BTCUSD D1 chart (8/5/2019)
Good morning, traders. Bitcoin has continued pushing higher this past weekend, ultimately marking $11860 on Coinbase before stalling out in supply. This is also the flag resistance and the median of the Andrews Pitchfork pulled from the July 17th swing low, July 20th swing high, and July 28th swing low. A pullback at this point shouldn't surprise anyone, but if we want the double bottom target to remain valid, then we don't want to see it break below the blue zone. However, price does not HAVE to pullback at this time. The H1 Stoch RSI has already reset more than 50% and the H4 Stoch RSI, while high, still has room to continue higher before attempting a reset.
The target based on the height of the descending wedge is $13465 while the Adam and Eve double bottom target is $13150. The D3 and weekly charts appear to have confirmed their 2-month-long hidden bullish divergence with both TFs having a lot of room to run, comparatively, in their RSI and Stoch RSI. The weekly candle closed extremely bullishly, engulfing the previous two and a half weeks worth of candles. Price has moved bullishly above the daily pivot. Stoch RSI is topped out on the daily but, as we know, can remain that way for a while as price continues to push higher. Daily RSI is only at 64, so it has a lot of room to run. While daily volume isn't significant in comparison to what was seen at the beginning of this corrective leg, it is expanding relative to where it was prior to this move up and candle spread is increasing, which is what we want to see.
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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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
The target based on the height of the descending wedge is $13465 while the Adam and Eve double bottom target is $13150. The D3 and weekly charts appear to have confirmed their 2-month-long hidden bullish divergence with both TFs having a lot of room to run, comparatively, in their RSI and Stoch RSI. The weekly candle closed extremely bullishly, engulfing the previous two and a half weeks worth of candles. Price has moved bullishly above the daily pivot. Stoch RSI is topped out on the daily but, as we know, can remain that way for a while as price continues to push higher. Daily RSI is only at 64, so it has a lot of room to run. While daily volume isn't significant in comparison to what was seen at the beginning of this corrective leg, it is expanding relative to where it was prior to this move up and candle spread is increasing, which is what we want to see.
Our premium Discord members now have access to our trading basics course included with their membership! We continue to add more content for new traders to learn how to be more effective and consistent when trading the market.
_____________________________________________________________
Be sure to hit the "thumbs up!"
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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
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