Have updated my 2 hour chart. These Fib extensions could be hugely important for bulls and bears because if your looking for a trend pattern and you look back to Feb in my chart you'll see that these extensions were both important to the market on the way up as they have been on the way down. For some looking for a trend pattern going by one example in the past won't be good enough well fine it's just an idea
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Price got above $7,367.6. There are some tough diagonal resistance lines above on both 4 hour and 2 hour charts. On the two hour chart there has been a string of William Fractal patterns building up creating potential new powerful Fib extension possibilities. The string has completed a five wave up. Will watch how pull back develops. Also have to see if high of $7,427 signals end of five wave up or ready to smash through those diagonal resistance lines.
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My problem with the 4 hour chart from studying the MACD and Stoch RSI is that we should already be at full throttle on a big wave three. This price push looks weak and there are diagonal resistance lines up ahead. Speed to break out was not that impressive. Move at this stage with high at $7,427 could turn out to be a trap. Need to watch pullback.
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Based on a short trade idea on the weekend using the 2 hour chart where my stop was taken out. Here's an interesting observation. If the market breaks through it again the opportunity to short could be greater. Note also that by observation my short trade idea was also a good opportunity to go long if it did not work out. Check this out by studying the vertical green lines marked out in the chart going back to February I used the bar before the vertical green line to create strategy. I'm going to pick $6,600 for short entry which is below the bar, and also below the retacement levels within the William Fractal patterns of my study. Still have to work out where I'd place my stop should idea go wrong. There have been four more Williams Fractal boxes to construct since I published the chart above. Really weird formation. At least have not seen such since February. For now the market appears cautiously bullish will have to watch as Stoch RSI heads back to oversold whether that initial bullshine disintergrates with it.
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Right now the market for me is a game of chicken. My vertical green line idea was a great one but right now this rally just appears so weak. Maybe its because I'm just studying the 4 and 2 hour charts. Hope I'll discover some other strategic pattern soon. Maybe will get another green vertical.
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Finding it hard to want to get in long on this. It's like you feel good if you got in earlier. This rally has yet to be tested when the Stoch RSI starts to head downwards on the 2 hour chart. That could be triggered by the price hitting the diagonal trend line. Just seen a posting of a rising wedge and a short opportunity. However, my idea at the moment for a short opportunity is a lot further down.
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The candlestick which opened at $7,427.1 has broken the wedge upward trend line at approx $7,390. Will the Stoch RSI finally start heading downward.
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Looking at the 4 hour Stoch RSI I have a pattern match which I've been watching develop (in the previous pattern the price pulled back and then continued higher but was also rising much faster). The key appears to be the low made after the current Stoch RSI last peaked at 99.83 which I make out to be $7,181.5. The previous peak 98.95 in the same cycle would have a low of $6.884.5 As the Stoch RSI on the 2 hour chart heads lower I'll be looking to see how price holds up.
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Just spotted William Fractal pattern on the 4 hour chart which I follow. It's yet to complete but judging where the price currently is I believe it is a bullish signal with $8,180 as target. Already found pattern in Stoch RSI which in part links with a pattern in MACD too. Although I would like price to hold above $7,181.5 which is a low reached after the Stoch RSI peaked and follows what happened in previous pattern, the market can go lower but must hold above the retracement levels, you can judge for yourselves which by looking at the previous William Fractal set-ups like this in my chart (the ones with the pink squares). The rising wedge opportunity for a short doesn't look great right now, and could instead add impetus to another leg up #btc_usd #btcusd #bitcoin #crypto
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Market moving lower looking sweet. Would prefer not to see a crossover in MACD based on previous pattern in 4 hour chart.
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Looks like this whopping 2 hour bar drop was due to an H & S pattern and stopped just where you would expect. No cross over in MACD on 4 hour chart.
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Let's get this H & S move down straight. H $7,509.7 - l $7,253.3 = $256.4 therefore $7,253.3 - $256.4 = $6,996.9 that's close enough to the actual low. If that holds and I'm looking at the 4 hour chart I guess the next 4 hour bar will be green and signal the start of another 5 wave up.
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Could Bitcoin head for lower lows at Wall Street open?
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Right now it looks like Bitcoin could go same way as Wall Street but still there has not yet been the crossover in the MACD on the 4 hour chart.
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Just seen MACD cross appears Wall Street going to dictate everything today. The break in the rising wedge on the 2 hour chart was the best opportunity to short today unless you also managed to spot the potential H & S.
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Going short just noticed price touched my lower Bollinger Band (20, close, 3) on 2 hour chart.
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Also broke one of my Bollinger trend lines on 2 hour chart.
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I sometimes wonder whether I should do the daily, monthly..... charts. So much less work!
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Weekly too.
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Interesting. On the 2 hour chart we now have three Williams Fractals down in a row. The last time they were upward they appear to have signalled a wave one completion upwards.
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On the 4 hour chart - I've done some further research on those Williams Fractal coloured boxes which I create in my charts, and the thing is for the pink/purple ones the 50% appears to be seriously important. Therefore $6,967.4 is now a seriously important level to crack otherwise its short the market time.
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Have yet to see a Williams Fractal down arrow on the 4 hour chart to complete my coloured box construction so maybe the idea is to early to add to my other short signals.
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Soon as I can complete Williams Fractal box I will publish an updated super duper 4 hour chart with all the detail I've been following.
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Have cleaned out a lot of clutter from my two hour chart, and will be publishing a new updated one shortly, like I'll do for the 4 hour.
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Global stocks rebounding will that be positive for bitcoin?
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Just published 4 hour chart - short will show up less than 15 min.
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Don't forget to catch up on my latest posts.