Look closely on binance wave 4 didn't touch the level of wave 1 and wave 3 as the longest wave so still valid impulsive count
https://www.tradingview.com/x/o9vWK8XR/
https://www.tradingview.com/x/o9vWK8XR/
State Of The Markets - 04/06/2020
Bitcoin:
The Weekly Candle has been closed and this has been the first Bullish candle in 7 Weeks. When you put it that way, you almost have to wonder where the last two months had gone. Last week the Bulls ran the price up to the 9 Weekly EMA as well as the 50% Fib from the previous Swing High. So far this week, we have just tested both of those same levels. The really important thing here is the Break and Close above the 6400 Zone. That was no small task as the previous 14 Days tried and failed pretty horrifically, leaving wicks that were each over a $1000 selloff.
A retest of the 6400 zone makes the most sense for Support moving forward. We continue to show support from the 200 WMA and a retest all the way down there does not seem appropriate at this time. For the Northern boundaries, it’s time to look to the 21 Weekly EMA at 7765 and the 618 at 7987 as real potentials for continuation. Flipping the 50% will be the first issue and the first things the Bulls would want to secure on the Daily.
The real test sits near the 50 WMA. It’s been awhile but try not to forget that we did fall out of a fairly massive trend a few weeks ago when Bitcoin decided that dropping 3K in a day was surely better than going to Disney World. The reality is that the first time we come to approach this trend from the Breakdown will likely result in a massive display of resistance. Surely, never a guarantee but highly probable. That level currently is perfect confluence with the 50 WMA. If we are to test it this week, the level is 8666, which is slightly above the 706 at 8576 and slightly below the 50 WMA at 8685.
https://www.tradingview.com/x/uUSbKAHx/
Bitcoin:
The Weekly Candle has been closed and this has been the first Bullish candle in 7 Weeks. When you put it that way, you almost have to wonder where the last two months had gone. Last week the Bulls ran the price up to the 9 Weekly EMA as well as the 50% Fib from the previous Swing High. So far this week, we have just tested both of those same levels. The really important thing here is the Break and Close above the 6400 Zone. That was no small task as the previous 14 Days tried and failed pretty horrifically, leaving wicks that were each over a $1000 selloff.
A retest of the 6400 zone makes the most sense for Support moving forward. We continue to show support from the 200 WMA and a retest all the way down there does not seem appropriate at this time. For the Northern boundaries, it’s time to look to the 21 Weekly EMA at 7765 and the 618 at 7987 as real potentials for continuation. Flipping the 50% will be the first issue and the first things the Bulls would want to secure on the Daily.
The real test sits near the 50 WMA. It’s been awhile but try not to forget that we did fall out of a fairly massive trend a few weeks ago when Bitcoin decided that dropping 3K in a day was surely better than going to Disney World. The reality is that the first time we come to approach this trend from the Breakdown will likely result in a massive display of resistance. Surely, never a guarantee but highly probable. That level currently is perfect confluence with the 50 WMA. If we are to test it this week, the level is 8666, which is slightly above the 706 at 8576 and slightly below the 50 WMA at 8685.
https://www.tradingview.com/x/uUSbKAHx/
Trading Edge
BTC Count is still the same and aiming for last leg up for micro wave 5. The trend is up and let it be our guide. A clean impusive count and abc pullback would mean we are on our way to our final leg micro 5.
BTC
We may have our last push to our target or weekly pivot. But I'm closing my long here.
We may have our last push to our target or weekly pivot. But I'm closing my long here.
BTC Breakout and closed above our downslope trendline and a Daily bullish engulfing candle. I'd be careful shorting from here. We might have that push to 61.80% fib level.
https://www.tradingview.com/x/LZ51uaLZ/
https://www.tradingview.com/x/LZ51uaLZ/
Bitcoin:
Impressive moves from bulls was the break and close above the heartline of the channel. This has been a problem for the Bulls for over a week. Because the slope is already upward, a small move here and there was not able to get the job done. However, today was no small move and was indeed able to get the job done.
