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Higherhigh

BTC Update! Continuing to watch for weekly trend changeSorry everyone, been away for almost 2 weeks now! Last chart post was back on Feb 8th and BTC had set its higher low at $3338 and we were watching to see how it would bounce. Knowing full well anything under $4239 is just another lower high on our weekly chart. Well 11 days later and here we are, same chart with minimal change. Bulls have pushed price up from $3700 11 days ago to now reaching our high at $3970 today. Solid move by the bulls across many names the past 11 days but we continue to stay cautious on BTC and market in general. That is why I zoomed out back then to weekly chart and while it was nice to see a higher low finally setting on BTC for weekly, a higher high is what bulls really want to see to try and start to shift this trend. If the bulls fail and only get a lower high then most likely scenario is an equilibrium pattern. Bulls would try to defend the higher low at $3338 and establish another higher low and then seek to break to higher highs. Let's see what rest of the week brings and if bulls have enough strength to test $4239 or if the bears take price back down. Personally would be fine seeing a lower high here at $3970 or low $4,000s even as long as the bulls can then get a higher low perhaps in the $3600-3800 range and then push for higher highs. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
Upward break of broadening wedge creates higher high + inv h&s After what seemed like neverending volumeless sideways movement, we finally broke up bullishly and we have now hit the breakout target of the descending broadening wedge give or take a quarter of a pip and have also hit a very strong former resistance line just below the neckline of the inverted head and shoulders that we are now finishing the right shoulder on. In achieving the higher high we also invalidated a possible normal head and shoulders pattern by going above the peak of its head. interestingly enough the diamond patterns bullish break target was the exact same as the broadening wedges breakout pattern which created perfect confluence of the wedge and the diamond bottom. If we can manage to continue the higher high trend and trigger this inverted head and shoulders pattern 5.2k is looking very possible. Of course yet another inverted head and shoulder fakeout is just as possible right now so wise to set smart stoplosses close to the neckline.
BITSTAMP:BTCUSD
by DrDovetail
1
BTC Update! Bulls beat EMA resistance now want it as support!Last chart we were looking to see which direction BTC broke either Sunday or Monday. The break came Sunday and bulls were able to get to a new high off their recent lows. $3643 is now the resistance to watch and bulls have a higher low down at $3254 they now want to protect. Bulls were able to get above 12 and 26 EMA resistances on 4 hour chart with the move yesterday but continue to remain under the 12 EMA on daily chart. Since pulling back here the bulls are seeking another higher low and appear to be try to hold 12 EMA on 4 hour as support with bulls buying up anything when it dips below 12 EMA. But anything above $3254 would give a nice higher low and then bulls would seek another higher high to try and shift the trend. Bears have covered a significant amount of shorts over the last couple of days but never saw enough pressure from the bulls to create a short squeeze and really get BTC running higher. The overall lack of a significant/sustained bounce from our lows has me continue to think long term our low is not set but as one who only trades bullish, sure would like a shift in the trend to give the bulls a little rally even if only for a week or two. But will wait for bulls to show some proof they aren't going to just lay down and let the bears take right back over this week. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
BTC Update! 4 Hour found its higher low and another higher highYesterdays post we had touched $4350 and I was personally looking for some consolidation as the 4 hour chart was over extended so I had scaled out of 80% of my position and potentially looking to reload on the consolidation. We reached $4365 and then consolidated back to $4078 (so about a 6.5% pullback). Perfectly healthy and expected and then BTC broke out over night (my time) to another higher high at $4415! I am a bit surprised at the higher high as ETH and LTC have not accomplished this and formed their 4 hour higher low and thus far a lower high. I have moved my SL up based on the 4 hour higher low for the remainder of my position and thus far did not reload anything from the portion I had taken profits on. Being a bit cautious as Shorts are still extremely high and just don't care to cover much and with ETH and LTC showing a bit more weakness in not making a higher high again, makes me concerned we may see the same start to show up with BTC. So just staying protective, was a great trade and no need to take on anything risky here. Lets see how the day plays out. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
BTCUSD: The Road To 7K Begins Here?Bitcoin update: The break out to 7K is now in progress. We issued a swing trade idea to go long which triggered around 75 points ago. Now it is a matter of waiting for our target (lower than 7K). As long as the newly established minor bullish trend line stays intact, it is within reason to see the low 7Ks relatively soon. Compared to other "experts" who were more active during the hard money, we only sustained two stop outs since August. We preserved our buying power which now puts us in a position to effectively capitalize on the opportunities ahead while many are trying to recover from a deficit. If you can't keep what you make, then this is nothing more than an expensive hobby. So what's ahead? If this recovery continues, there will be plenty of entry opportunities. We are leaving our short term target in place in order to lock in profit and reduce risk which is in line with our best practices. At the same time, we have been accumulating inventory in some of the more promising alts that can benefit from a broad recovery in Bitcoin. We have been writing about and accumulating longer term positions in coins like BAT and XMR for weeks. If you missed all this, there is nothing to do but