DSchutz

DSchutz

See my previous updates from 4/2/19 and 3/18/19 for additional context and framework. BTC is holding up very well, with three green body closes above 200-day MA and long-term primary resistance, the critical resistance levels I pointed out in previous updates. We may see a pullback or consolidation after such a large move (relative to recent price action), and...

DSchutz

Finally, some exciting news in the world of Bitcoin. See my update from 03/18/2019 for previous context. Today’s price action is looking really good for the bulls. We have a break out from the pivots tops that formed our “shelf” near 4200, we punched through the 200day MA, and peaked up above the long term primary resistance trend line, but as of this post...

DSchutz

Nasty bearish engulfing on today’s daily close. Needs to slide a little lower before it’s really tempting, but if we see a significant break below support around 66 or 67, with no traps or reversals, there may be a great opportunity to short. Would reassess each day thereafter, but with a target cover near the gap fill around 52 or 53.

DSchutz

Not much exciting news in Crypto Land. Some opportunities in other coins, but BTC remains quiet. After the previous Descending Wedge broke down last November there wasn’t much hope for the bulls. In December we saw the potential for a beautiful Three White Soldiers formation, but that, too, failed to play out. Ideally, the bulls will want to see the following: A...

DSchutz

After sliding 45% on a breakout lower from the descending triangle that so many traders were watching, BTC is finally putting in a bullish reversal pattern, the Three White Soldiers (TWS). TWS is quite rare, but when it does form, back tested results strongly favor a long-term trend reversal. It is not uncommon for some short-term relief after TWS, so keep an eye...

DSchutz Updated 

My previous updates have been quite short, and less than sensational, but as we approach the apex of this descending triangle, and price action continues to consolidate, expect volatility to continue to remain subdued. Both sides, long and short, are anticipating a big move in either direction. Though the chart appears to be setting up for an explosive move, I...

DSchutz Updated 

With today’s close, this is setting up for a juicy short opportunity (assuming no bear trap on low from 10/11/18, or 7/2/18). Currently holding below 50 and 200 MA’s, and broke through support going back to November of 2017. Also, an odd setup, almost derivative of an evening star pattern, but this is at the bottom of a move, and with a different leading candle....

DSchutz

The base I've highlighted in my previous updates is still in effect. For the last 6 months there has been no development outside of consolidating price action and recurring patterns of trend line touches, followed by a retest of support. All this tension could be building up to an explosive move in one direction. Given that this is a descending triangle, the bias...

DSchutz

What was shaping up for a monumental break of trend, as price action breached the 8 month primary trend resistance, was sharply rejected. The size and strength of the failed break of trend should give pause to any long play at this time. We will likely see a retest of the prior support zone, assuming the daily close is as ominous as the current daily bar (as of...

DSchutz

Not much has changed since my last update on 8/9/18. The support zone highlighted in that previous update is still in affect, and as long as that zone holds, I will remain cautiously bullish. Ideally we want to see price action break above the trend line titled Primary Trend Resistance. From there, the pivot tops around 8400 on 7/24/18 and 7/25/18 are the next big...

DSchutz Updated 

With the false breakout of the primary trend resistance and a swift move back below, we're now testing the primary support zone year to date (approximately between 5800 and 6500). If price action stabilizes and finds support in this zone, the next upside target is breaking that primary trend resistance once more. Ideally, the bulls would have wanted the original...

DSchutz Updated 

Support 1 and Support 2 have failed, and we have a false breakout of the primary trend. As I have stated in the past, if those levels did not hold, which they have not, we would be in a state of limbo, and I believe that is the best way to describe current price action. I know some believe we are setting up for a fractal inverse head and shoulders (one within...

DSchutz

Large and well established bearish divergence on RSI. Given the current channel bound price action, we may see a breakdown of this channel. Of course, we would wait for confirmation of such a breakout (daily close below support, and hold, with no whipsaw/traps). Seeing as there is no significant support till 90, that may be the target. Watching closely.

DSchutz

Too many "traders" writing up doomsday pieces and spreading FUD on Winklevoss ETF rejection. Tune it all out. The sell off over the last three sessions has been quite mild and well mannered given the previous move, as we retest Support 1 and Support 2. If these levels hold, I believe the bull case remains strong. If these levels fail, specifically Support 2, we...

DSchutz Updated 

On a purely technical basis, and relatively short-term at that, WHR has had rather volatile and chaotic price action. None of the classic and more reliable technical structures exist at the moment for WHR, but that does not mean there are no opportunities to play. Given the current setup, I believe there are 3 potential scenarios: 1. The most bullish, an...

DSchutz

What looked to be a very bullish setup over the course of the last 4-5 weeks has played out very well, and we have achieved breakouts at two different levels (the inverse head and shoulders/rounding bottom breakout near 6800, as well as the breakout of the pivot tops near 7800). Going forward, we should see price action find support along Support 1 (upward...

DSchutz Updated 

Potentially bullish setup in BTC -Coming off a minor (2 month) break of trend -Tested and found support near flash low of 2/6/18 near 5,800 -Rounding bottom/inverse head and shoulders near support If BTC can get a strong close (full bodied marubozu, no bull trap) above recent tops which are nearest resistance (6,800 to 6,843), then I believe we may see a surge...