Also Bull were able to paint new high for the day that gave them the separation they needed to eliminate the possibilities of being considered a Double Top.
Next level to watch now is the 61.80% fib which find itself at 7971 only just few dollars away from the 200 Daily moving average and 100 Daily moving average.
https://www.tradingview.com/x/SosdX05B/
Impressive moves from bulls was the break and close above the heartline of the channel. This has been a problem for the Bulls for over a week. Because the slope is already upward, a small move here and there was not able to get the job done. However, today was no small move and was indeed able to get the job done.
Also Bull were able to paint new high for the day that gave them the separation they needed to eliminate the possibilities of being considered a Double Top.
Next level to watch now is the 61.80% fib which find itself at 7971 only just few dollars away from the 200 Daily moving average and 100 Daily moving average.
https://www.tradingview.com/x/SosdX05B/
BTC
If the choppy movement continue this week and the triangle completes then we have a good chance for last leg up of fifth wave before a major retracement.
https://www.tradingview.com/x/LYTg9LRY/
If the choppy movement continue this week and the triangle completes then we have a good chance for last leg up of fifth wave before a major retracement.
https://www.tradingview.com/x/LYTg9LRY/
Bitcoin:
We call that a Double Tap. Test number two on the 50 DMA and once again, almost right to the dollar. The 50 DMA is currently sitting at 7422 and today’s high so far is 7430. Early today we saw Bitcoin work its way down to the bottom of the 7200 Zone at 7084. There was actually a lot that happened in that one little Spinning Top.
First thing that happened was the Test and Rejection of the 50 DMA. This was a sharp and swift rejection from the Bears and an obvious test for the Bulls. At the same time, the Bulls were protecting the Channel Heart.
However, the Bulls did show up in force and by the end of the period, they were able to drive the price all the way back above the Local 50% Fib at 7190. The actual close was at 7200, which is not the 7305 top of the Zone, it sure is 7200.
So, in the end, there are a couple of points to the Bulls and a couple of points to the Bears. And there you have a Spinning Top or Indecision. The Bears are clearly protecting the 50 DMA and trying to drive the Bulls below the 7200 Zone. The Bulls are definitely looking to break the 50 DMA and maintain as much of this 7200 Zone as possible. Because of the 4 levels that make up this zone, they could try to chip away at each level throughout the day in an effort to tire out the Bears. The current fight is for the top of the zone at 7305. The Bulls were able to confirm the Break and Close above the 50% Fib Today.
https://www.tradingview.com/x/Ql9pAO1A/
We call that a Double Tap. Test number two on the 50 DMA and once again, almost right to the dollar. The 50 DMA is currently sitting at 7422 and today’s high so far is 7430. Early today we saw Bitcoin work its way down to the bottom of the 7200 Zone at 7084. There was actually a lot that happened in that one little Spinning Top.
First thing that happened was the Test and Rejection of the 50 DMA. This was a sharp and swift rejection from the Bears and an obvious test for the Bulls. At the same time, the Bulls were protecting the Channel Heart.
However, the Bulls did show up in force and by the end of the period, they were able to drive the price all the way back above the Local 50% Fib at 7190. The actual close was at 7200, which is not the 7305 top of the Zone, it sure is 7200.
So, in the end, there are a couple of points to the Bulls and a couple of points to the Bears. And there you have a Spinning Top or Indecision. The Bears are clearly protecting the 50 DMA and trying to drive the Bulls below the 7200 Zone. The Bulls are definitely looking to break the 50 DMA and maintain as much of this 7200 Zone as possible. Because of the 4 levels that make up this zone, they could try to chip away at each level throughout the day in an effort to tire out the Bears. The current fight is for the top of the zone at 7305. The Bulls were able to confirm the Break and Close above the 50% Fib Today.
