Good morning, traders. There's not a whole lot to say right now. Price has continued its consolidation into today, printing higher lows toward the resistance around $9400. A close above the TR's resistance should provide us with a minimum target of the $10,050 level on this 1H Bitmex chart. I am watching for RSI to close above its resistance to signal the likely beginning of the next push up.
Zooming out to the larger monthly picture, we can see previous and current price action without all the noise. If we anchor the Schiff Pitchfork at the previous correction's low, the ATH, and then the 2018 low, we can see that price is following along perfectly. Having pushed up through the bottom of the monthly pivot, and now sitting on top of it, we should expect price to move sideways for a bit, at worst, with the R1 and R2 pivots being the next targets. I have left the historical pivots turned on so that traders can understand how price travels between them. As we can see, the idea that price will return to the $6000s is not supported based on previous movement since price has closed above the pivot. However, my target of the R2 pivot is clearly quite likely. That being said, past performance is never a guarantee of future performance, so risk management remains key.
Traders should note that the projected descending wedge target and R1 pivot are located between the pitchfork's median and the 25% tine. When it comes to the pitchfork, as you can see, price usually targets the next tine higher, pulls back, and then targets the next one higher than that. Using the pitchfork in conjunction with the pivots on this monthly TF will likely produce much better results for retail traders over the next year than 15 minute charts. Unfortunately, most retail traders will choose the latter because they don't have patience but they have an over-abundance of emotion.
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.
Zooming out to the larger monthly picture, we can see previous and current price action without all the noise. If we anchor the Schiff Pitchfork at the previous correction's low, the ATH, and then the 2018 low, we can see that price is following along perfectly. Having pushed up through the bottom of the monthly pivot, and now sitting on top of it, we should expect price to move sideways for a bit, at worst, with the R1 and R2 pivots being the next targets. I have left the historical pivots turned on so that traders can understand how price travels between them. As we can see, the idea that price will return to the $6000s is not supported based on previous movement since price has closed above the pivot. However, my target of the R2 pivot is clearly quite likely. That being said, past performance is never a guarantee of future performance, so risk management remains key.
Traders should note that the projected descending wedge target and R1 pivot are located between the pitchfork's median and the 25% tine. When it comes to the pitchfork, as you can see, price usually targets the next tine higher, pulls back, and then targets the next one higher than that. Using the pitchfork in conjunction with the pivots on this monthly TF will likely produce much better results for retail traders over the next year than 15 minute charts. Unfortunately, most retail traders will choose the latter because they don't have patience but they have an over-abundance of emotion.
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.
