Wishing well again today! This Idea's gonna be short since it's basically a follow up/add on to how things are going but once again we saw Bitcoin hit that almost 38,000 mark perfectly before that volume came in again and has brought us back up to 40k. Please read the attached Idea for more info, thank you!
The Range
I continue to say that we have been ranging and for the most part trading within that 38-40k corridor and that soon enough a big move is due. What we are seeing here isn't just a volatile market but what a market predominantly controlled by Whales alongside Market Makers can do. Especially in the past few months we've seen them actively engage in causing pumps and dumps however now we are seeing things hover between that 38-40k range which indicates to me that more or less likely 38k is our main support point for the moment. Not only that but on the Fib it is so that definitely helps.
The Peaks
If we're simply looking short term on the chart the last highest peak we saw yesterday for BTC was $40,600, though it is important to note we saw the price climb by basically $2000 in a matter of a few hours resulting in an impulse movement. Following that we saw the large dump that nearly sent us to $38,000 exactly only and since then have seen the price form a 'staircase' pattern as I like to say. I like the staircases as those usually signify real and solid movement/progress. Impulse movements simply indicate a large order has been entered and there is strong support. So I'm happy to see the staircase and currently we are sitting at $40,000. In our current 'mountain' we have peaked at $40,300 before we saw resistance which we are currently looking at.
The Cusp
Bitcoin is fighting at that 40k line and we've seen it pull itself time and time again on the hourly chart pull itself back to that. Why so? 40k is that next line on the Fib retracement which signifies a lot. It's our Fib support zone and can mean a lot to come soon. If we keep getting dumped and don't see any solid movement or support about 40k that would create a lot of bearish sentiment for the market which as it already is has been hit with a lot of factors this week already. However we could also see a breakout soon based on the fact that this time we are seeing that movement to the upside naturally now as oppose to the last peak in which we saw that huge and quick run up.
EMA
I won't dig into the full on EMA but I like to look at it simple. EMA is basically just a line that flows through the mountains. Why's that matter? Well. To put it simply, whenever the EMA enters the mountain, you see that price volume kick in and buying activity start. However it is vice versa when the EMA leaves or exits the mountain. If it exits the mountain and you see a drastic shift in the correlation between the EMA and the stock's movement, it usually signifies a dramatic fall is about to take place which is exactly what happened. Hope that helped put EMA simple for most. It's not the best explanation but given the time, it's a good one and one which has helped me many times before. Currently you can see how we entered the mountain this time and it's been a rather natrual ascent which is good to see, however if we see another EMA exit like the previous one on the chart, expect hell, but keep an eye on the EMA if your looking to do trading short term, cause wow. It will definitely tell you a thing or two.
Close:
Thank you for bearing with me, I know I say I'm gonna be short and usually it somehow expands into a full on article. I hope my input has help you come up with a clue of what's up and going on! Thank you and please be sure to share and link or follow, anything is much appreciated and please keep tuned for more as always!
~ Rock
The Range
I continue to say that we have been ranging and for the most part trading within that 38-40k corridor and that soon enough a big move is due. What we are seeing here isn't just a volatile market but what a market predominantly controlled by Whales alongside Market Makers can do. Especially in the past few months we've seen them actively engage in causing pumps and dumps however now we are seeing things hover between that 38-40k range which indicates to me that more or less likely 38k is our main support point for the moment. Not only that but on the Fib it is so that definitely helps.
The Peaks
If we're simply looking short term on the chart the last highest peak we saw yesterday for BTC was $40,600, though it is important to note we saw the price climb by basically $2000 in a matter of a few hours resulting in an impulse movement. Following that we saw the large dump that nearly sent us to $38,000 exactly only and since then have seen the price form a 'staircase' pattern as I like to say. I like the staircases as those usually signify real and solid movement/progress. Impulse movements simply indicate a large order has been entered and there is strong support. So I'm happy to see the staircase and currently we are sitting at $40,000. In our current 'mountain' we have peaked at $40,300 before we saw resistance which we are currently looking at.
The Cusp
Bitcoin is fighting at that 40k line and we've seen it pull itself time and time again on the hourly chart pull itself back to that. Why so? 40k is that next line on the Fib retracement which signifies a lot. It's our Fib support zone and can mean a lot to come soon. If we keep getting dumped and don't see any solid movement or support about 40k that would create a lot of bearish sentiment for the market which as it already is has been hit with a lot of factors this week already. However we could also see a breakout soon based on the fact that this time we are seeing that movement to the upside naturally now as oppose to the last peak in which we saw that huge and quick run up.
EMA
I won't dig into the full on EMA but I like to look at it simple. EMA is basically just a line that flows through the mountains. Why's that matter? Well. To put it simply, whenever the EMA enters the mountain, you see that price volume kick in and buying activity start. However it is vice versa when the EMA leaves or exits the mountain. If it exits the mountain and you see a drastic shift in the correlation between the EMA and the stock's movement, it usually signifies a dramatic fall is about to take place which is exactly what happened. Hope that helped put EMA simple for most. It's not the best explanation but given the time, it's a good one and one which has helped me many times before. Currently you can see how we entered the mountain this time and it's been a rather natrual ascent which is good to see, however if we see another EMA exit like the previous one on the chart, expect hell, but keep an eye on the EMA if your looking to do trading short term, cause wow. It will definitely tell you a thing or two.
Close:
Thank you for bearing with me, I know I say I'm gonna be short and usually it somehow expands into a full on article. I hope my input has help you come up with a clue of what's up and going on! Thank you and please be sure to share and link or follow, anything is much appreciated and please keep tuned for more as always!
~ Rock
