4hrchart
2hr fallingwedge by candle bodies or 4hr fallingwedge by wicks?Definitely in some form of falling wedge and seeing as how we've ben in a bull mark most of the year probability is very good of this eventually breaking to the upside...the trick is figuring out if the falling wedge is more valid by candle bodies in which case it is either a 1hr or 2hr chart pattern...or if by wicks it could be a much larger wedge that is more valid on the 4hr chart. Only time will tell...if it keeps dipping I intend to keep buying until I see undeniable confirmation of breakdown..so far im only seeing us continue to consolidate inside the wedge and bullish divergence.
1day candle closes inside bullpennant; 4hr goldencross .Bear trapped confirmed as the 1 day candle that dipped down ad filled the 10.1k gap last night bounced all the way back up to close inside the bull pennant as I was expecting. We also hav a 4hr golden cross due to occur in the next 4-8 hours which I think will instigate a bullish breakout from this pennant.
4hr gldncrss trajectory=September 9; Nearing inv h&s completionWe can see many positive signals here for the bulls on btcusd on both the 4 hour chart(shown here) and on the 1 day chart right now. On the 4hr we can see how price action has finally overcome the 4hr 200ma's resistance and we can also see that a 4hr golden cross is in the works with a current trajectory placing September 9th as the day of the cross. We can also see how both of the 2 current inverse head and shoulders in play(in pink and yellow) seem to now be completing their right shoulder as price action heads towards their respective necklines. Another big sign shown here for he bulls is that we are once again back above the ascending red neckline that belongs to a huge 3 day pattern bearish head and shoulders. This has been the 3rd consecutive time we have broken below it thats ended in a bear trap only increasing the probability of us breaking bullishly up from the 3day symmetrical triangle(in green). On the 1 day chart we also have the great bullish sign of closing our previous 1day candle back above the 1 day 50ma and the ascending red neckline(as well as two key horizontal resistances). All of this seems to suggest the bots, algos, and whales will likely try to at the very least finish painting he right shoulder on the charts before attempting any sort of bull trap fakeout dump of any kind to maximize liquidation. So I will wait until I see confirmation of either a breakout of the inv h&s pattern or confirmation of a fakeout bull trap to make my next move...even though I feel probability favors the bulls for now.
Bullish macd cross on the 4hr chart!The MACD cross is showing us a bullish sign: the blue line crossed the orange line, and the histogram is just starting to show green bars.
Legal disclainer: this is not financial advise, do your own research and take your own conclusions before investing in anything. The posts I publish are for information or enterteinment purposes only.
LONG (AUDJPY)- Buy
- Pair oversold on both RSI and Stochastic Oscillator on 4-hr and weekly chart
- Pair previously oversold on daily chart
- Pair at support
SHORT (GBPAUD)- Sell
- Pair overbought on both RSI and Stochastic Oscillator
- Pair at resistance
- Daily and weekly charts neither oversold nor overbought
bearflag poentially breaking down...target 8.6k?breakdown no confirmed just yet but probability is definitely favoring it now as we can see price acion now firmly under the 4hr deathcross. If price action cant climb back above that deathcross then both the bearflag breakdown and he death cross will be sustained/confirmed. this is the perfect spot if the breakdown is confirmed for price action finally reach that 8.5k gap on cme futures chart bit of course the smart trader will make sure to buy back in a few pips before that and if we continue to fall and hit that target to also buy the dip
Bulls trying their best 2 prevent the approaching 4hr deathcrossThe bull flag definitely seems like it wants to trigger a bullish breakout here. Of course being still in the last 10 minutes of the 1 day candle anything can happen and we must remain patient and balanced until we get a better idea upon the daily candle close...we also need to keep a close eye on the top trendline of the broadening wedge's resistance(in red), and the 11113.83 horizontal trendline(in white)...I expected at least a wick above the white horizontal if we breakout but the horizontal may potentially maintain its resistance for candle close...if not the next resistance will be the 11271 horizontal (red) above that, and just above that 11585 descending green trendline which is currently the biggest resistance to overcome...it's the one thats maintained resistance this whole correction. . .still waiting to see where the current candle closes the daily at but looks good for a breakout currently..anything could change in the last 10 minutes though. Even if we do breakout though it may not be enough to prevent the 4hr deathcross from happening...however if we dont immediately nosedive after the cross then the cross will likely be a fakeout and shortlived. So very important here to see how price action reactts to any kind of deathcross...as long as price stays above both the 200(in blue) and the 50ma(in orange) i should result in a fakoeut. If not it will resume dumping.
potential 4hr deathcross in play on btcusd.4hr chart immediate timeframe is threatening a deathcross and we are currently in an ascending broadening wedge. Will have to wait until breakout or breakdown confirmation of the wedge to know whether or not the 4hr deathcross is more likely to be a sustainable cross or a fakeout. Should know in just a few 4hr candles from now
(Looking for a retest at the 105 level on smaller timeframes)(Looking for a retest at the 105 level on smaller timeframes)
right shoulder's TTL bounces priceaction back into the diamond. A very bullish sign here as the 1hr head and shoulder pattern hiding within the 3hr diamond just decided to go on and dust it's shoulder off as price action bounces off the right shoulder of the head and shoulder's top trendline and has now been bounced back into the diamond pulling off a very successful bear trap....this increases probability of a bullish breakout but we must remain vigilant in our cal composures until a bullish breakout is confirmed it could easily follow a bear rap up with a bull trap as it often likes to liquidate shorts and longs within the same pattern. my bias is bullish but until confirmation the idea remains neutral.
