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Good chance the BTC low is IN! @SmileyTradesHello Traders! Happy Memorial Day to all you Americans out there! If you didn't buy BTC in the highlighted area, there may not be another chance to buy BTC at this price again! We've got very solid confluence between 2 powerful trade setups, so I am feeling pretty confident about this one! In order for me to remain this bullish, I do not want to see us revisit the Bullish Order Block (OB) as the "fresher" OB's are more reliable. We also have the All The Way Half Way Back (ATWHWB) from the COVID low up to ATH. Do I think we will reach the Macro Target quickly? No, I think this will be a grind up that will suck loads of liquidity up from the Bears, but that's because I am a Bull! Happy Trading, always manage risk. Quality in trading is the ability to react to one's own psyche
Long
by SmileyTrades
Some of possible scenarios for Bitcoin#BTCUSDT #Binance #Daily #Tommy - Assuming that the high formed at 42K on Jan 9th of 2021 is the blue impulsive wave 3, these are some of the Elliott wave countings that I am personally in consideration. - The counting at the upper left is one of my primary scenarios that Bitcoin is going through. I denoted the upward impulsive wave at 29K~66K as an ending diagonal wave 5 along with the downward corrective wave after most likely being the wave A. - Observing the wave structures located at the top, I could also suspect the 66K high as the expanded flat wave B (upper right) and the following correction afterwards would then become a WXY correction where wave failure has occurred. The reason I included this scenario is that the wave structure at 50K~66K seems more like a 5-3-5, rather then 5-3-5-3-5 zigzag. - The bottom left one is where I viewed the high at 60K as truncated wave 5. Similar to the second scenario, the bearish price momentum that reached 30K then can be interpreted as wave A. I am not putting so much weight on this one since the yellow wave 3 within the blue wave 5 seems a bit obscure. - Lastly, the wave counting at bottom right is one of my most bullish scenarios where the downward waves after the 60K high are considered as the ABC corrective waves. This means that the correction are done and thus the new impulsive wave cycle is starting.
by Tommy_Trader
2
$BTC - Significant Signs of WeaknessElon Musk has been on a tirade against Bitcoin on his twitter - but the signs of weakness were on the chart well before he started tweeting negatively about it. Let's take a look at what happened, and what to look for next. First lets break down the price action concepts on this chart. Weekly Swing Failure - this was a swing high on the weekly chart that price spent some time above - but was sold down after the $COIN IPO. Ultimately, the weekly candle that wicked above the swing high closed below - hence, Swing Failure. Daily break in Market Structure - I've drawn a line from the previous daily swing lows which were the origin of a large (40% and 27%) up-move. A daily close below these levels signifies a bearish break in Market Structure. The "Tesla Buys Bitcoin" candle - the significance of this region of price is that there is A volume inefficiency (Price has only traded upwards through it, never down into it) People who bought Bitcoin based on the news are still in profit. A drop below this region can easily cascade into more selling as these news-buyers begin to close their positions to avoid further losses. Assuming we can't bounce off of this volume gap, I'm looking for a reaction at the $42k weekly swing low, the $38k top of the weekly order block, and the $36k bottom of the weekly order block. If we close below the " Tesla candle" on a high timeframe, I do believe we may be in a short-term bear market. If this happens, expect altcoins to take a dive as well. Will, OptionsSwing Analyst
by optionsswing
1
If 46K fails supporting, expect some bears!#BTCUSDT #Binance #4hr #Tommy - Here is Bitcoin 4hr chart. A consolidation zone where price tends to move sideways, is currently being constructed in the range of 46K~51K. Here are some of major points to be updated. - A strong bottom has been consolidated around 46K which could be speculated from the point that it made about 4 meaningful lows recently. This technical circumstance recommends taking trading actions after this bottom breaks below, rather than entering long here. - More specifically, entering short once this bottom shows some signals of failure to support or entering long after confirming next support’s reinforcement. - In a shorter term, green short-term downward trendline has been broken over and if BTC corrects and reaches the retest zone (46700~47400) before 5/17 08:00, entering long with a tight stoploss seems like a nice setup. - Pay attention to the major downward parallel channels such as the green and orange ones. Observing the bottom of these channels and other technical factors, 43800~444000(valid until 5/21 1700), 41300~42200(Valid until 5/22 13:00), and 38400~39400 seems like some major supports. - Resistances that could be considered are 51800~52300(Valid until 5/19 21:00), 53800~54400(valid until 5/21 21:00), 57400~58200(valid until 5/21 21:00), and 60400~61300(Valid until 5/22 21:00). - RSI for 4hr shows that it is moving in a green downward trendline. Within that channel with a shorter term, a purple upward channel also exists, A decent resistance could be expected when RSI reaches the area where these tops overlap each other.
by Tommy_Trader
8
Elon Musk and Bart Simpson are definitely allies.#BTCUSDT #4HR #Binance #Tommy - Elon Musk is abusing the finance market. Tesla’s recent announcement that they will no longer adopt Crypto technology for their payment system, has shocked the market. - Technically, a rounded head pattern that signals the trend reversal had been formed before a big correction. Some of the similar patterns that could be interpreted as a possible trend reversal, would be Head&Shoulder, diamond, and cup&handle. - Anyhow, according to Binance BTCUSDT 4hr chart, Lower Low has been confirmed around 46K. This is not a huge gap so it could also be considered as a double bottom. In Elliott wave perspective, the current bearish momentum being wave C would be my major bearish counting. - Some of the major supports are 43900~44500(Valid until 5/19 05:00), 41500~42500(Valid5/21 13:00), and 38400~39400. - Lastly considerable resistances are located at 52300~52800, 53800~54400(Valid until 5/17 13:00), 57400~58200(Valid until 5/19 21:00), and 60500~61200(Valid until 5/23 1:00). - All of the periodic references are in Korean standard time (UTC+09:00).
by Tommy_Trader
5
GBPUSD | Pound it up dear Pound!Here are some of the major supports that I've recently found for GBPUSD. - 1.3939~1.3949, 1.3905~1.3915, and 1.3876~1.3886 Long (Valid until 5/14 04:00) EP: 1.3949 SL: 1.3935 (-14 ticks) TP1: 1.3972 (+23 ticks) TP2: 1.3998 (+49 ticks) Long (Valid until 5/14 19:00) EP: 1.3915 SL: 1.3901 (-14 ticks) TP1: 1.3929 (+14 ticks) TP2: 1.3939 (+24 ticks) Long (Valid until 5/14 19:00) EP: 1.3886 SL: 1.3862 (-24 ticks) TP1: 1.3927 (+41 ticks) TP2: 1.3944 (+58 ticks)
CME:6BM2021
by Tommy_Trader
GBPJPY | Currently in the area to expect high risk reward ratio#GBPJPY #Forex #Weekly #SwingTrades Considerable Support and Resistance Support: 140.000~142.500 (Valid until 6/24) Resistance: 154.500~156.500 (Valid until 5/31) Short (Valid until 5/31) EP: 155.500 SL: 158.600 (-3100 pips) TP1: 149.500 (+6000 pips, RR: 1.94) TP2: 144.500 (+11127 pips, RR: 3.59) #GBPJPY #Forex #Weekly #SwingTrades Considerable Support and Resistance Support: 140.000~142.500 (Valid until 6/24) Resistance: 154.500~156.500 (Valid until 5/31) Short (Valid until 5/31) EP: 155.500 SL: 158.600 (-3100 pips) TP1: 149.500 (+6000 pips, RR: 1.94) TP2: 144.500 (+11127 pips, RR: 3.59)
by Tommy_Trader