WAIT for the next setup. Buying highs is never a good idea even though this market has plenty of room to push higher. As price continues to go vertical, the risk of retrace increases dramatically while the relative reward becomes less attractive. The best thing you can do is formulate a plan in advance. We did not react to the market when we issued our Bitcoin long, we followed a particular plan. Just like we did for the two trades previously that were stopped out. Our plan also kept us out of a lot of noise and unnecessary losses. The plan does not have to be complicated, but it really should be your own. Following others is good to get ideas from, but ultimately your reasoning has to come from your own experience. Our plan is to ride this long to its target and then wait for the next retrace. It could be the mid 6400s, but that can change as price makes a new high. In summary, in a recent article I mentioned that we always consider sentiment from the contrarian point of view. Our recent evaluation (observing top Tradingview articles) shed some light on this coming break out. How? The majority of "experts" were bearish. Classic herd mentality. Successful market timing is about evaluating, adjusting, measuring and maintaining a sense of probabilities. It's the same for EVERY market, not just Bitcoin. Knowing your environment, how to play a good defense and how to manage risk across time frames has very little to do with the RSI or drawing lines on a chart. Market timing is more about getting into the "listener" mindset and recognizing what a quality opportunity looks like, not just on a chart, but also in terms of risk and probability. You will benefit more from getting more in tune with your decision making process and fine tuning it than you will from following an anonymous chart guru making outrageous claims. Learn to listen to price.
COINBASE:BTCUSD
by MarcPMarkets
19
BTC Update! Gave us the higher low & higher high we were seekingOk gang, jumping off last chart. I discussed the bulls re-entering the original zone of $6345-6493 we had traded within for 2 weeks but the bulls were struggling to maintain the lower portion of the zone. I was scaling into my positions at that time to watch for bulls to form another higher low compared to $6293 and then ideally give us a higher high which would have been getting above $6378. Bulls were able to form the higher low at $6313 last night and then gave us a nice uptick in bull volume this morning to push for the higher high which topped out at $6440. Thus far, this really does not prove much to me overall for this move other than it now keeps me close to break even on my trade as I will move my SL up to just under this recent higher low. But as stated last chart, $6493, the height of the prior zone we traded in, or call it $6500 psychologically, is where I need to see these bulls push above. Currently perfectly healthy consolidation from this push up. Red flags here would include spikes in bear volume or just a significantly prolonged consolidation (days out again within a small range). Otherwise, bulls ideally want to see some consolidation here today and then a push for that $6500 resistance. After that, will look up towards the low $6800's where we have been rejected at $6823 and then at $6810 previously. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
BTC Update! 4 hour lower high, higher low and then bull break!Jumping off yesterdays chart we saw the pattern the bulls needed! Yesterday I posted: "They are currently back and battling the $6400 area. In order for the bulls to regain the upper hand, they need to form a lower high compared to $6655, a higher low compared to $6320 and then look for the higher high" From there we saw the bulls travel to $6537 to give the lower high compared to $6655. We then saw them drop back to $6425 to give the higher low compared to $6320. The safe bull entry would now be a break above $6537 for a quick 3% pump in 20 minutes. Our next resistance area is up at $6777 and then $6823. Bulls ideally want to see a brief consolidation sideways here to flag out and then bull break towards $6800's. I highlighted the lines in pink for now that will eventually be removed just to show those unfamiliar with how higher/lower highs/lows work. I am still keeping same weekly chart as previously posted with $7403 as our true lower high to beat. If the bulls fail to get above $6823 on this move and we drop back down, that would potentially become our new lower high on weekly. BTC continues to follow technical analysis beautifully with extremely low risk entries for quick and easy profits despite the overall 2018 market being bearish. My strategy for 2018 remains, protect that capital, continue to scalp the quick profits and just accumulate more capital this way for the eventual return of a bull market. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
4
Dow Double Top Signal: at or near pivot in reaction waveBestimate projection for Dow going into August, tied with October for weakest month of the year. Coming off a strong rally in July, odds favor more volatility. Dow appears to be in a corrective, reactionary wave cycle: 'A' wave from first top 07/26 ran down to the flash crash Thursday 08/02 (Label 'W' of WXY reaction). Notice labels for larger primary trend are ABCDE, so I used WXY for the reaction and 12345 for the minor wave cycles. B wave of surprising strength carried index up to the 0.786 Fibonacci retrace (label 'X'). A complete 5 wave impulse in this reaction wave is apparent (labeled; 2-hr chart). Dow banged on ceiling at 25500+ but pushed back, expect at least one retest. To continue the 3rd primary wave from here would require advance to higher high of > 25650 to meet top of rising channel; if index fails to retest channel, then this second high becomes part of a reactionary wave, rather than an actionary continuation of the primary. Expect C wave (Labeled 'Y') to be shallow (Elliott alternating principle); bullish exuberance returns to the markets, buying the dips is back in fashion. A .382 retrace would carry back to 24982; a 0.50 to 24794. A 0.618 to 24606 is quite possible, if anxiety returns to world markets. Time frame for wave C: 5-10 sessions. Very nice analysis at this link presenting two alternate ending plots: www.scienceinvesting.com Comments are welcome; Good luck traders!
