BTCUSD 1H chart (6/7/2019) BULLISH
Good morning, traders. I mentioned that I was cautious yesterday pending the outcome of the local TR. I said that we needed to see demand volume increasing, especially as price pushed through the descending blue resistance to signal a likely reversal, and we did. Price attempted to print a Spring on Bitstamp, but was not able to do so (price remained above the bottom of the TR support). Bitfinex actually saw price print the Spring. In both cases, the supply volume was lower when compared to the supply volume coming into the TR. This lower supply participation in this area was a great signal to initiate a long. Confirming the reversal is the expanding demand volume and growing candle spread as price has risen from that point. As a result, price has printed an SOS, is currently retesting the TR resistance as support, and will be looking for the $8175/$8200 level I believe. This will put price right into that overhead supply and at the descending channel resistance where we should look for a rejection and pullback before price pushes through the descending channel resistance. Based on the height of the channel, we should expect price to target the $9300 level. If we see price getting to that point, then I am inclined to believe that it will only be subwave 1 of subwave 3 of wave 5. Remember, I am operating under the assumption that the recent drop was a subwave 2 simple ABC correction.
Taking a look at price action another way, price is currently confirming the double bottom that it printed as it tests the peak of that pattern as support. The target based on the height of the double bottom is $8413 on Bitstamp. This necessarily will push price through the descending channel resistance which sets up the ~$9300 target mentioned earlier. As we can see, price is also printing a flag with a target of the ~$8200 area, also mentioned above, based on the height of the flagpole. The red line that price was rejected at a few hours ago before retesting resistance as support is the weekly/monthly pivot. In terms of the 1H pivots, we can see that the immediate targets are at the S1 pivot with the larger channel target at the R1 pivot. Finally, the daily 21 EMA is currently sitting just overhead at $7940. Price continuing to head above that EMA, the monthly pivot, and the 1H pivot is all bullish. Therefore, while nothing is ever guaranteed in the charts, things look a lot more bullish than bearish at this time.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
Taking a look at price action another way, price is currently confirming the double bottom that it printed as it tests the peak of that pattern as support. The target based on the height of the double bottom is $8413 on Bitstamp. This necessarily will push price through the descending channel resistance which sets up the ~$9300 target mentioned earlier. As we can see, price is also printing a flag with a target of the ~$8200 area, also mentioned above, based on the height of the flagpole. The red line that price was rejected at a few hours ago before retesting resistance as support is the weekly/monthly pivot. In terms of the 1H pivots, we can see that the immediate targets are at the S1 pivot with the larger channel target at the R1 pivot. Finally, the daily 21 EMA is currently sitting just overhead at $7940. Price continuing to head above that EMA, the monthly pivot, and the 1H pivot is all bullish. Therefore, while nothing is ever guaranteed in the charts, things look a lot more bullish than bearish at this time.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
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