SHORT (EURGBP)- Pair oversold on 4-hr, daily and weekly chart
- Divergence
- Bearish Candlestick Pattern
4hr Diamond bottom price target hit with 100% precision!TA once again working is magic as the diamond bottom breakout on the 4hr chart has hit its target with 100% accuracy! Next to trigger should hopefully be the 1day charts falling wedge which should have a breakout target around 11.5k and then if we're lucky the double bottom will trigger which could take us back to 13k...those 2 patterns are still up in the air but the falling wedge has gained much more probability of triggering than it had thanks to this 4hr diamond bottom breakout.
4hr diamond bottom appears to be playing outNo guarantee it will follow through and I'd like to see a slight bit more volume to confirm but it appears we have a 4hr chart diamond bottom breakout. If so it should reach the breakout price target I have posted here and I expect then on this current pullback for the yellow horizontal trendline at 9646 to retest as and maintain support in which case we will then head back up towards the diamond bottoms breakout target. If this were to occur it greatly increases the chances that we will trigger a breakout from the 1 day falling wedge pattern as well which if triggered here has a breakout target of 11.5k. We still have a potential gap to fill at 8.5k and must continue to keep that in mind but that could happen before we breakout of the wedge, after, or possibly even not at all...so instead we must focus on the price action at hand and only worry about factoring that in if the charts show we are heading that way.
A 4hr falling wedge has emerged as the current dominant patternAfter seeing price action climb up and reject right at the top trendline of this falling wedge then fall back down and find support right at the bottom trendline of this falling wedge I can now say with a fair amount of certainty that the h&s patterns were decoys cloaking this falling wedge which seems to have now emerged as the most legitimate current chart pattern. I anticipate one more bounce down and up before a breakout will occur and maybe even on the final bounce down a wick that dips a decent ways below the bottom trendline...possibly even to that 8500 cme gap everyones been waiting on. I wont be risking waiting on that though and will be playing the trendlines instead and if we do dip down that low I'll simply buy the dip. I think we may continue to consolidate like this until the 3 day golden cross which should occur in the first week or 2 of august. Once that happens I anticipate it will help us to climb 87% percent in price just like the 2day golden cross and the 1 day golden cross before it both did. Quick rule of thumb: Falling Wedges and h&s tend to simultaneously develop quite often...so if you spot one the others probably hiding somewhere in there as well...and on the flipside of the coin, inv h&s and rising wedges.
4hr ema deathcross now official. Will it sustain?Price action appears to now be painting a downward slanted h&s pattern and the 50 and 200emas on the 4hr chart have now official deathcrossed. Wee are also seeing a green candle coinciding with the deathcross which happens often as a last ditch effort to reverse the deathcross back into a goldencross thus achieving a deathcross fakeout...in order to achieve one of those price action will likely have to climb back above both the 50 and 200 ema and flip them to solidified support. My guess is it will at the very least retest them but odds are favor them maintaining resistance for now. if it does retest and find resistance my guess is that will complete the peak of the right shoulder of this red h&s pattern which if triggered could take us potentially back under 9k if maybe only for a brief bit. For the bulls to achieve a deathcross fakeou they will likely have to rise above the 50 & 200 and flip them to solidified support within the next three 4hrcandles. If not and the confirm solidified resistance odds are good the ema deathcross will be sustained. probability currently favors the bears but I remain neutral until the deathcross confirms it will be sustained.
Priceaction keeps knockin on the necklines door but cant come inyet another instance where the accuracy of TA absolutely astounds me. We can see when the price broke up on the first 4hr candle to leave the neckline behind that it hit the turquoise falling wedge's breakout target with exact precision the next candle made it as high as 11126 or so before coming back down and turning red on us and where did that candle stop its fall at? right back at the descending neckline of the inv h&s pattern where its continuing to find very solid support. Until it closes a 4hr candle back below the inv h&s neckline a fakeout won't be confirmed. For now it's still quite possible for it to bounce back up off the neckline and head back up to 11.2k possibly even the 12.3-12.5k range. Also possible to tank here and then head back down to 8.5k after confirming a fakeout. For now we remain neutral and vigilant until the whales make clear their next move.