DJ:DJIShort
by DaddySawbucks
7
BTCUSD: Next Leg Higher Can Break 8500.BTCUSD update: This market has retraced into an attractive support area. As price action stabilizes, it can be setting up for the next leg higher. This is the location where a breakout offers much more potential compared to a break of a high. At S.C., we have been tracking this retrace carefully. We have also issued and adjusted swing trade orders in markets like ETH and LTC which also have a lot of potential if this next bullish leg unfolds. The 7450 area happens to be the .382 retrace of the current bullish structure. If the recent strength is going to stay intact, this level will have to be maintained. Reversal candles off this level will provide the validation we need to justify risk on the swing trade and position trade time frames. IF the next leg higher unfolds, a target of the 8500 area is within reason. In theory, price should push to a higher high if it is going to keep the integrity of the bullish structure. The low 9Ks would be a more aggressive expectation, but since this market is in recovery mode, giving it a chance to reach further is in line with best practices. IF the market manages to reach these levels, they will be a place to lock in profits, not initiate new positions. If price falls apart, which it can, the next support area is around the 7K whole number. A retrace to these levels or below will change the nature of the current price structure from bullish to more of a range bound context over the near term. In summary, waiting for price location and setups to align is a process based on patience. Not reacting to news, rumors and other conspiracy theories is the first step. Also following simple best practices such as buying near support levels in markets that have proven to be strong also helps. This market is poised to go higher, but there is no guarantee. Being able to recognize and factor in risk is a key trait of a successful market timer. Just like patience, you do not need to be an expert to consider risk. It begins with asking questions like: What happens if my trade goes the wrong way? How far is within reason in terms of market structure? How far is too far? And if it goes this far, how much capital loss is acceptable? These questions should be answered BEFORE you enter the trade. As S.C. we are anticipating a move higher, but we always consider the risks no matter how attractive the setup. This is how we determine if an idea is more appropriate for a swing or position trade and what sizing strategy to use. No matter what, we know that the market is always right. Our job is to listen and adjust to new information as it becomes available. Having an open mind and being flexible are what help you align your decisions with the probabilities of what its next move.
BITFINEX:BTCUSD
by MarcPMarkets
28
BTCUSD: Buy The Supports, Not The Hype.BTCUSD update: Inside bar is established just after the 8500 peak. This points to the beginning of a retrace but how far? The most common mistake is to attempt to short this market because of the perceived bearish potential. It is a mistake because the momentum is clearly bullish. Probability favors shallow retraces and supportive levels. This is a time to be patient and wait for longs, not take high risk shorts. At S.C., we locked in an 11% profit on some inventory that we were accumulating while the "experts" were shouting BTC 3K. We were simply following best practices which say buy weakness and sell strength. We also employ strategies across multiple time frames and don't depend on one like swing trading alone. Like Andrew tells our followers, its about base hits, not the home run mentality. Many more aggressive and impatient traders figure they will make money on the short side. Especially now that this market has so much room to pull back. This perspective may be appropriate for day trade strategies but any larger time frame and you are asking for trouble. Why work against the momentum when all you have to do is wait for price to offer an opportunity that is packed with potential. Like a retrace to a support. The 7500 area is the nearest relevant support (.382 of bullish structure). You are looking at 500 point potential on a short vs. about 1000+ points potential on a long if a reversal appears somewhere between 8K and 7500. Trying to play both sides often leads to confusion, forced trades and unnecessary fees. Not to mention the slippage you must pay when your stop orders don't fill at a fair price. This is typical when caught in a short squeeze. Patience on the other hand costs nothing, requires very little energy and if you are wrong and the market leaves you behind, your account is still intact. Patience pays off when the market eventually presents that infrequent high probability setup. In summary, at S.C. we constantly push for best practices. We are still bullish on this market just like we were 3 months ago. We believe in the merit of these technologies and follow probabilities as revealed by our charts, not nonsensical hype that this space is polluted with. When momentum shifts like it has in BTC, the probabilities of the coming support and resistance levels also change. Instead of fighting the market, we simply wait for it to align with our criteria. You do not have to be an expert to utilize the skill of patience. You do need to have a decision making process in place, no matter how simple or complex. This process is what leads to the criteria that needs to be matched by the market. No match, no trade. That makes patience much easier than trying to compete with the fear of missing out. Our plan is to buy the pull back when price presents an attractive level, formation and setup. At the moment we are anticipating the mid 7500s. Any lower and we will be looking for more accumulation opportunities as well.
BITFINEX:BTCUSD
by MarcPMarkets
56