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Great sign for bulls we've achieved a higher high on 4hr chartWe seemed to have confirmed the bullish break upward from the symmetrical triangle we were in (in pink) the target for a breakout from this pattern is in the 7.3k range. However Now that a higher high has been achieved if we were to have a sudden downside here before reaching that breakout target it would likely only form a higher low and then continue going upward. Immediate lines of resistance to keep in mind that could prevent us from reaching the breakout target is the 4hr 200MA (shown here in blue) and the 1 day charts 50ma represented here by the orange hyphenated line, as well as the psychological resistance of 7k. All 3 are worth considering and keeping a close eye on price action once the candle tries to test any of these 3s resistance. However should this breakout be confirmed I think we will see a climb to the 7.3k region before the downturn occurs...we may even send a wick above the old inverted head and shoulders neckline before hand too. Must be ready for bullish or bearish outcomes to play it safe though.
BITFINEX:BTCUSDLong
by DrDovetail
A break upward from here would solidify the higher low at $6250 Unless this becomes yet another fakeout the price action appears to be ready for a break to the upside which will confirm the higher low and at the point we will be looking to establish a higher high (above 6.9k) to continue the pattern and officially hand control back over to the bulls. if we were lucky enough to achieve a higher high on the next leg up then odds are very good at that point that we will be seeing btc finally break upward out of the 1 week descending triangle pattern we are in. Of course even after achieving another higher high on the 4hr chart that would still give the bears as many as fourteen days to send it crashing back down inside the triangle but probability much more highly favors a confirmed breakout. So far the recent ETF rejections haven't caused the price to dump too much but still something to anticipate the possibility of. I think most people see the big ETF to focus on as the Van Eck ETF which won't be decided on until somewhere around around September 23-30th.
BITFINEX:BTCUSDLong
by DrDovetail
Voice of reason? Common sense? Where are you? IDEA to ponder.BTC to tumble, but it's going to be okay. There are some very skilled and talented TA people out there...That being said, where is the money? Where's it going to come from? I think that's a very fair question. The laws of growth demand it. BTC cannot survive on day and swing traders only - recycling and swapping capital each and every day. Some make profit, some lose, but in all of this there's no big NEW MONEY. We need capital investment, which is smart money, which will only buy at brutally low prices. Until we hit a very enticing low sparking a significant influx of money, there's not going to be anything significant happening. To say BTC is going way up at this time is misguided because most market participants are now smart and experienced/burnt/skeptical enough to know that it would be quite suspicious without first a descension to the 365 day low which would be in the $2000s range. Even I don't accept that but we have to ask, then what will it take? That may be too low, perhaps Sep 2017 levels... The people are not "buying" it anymore. So, we may very well see 4k-3k before this beauty rises once again. That would be enticing for many. And just remember: Sept 16 2017 BTC @ $3700 and by Dec 16 2017 BTC @ $19,700 = 3 months. Just absorb that for a moment... Just a thought Not financial or psychological advice
COINBASE:BTCUSD
by Napoleon_Carnegie
higher low/higher high triggered need 1 additional higher lowWe have achieved the followup higher high after the higher low I mentioned in the last idea. It seems like btc is content on maintaining its fractal of 2014's behavior for now. We still want one additional confirmation higher low to hand control over to the bulls but I bought back in at 5890 as soon as I saw that higher low...not typically what I would normally do I would usually wait for at least a higher high before I jumped back in but it was my confidence in the fact that things were continuing to play out like 2014's bear market did that gave me the confidence we would be going up first. Keep in mind just one follow up lower low can be enough to hand the reigns back over to the bears which is why its so important to get that additional higher low after the current higher high. for the bulls I look for a higher low/higher high and then 1 more follow up higher low for confirmation of a trendshift. For the bears since they have gravity working in their favor I usually only wait for just the first lower high/lower low and don't wait for the follow up lower low. Hopefully if this price action maintains its close fractal similarities with 2014 we can make it to 9.7k or so within the next month before we see any further significant downtrend...Anything is possible though so we will have to wait and see and be prepared for all possible outcomes. Even though I'm listing this as long I won't be surprised if we soon enter a small correction, I'm just thinking it is likely that correction will form an additional higher low and continue the uptrend...hence the long. As always this is not financial advice...make your own decisions and good luck with whatever you decide.
BITFINEX:BTCUSDLong
by DrDovetail
4
Price Action Consolidating in Small Falling wedge4hr chart has the price action respecting the trendlines of a falling wedge/bull pennant. I don't foresee any bullish breakoutt hat may come from this pattern being anything substantial..especially the closer it gets to the apex the harder it will be for a breakout to lead to any sort of higher high. If a breakout does occur I anticipate it will most likely form a lower high and then dip again to another lower low. Probability favors this but of course I am prepared for the opposite should we somehow skyrocket to a higher high.
BITFINEX:BTCUSD
by DrDovetail
Buy Highground Enterprise for short termBuy CMP with SL below Kijun. As can be seen the price has entered the cloud and would be eager to test whether it can move above the cloud. Nonetheless there is a good RR available at CMP till the price touches the Senkou B in 20-22 range. There is a massive uptick in the AD line, and stock price is at a level above nifty 50, since its major top and positive divergence in terms of HH in Highground and flat movement in Nifty 50. Happy Trading / Investing Best Regards Shamoil
HLong
by ShamoilShabbir