the_barefootbroker

the_barefootbroker

Patterns in the RSI signal another leg up for BTC.

the_barefootbroker

Watching BTC RSI to see when we hit trendline formed from previous dips.

the_barefootbroker

Looking for a potential 3rd wave distribution. 1st and 2nd distribution held true to form.

the_barefootbroker

The last time VWAP aggressively moved up to meet price it triggered a retrace. Let's see if this also happens here.

the_barefootbroker

Placing this idea here for posterity. No other logic than finding a similar day price action and replicating movement from there. Interestingly it lines up with support/resistance.

the_barefootbroker

BTC and ADA have moved up and reached the same previous support lines, now acting as resistance. If BTC breaks up so will ADA and we'll see a new ATH. I've also adjusted the lower support to align with $2.50. My previous chart reflected $2.40 because I drew support along the wicks. Lesson learned.

the_barefootbroker

My view on where this turns around for us. This is contingent on BTC finding support soon also. ADA and BTC are moving together for now.

the_barefootbroker

Let it be known that I just coined the term "Triangle of Profit". This is not to be confused with a profit triangle. Similar to a Jump to Conclusion mat and just as much fun.

the_barefootbroker

Looks like the lower trend support and upper resistance are coming to a head. Today may be the last up day before we retrace in a meaningful way. I've adjusted my prediction to finding support at $40k before continuing back up. "Bear" in mind it could go deeper into the 30's to find stronger support where we've spent more time (i.e. $37k).

the_barefootbroker

Added the volume profile so we can track movement against existing volume aggregation. Still long in the long term.

the_barefootbroker

Predicting we'll hit near-term resistance at $49,751 on August 18th and retrace to $42,830. Still long BTC but may present opportunity to add to your position.

the_barefootbroker

Expected resistance at long term trendline in red. I don't think we'll find support at the recent lower trend (green) going into a weekend and after such a big pump. Expecting a retracement to last area of volume aggregation and aligning price action (white). Would not be surprised if all of this happens over the weekend in time for a rebound on Monday.

the_barefootbroker

$ BITSTAMP:BTCUSD If I mix intuition, TA, Red Bull and Tito's, this is what I get. Also follow me because I'm the next Tom of TradingView.