance line that has been keeping it in check over the past 3-4 days. While none of this guarantees that price will reverse at this point, we would likely need to see a pop through that resistance, toward ~$10280/$10300, so that price can retrace back to that resistance and test it as support before reaching the target based on that small wedge's height which is the H4 200 MA at the HVN around $10730, just a bit above the H4 R1 and daily pivots8:27 AM 7/31/2019. The target based on the large wedge's height is just above the H4 R5 pivot at ~$13600. The purple vertical line denotes the time of the FOMC announcement. Up to this point we haven't seen BTCUSD react to any FOMC announcements, however this will be the first time that a rate cut is made (expected at this time). With the low volatility, this has the potential to be a catalyst but we will have to see how it plays out. If we can't see that pop, then it's increasingly likely that we will see possible hidden bearish divergence print as showing with the red line on RSI. Remember, this is in the process of printing but has not printed and confirmed yet.
Yesterday's daily candle printed a TD 9 buy signal and today's daily candle appears to signal continuation up. As I have been mentioning, the D3 is printing hidden bullish divergence, as is the weekly, and may be in the process of confirming it. D3 Stoch RSI bounced off the bottom and is nearing a bullish cross. The D3 TF is printing a TD 9 buy signal, but this candle does not close for another 1.5 days, so anything can still happen by the time it does. The previous 3 days shows slightly expanding volume and increasing candle spread, but it's nothing significant yet.
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Be sure to hit the "thumbs up!"
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.
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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
The H4 is on a TD 8 sell and Stoch RSI is topped out while price has found resistance at the same ascending resistance line that has been keeping it in check over the past 3-4 days. While none of this guarantees that price will reverse at this point, we would likely need to see a pop through that resistance, toward ~$10280/$10300, so that price can retrace back to that resistance and test it as support before reaching the target based on that small wedge's height which is the H4 200 MA at the HVN around $10730, just a bit above the H4 R1 and daily pivots8:27 AM 7/31/2019. The target based on the large wedge's height is just above the H4 R5 pivot at ~$13600. The purple vertical line denotes the time of the FOMC announcement. Up to this point we haven't seen BTCUSD react to any FOMC announcements, however this will be the first time that a rate cut is made (expected at this time). With the low volatility, this has the potential to be a catalyst but we will have to see how it plays out. If we can't see that pop, then it's increasingly likely that we will see possible hidden bearish divergence print as showing with the red line on RSI. Remember, this is in the process of printing but has not printed and confirmed yet.
Yesterday's daily candle printed a TD 9 buy signal and today's daily candle appears to signal continuation up. As I have been mentioning, the D3 is printing hidden bullish divergence, as is the weekly, and may be in the process of confirming it. D3 Stoch RSI bounced off the bottom and is nearing a bullish cross. The D3 TF is printing a TD 9 buy signal, but this candle does not close for another 1.5 days, so anything can still happen by the time it does. The previous 3 days shows slightly expanding volume and increasing candle spread, but it's nothing significant yet.
_____________________________________________________________
Be sure to hit the "thumbs up!"
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.
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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
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