As we are about to close out June 15 and open the books on June 16, Bitcoin is trading in the mid $40ks, at one point in the afternoon attaining the critical $40,900 price point needed at close to signal the next move up in imminent. Here is the daily:
Bitcoin is actually printing a doji candle for June 15. Some might say this signals a price reversal, it might be wise to point out that we've just rallied to make up some ground here since the weekend. Bitcoin is still working on printing a massive W reversal pattern on the daily as well. The MACD certainly is positioning itself nicely for a run, further supporting the hypothesis.
Drilling down to the 1H:
Bitcoin is indeed printing a large W across the 50 EMA cloud on the 1H. The longer the pattern takes to form the more powerful it tends to be.
As the close is about to come in, we're down a point today, which is more likely a pause than a brewing retracement pattern. After all, the market makers can't make this easy on us!
Back to the 1D we can see where the 50-day EMA threatened to death cross the 200 day EMA but now appears to be bouncing off the 200 day EMA. We are going to be monitoring price action closely tomorrow to see if there will be a third push up after this pause. After all, the markets like to make moves in three parts and five parts. It fits human psychology better, which drives volume and volume drive profit on yield spread, after all.
Happy trading but watching the 50-day moving averages bounce hard off the 200 day moving averages is pretty special in its own right. Let's see how this plays out.
