Topics discussed: 1h may be giving you a perfect 13 reversal for a potential long. Look for $6466 support + $6384 support
4h $6466 support + bottom of cloud could hold us sideways for now
Bitfinex BTC: Daily still uncertain. Lower high candle closing as per $6800 prev top. The TD + Ichi + 100MA still not giving you any buy signals. This is just sideways chop pricing
XBT/USD Kraken line chart: Potential bullish scenario
BLX Weekly chart still may meet our target of $3500-$4500 with rising trend line + 200MA (purple). No signals from TD seq.
September Monthly Close: Closed lower than July and August but not lower than the June YTD low. Still bearish!
Quarterly chart shows less volatility but signifies more sell pressure dominating and no reversal signs, yet. Historically though when we’ve gotten more than one quarter of less volatility it signified the end of the bear market is near
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This has been invalidated. However, the September monthly close still signifies bearish behavior as it closed lower than July and August.
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Weekly RSI still trapped in descending channel and creating lower highs
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Bullish scenario: Symmetrical triangle (white) that's creating higher lows (since June low) and prices are tightening inside it. These patterns have a 54% upside breakout potential. This pattern is trapped inside a larger descending triangle (60-70% upside).
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Correction to the descending triangle stat above, these are bearish patterns and have a 64% chance to break to the downside as per Bulowksi and as per StockCharts they are bearish continuation patterns.
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The 13 count on the 1h chart yesterday would have given you a nice 0.75% trade edge to edge in the cloud. We are now facing another red 9 here and BTC seems to be slowly hammering away at the $6575 support.
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BTC quarterly chart looks interesting. The last two bear cycles, two consecutive quarterly candles that were flat and low volatility gave signals for the start of the next bull run. Wondering if this one can give the same indication. We also have an interesting 12 count completion on the TD and now finally starting our red 1.
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Still stuck in this sideways trading range between $6384 and $6800. We are currently breaking down past the $6575 support and we double topped at $6800 and $6650. I expect to see a test of $6384 support over the next 24 hours.
Great info Amol! I enjoy watching part of your TA process as you explain the different things to be aware of from start to end. Lots of people calling for the "end of the bear" right now. Being fairly contrarian I feel the "end of the bear" is the perfect time to really drive price down and take the last weak hands off the table. I also lean towards the mid-term move down into the 5k or even 4k realm. happy trading and remember, keep you stop losses tight :/
TheAlphaTrades
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@lesmike, Thanks so much for the comment! Right there with you :)
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link to statistics showing descending triangles resolve to the upside? first time I'm hearing of this...