https://www.tradingview.com/x/Ql9pAO1A/
BTC Triangle wave 4 didn't play out and stopped out of my long position. Trend line currently broken and that confirms our top. Levels to watch for support is 6600-6700, let's see if we can get some sort of bullish reaction once we hit these levels
https://www.tradingview.com/x/W7DHW2eC/
https://www.tradingview.com/x/W7DHW2eC/
One stopped out of BTC trade and 3 successful ALT trades yesterday. Overall still in profit. 👌
DASHUSDT - All targets hit
Before: https://www.tradingview.com/x/GvPLm53Y/
After: https://www.tradingview.com/x/sXBgkTY3/
ATOMBTC - ALL targets hit
Before: https://www.tradingview.com/x/3iip154o/
After: https://www.tradingview.com/x/jqhdKH59/
BATBTC - Target hit
Before: https://www.tradingview.com/x/zaKdRqsp/
After: https://www.tradingview.com/x/TT5tbkjL/
DASHUSDT - All targets hit
Before: https://www.tradingview.com/x/GvPLm53Y/
After: https://www.tradingview.com/x/sXBgkTY3/
ATOMBTC - ALL targets hit
Before: https://www.tradingview.com/x/3iip154o/
After: https://www.tradingview.com/x/jqhdKH59/
BATBTC - Target hit
Before: https://www.tradingview.com/x/zaKdRqsp/
After: https://www.tradingview.com/x/TT5tbkjL/
Open trade is HBARBTC bounced 11% from entry and raised the stop loss to entry level so its a risk free trade.
https://www.tradingview.com/x/w3AreNgl/
https://www.tradingview.com/x/w3AreNgl/
Bitcoin:
The Bears began the pullback after the 4 days consolidating under resistance. This has been the pattern twice before. The previous two times were only three days before a drop while the current one does add an extra day.
The Bulls do have pretty solid Support at the current levels as this can be considered the retest of previous resistance. This area seems unnecessary to retest given the 2-day push slightly above the levels with a follow-up retest. There is far more going on at this level than just a structure retest.
The 21 DEMA retest. Four days getting beat up by the 50 DMA and price finally had enough. The retreat was swift and the 9 DEMA was in the way. The 21 DEMA is holding price for now and the Bulls are protecting the level instead of allowing the price to drop to the 20 DMA.
As you can see, there are a lot of ways to look at the current price action. When it’s all said and done and the dust has settled, this looks like massive rejection from the 50 DMA with an expected pullback to Support. That support is more likely the bottom of the Daily Channel or the 20 DMA but the 21 DEMA is certainly holding price for now with enough confluence for it to keep working.
https://www.tradingview.com/x/0NdRA8DJ/
The Bears began the pullback after the 4 days consolidating under resistance. This has been the pattern twice before. The previous two times were only three days before a drop while the current one does add an extra day.
The Bulls do have pretty solid Support at the current levels as this can be considered the retest of previous resistance. This area seems unnecessary to retest given the 2-day push slightly above the levels with a follow-up retest. There is far more going on at this level than just a structure retest.
The 21 DEMA retest. Four days getting beat up by the 50 DMA and price finally had enough. The retreat was swift and the 9 DEMA was in the way. The 21 DEMA is holding price for now and the Bulls are protecting the level instead of allowing the price to drop to the 20 DMA.
As you can see, there are a lot of ways to look at the current price action. When it’s all said and done and the dust has settled, this looks like massive rejection from the 50 DMA with an expected pullback to Support. That support is more likely the bottom of the Daily Channel or the 20 DMA but the 21 DEMA is certainly holding price for now with enough confluence for it to keep working.
https://www.tradingview.com/x/0NdRA8DJ/
Trading Edge
BTC Triangle wave 4 didn't play out and stopped out of my long position. Trend line currently broken and that confirms our top. Levels to watch for support is 6600-6700, let's see if we can get some sort of bullish reaction once we hit these levels https…
BTC did a good bounce at our support level 67xx and it doesn't look like impulsive. If we break and close above 6900 level we will have a good chance to hit our wave C of B.
https://www.tradingview.com/x/PYNIqiKq/
https://www.tradingview.com/x/PYNIqiKq/