BTC/USD H4/D1 charts (1/29/2019)

2019年1月29日Good morning, traders. Price continues to look weak as it made another lower low overnight. However, it remains within the descending wedge, though a bit of a bounce is needed if that pattern is to remain intact. We can also see RSI printing the same descending wedge. Daily RSI sits at 36.46 right now and H4 RSI is sitting at 32.2, having just bounced back out of oversold for the second time in just over 24 hours. I have noted a potential repeating pattern with the green boxes on the H4. This has resulted in previous bounces around 50% to just above 62%. It appears this current movement may be doing the same thing. If so, then the target is the blue box just under the orange resistance. More importantly, a sustained movement above the yellow zone should have price becoming more bullish. Of course this would also have price pushing out of the orange wedge which should then have it targeting the $4100-$4150 level, based on the width of the wedge. That's a whole lot of "ifs" but alts aren't dying even though BTC made another move down, which is somewhat encouraging. As a matter of fact, alts have continued rallying -- a few above 10% and 20%, but many more turning positive today on Binance.

There is a trading technique that has traders going long when RSI prints a double bottom in conjunction with a price double bottom. This would be the case with the current H4 price structure as the first low printed on January 27th and the second printed slightly lower earlier this morning. We can clearly see the corresponding double bottom in the H4 RSI and, as I mentioned above, RSI is moving out of oversold which is usually the signal to go long. I'm not telling traders that this is what you should do; just describing one trading technique. Even utilizing it, you must employ good risk management. The daily candle, while still having just over 1/3 of the day left to go, is printing a possible nice reversal hammer.

At this time, there is nothing overly-bullish happening as even upward movement appears to be weak. This doesn't mean that can't change, especially with a close above the wedge's resistance. So traders should be paying attention to price action and volume as well as their own emotions. I can't complain a whole lot about Bitcoin's price movement, however, as our member set ups in Discord recently have included HHOT for 400%, NPXS as high as 80% so far, NULS for a quick 14% so far, GXS for 70%, FUN for 72%, and FOREX trades like GBP/AUD that popped for over 60 pips yesterday, a USD/MXN trade that went parabolic, or our USD/JPY trade that paid off to the tune of almost 1000 pips during December, with many more set ups just getting warmed up. There's money to be made in all markets; you just need to know how to find it.

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.

Remember, 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.