XBTUSD H4 chart (8/28/2019)
Good morning, traders. Yesterday I spoke of the short term possibilities based on current action and how it could lead into longer term possibilities. But I warned you to take it one step at a time. So here we are today and not a whole lot has changed in the overall movement of the asset. As such, we will zoom out once more and pay attention to what I feel is most important at this time. This means we are going to look at the H4 chart.
Here is what I'm watching, more than anything else, at this time. This H4 chart shows the top of the 2018 TR (green horizontal line), summer TR (black horizontal channel), and local distribution and current accumulation(?) TRs (orange horizontal channels). As I have continued to mention for a while now, the H4 RSI moving above its resistance is likely to be the indicator to go long for a pretty decent move, and it remains the single most important long indicator I am watching. Stoch is bouncing off oversold and is curled up.
Within the local TR, we can see that price has been supported by the TR's EQ, and the lows continue to push higher. This is all happening on the larger TR's EQ. In both cases, this tends to most often be bullish as it shows that demand is significantly present in relation to overall volume at those levels. That doesn't mean we just YOLO long, however. We need confirmation via expanding volume and candle spread as price rises toward the top of the TR.
The blue zone is demand and orange is supply. Price is currently attempting to push through the 21 EMA and the pivot. OBV has continued to rise while price has traded sideways in this TR suggesting that smart money may be accumulating.
The nearest upper green box target at the R2 pivot is based on the height of the current local TR. The green box target at the R4 pivot is based on the height of the triangle. But there are two possible triangles playing out right now. Those targets are based on the larger one. If the smaller triangle plays out, then we should expect price to drop through support and print a Spring for the larger TR. In that case, the green target box between the S2 and S3 pivots is based on the height of that triangle while the green target box at the S4 pivot is based on the height of the flagpole leading to that triangle/bear pennant.
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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.
Here is what I'm watching, more than anything else, at this time. This H4 chart shows the top of the 2018 TR (green horizontal line), summer TR (black horizontal channel), and local distribution and current accumulation(?) TRs (orange horizontal channels). As I have continued to mention for a while now, the H4 RSI moving above its resistance is likely to be the indicator to go long for a pretty decent move, and it remains the single most important long indicator I am watching. Stoch is bouncing off oversold and is curled up.
Within the local TR, we can see that price has been supported by the TR's EQ, and the lows continue to push higher. This is all happening on the larger TR's EQ. In both cases, this tends to most often be bullish as it shows that demand is significantly present in relation to overall volume at those levels. That doesn't mean we just YOLO long, however. We need confirmation via expanding volume and candle spread as price rises toward the top of the TR.
The blue zone is demand and orange is supply. Price is currently attempting to push through the 21 EMA and the pivot. OBV has continued to rise while price has traded sideways in this TR suggesting that smart money may be accumulating.
The nearest upper green box target at the R2 pivot is based on the height of the current local TR. The green box target at the R4 pivot is based on the height of the triangle. But there are two possible triangles playing out right now. Those targets are based on the larger one. If the smaller triangle plays out, then we should expect price to drop through support and print a Spring for the larger TR. In that case, the green target box between the S2 and S3 pivots is based on the height of that triangle while the green target box at the S4 pivot is based on the height of the flagpole leading to that triangle/bear pennant.
_____________________________________________________________
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.
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.
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.