Daily Report – Bitcoin and Market Update (April 19 2021)
Weekly closed as a big indecision candle with most of the price action focused on 56-60k candle body. Major resistance level remains to be Breaker High at 62974 which so far was rejected eventually. Still no sell signal on BPRO since the main buy signal given at 15k. As long as BTCUSD doesn’t reclaim the Breaker High resistance as a new support, it remains in the supply zone filled with severe sells. Local fakeout on the upside is definitely not a bullish candle signal although one candle doesn’t define a change in a long term trend direction. Instead, one should treat that as an additional reason behind taking profits on the way up as you never know when the peak comes. In my opinion, this is definitely not a market top but it may turn into another 30-40% market decline on the medium timeframe. If you are prepared for the worst, you won’t suffer if market turns for the best. For that reason, as you watch resistances 76198, 84385, 97610, you should also be watching supports: 49749, 41562, 39225.
Daily flashed sell signal which needs to be sustained with closing current day around these very levels. Breaker High 62039 is the main daily resistance to be reclaimed for 70k attempt. First ever $10k decline in under an hourly candle was eventually quickly bought back resulting in closing the day around the middle of the entire day’s volatility. Price action wise 51-56k is locally a demand zone. As mentioned in my private trading channel, I expect BTCUSD market with alts to be in another PTSD period with loads of directional uncertainty, fake moves, sweeping highs and lows of the week and it could still remain to be the part of 50-60k choppy range. Based on BPRO volatility bands, BTCUSD reached its downside potential on average and we should expect a mean reversion to follow. Namely, breakdown retest in form of the upside pullback towards 60-62k zone. This could be an area for many to close out their breakeven longs. Personally, Im tethered with 1.5M+ short-term positions based on middaily system and Im waiting till BPRO flashes back the buy signal for me. It’s better to be safe and protect your capital, than sorry about your losses.
Middaily flashed sell at 59.7k daily close which I followed thoroughly and sold out my short term BTC ETH LTC holdings right before this major roller coaster. Insane timing and another proof for being one with your trading system. Insane volatility met with downside long-range band retest and along with BWAP support at 52k, there was enough of demand to stop the sell-off. The sell-off alone may have to do with a major power cut in China which heavily affected the miners activity. Onchain hashrate declined sharply losing support for BTCUSD price action. If that was an actual case indeed, then it’s another reason for securing your profits on the way up while you can before it’s too late. Currently BTCUSD has seen local rebound towards 58k yet as any other PTSD zone, now 50-60k range is the new choppy sideways and current 55-56k levels are perfect “nowhere” for this range. When opening any short-term positions at those rates, you are neither safe for longs, nor for shorts. It’s just terrible decision. I’d expect mean reversion towards 60-62k within the following days yet in case we see strong selling pressure re-appear, then this may end up being an ugly MTF correction towards low 40k. Expect the unexpected. Bulls are not safe on middaily until Breaker High of 61013 is reclaimed.
MTF bullish picture was ruined by the subsequent fakeout on top around 65k. This way, most recent price action had printed two fakeouts – one on the bottom – bullish, and one on the top – bearish. Bullishness got neutralized with bearish response and the result is … neutral again. Sideways range just got larger and now it trades between 51k and 65k. Supply zone over 62k for the sells and demand zone below 53k for the buys for those who choose to trade this range. Mid range zone is 56-58k and its definitely the worst place to make any decisions about playing this range. BPRO volatility bands were tapped hence some upside pullback could be expected towards 60k baseline retest. Momentum suggests local price action is oversold which may bring additional reasoning behind seeing an upside pullback anytime within the next hours-days. Key resistance to reclaim at 4h chart is 63223 and until then BTC can be either neutral or bearish.
Hourly sessions are showing unstable price action full of uncertainty and stabilization attempts. BWAP resistance is at 58.7k while as long as it stays below Breaker Low 55985 BTCUSD is short-term more bearish than bullish. Breaker High is 63935 and that’s the main required level to bring definite bullishness and massive uptrend. Any trading below is full of risk and uncertainty as a result of the PTSD condition after heavy BTC sell-off on hourly candle. It was in fact the largest hourly selloff in bitcoin’s history. Yet again, it should not surprise you anymore as that’s the type of volatility you have to get used to seeing from now on. The closer to the market peak, the bigger the volatility and market dynamics. On the reversal day you’ll see 30-40k selloff in a day or even in an hour. Will you be ready for this? As always, more details in #video-report available to the exclusive members only. Also check the following clarification regarding prices of our exclusive services. I have been getting a lot of questions about our plans for new prices, so please let me be clear. Prices for ALL subscriptions & renewals WILL be going up at the END of the 200k congress, which will take place from May 3-17 2021. Discounts for 4 month and 12 month purchases will still be available after May 17th, but they will be a discount based on the NEW, increased price. I hope this clears up any questions you have. I am very excited to be celebrating this 200k follower milestone for my Twitter account with you, and I trust you will be more than pleased with what we have in store for you in just two more weeks.