Bitcoin Daily Update (day 293)

Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. Please be advised that I trade on high leverage and am comfortable with the risks. What you do with your $ is your business, what I do with my $ is my business.

Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge


Consensio: Price > Short MA > Medium MA > bearish Long MA = 75% entry triggered. Took slightly less (62%) due to bearish Long MA and still being inside the triangle.

Patterns: Phase 7 hyperwave | Symmetrical triangle | Seems to be forming higher low
Horizontals: R: $3,915 | S: $3,850
Trendline: Trying to breaktrhough top of symmetrical triangle.
Parabolic SAR: $4,211
BTCUSDSHORTS: Finding resistance below the trendline and forming a bear flag type pattern. Primed for a squeeze.
Funding Rates: Shorts pay longs 0.0467% (confirms BTCUSDSHORTS’)
Futures Curve: Backwardation
TD’ Sequential: G2 = G1
Ichimoku Cloud: Most bearish indicator right now. Thick, red cloud should be strong resistance.
Average Directional Index: Ready to resume bear trend or reverse due to ADX’ < 10
Price Action: 24h: +2.0% | 2w: +4.6% | 1m: -0.6%
Bollinger Bands: Bottom band and MA are trending bullish but top band is starting to squeeze.
Relative Strength Index: Broke through 50, watch for it to find support above
Stochastic Oscillator: Bullish cross above 40. Bullish signal but shouldn’t be used as an entry signal.

Summary: I really like that today’s body was fully above yesterday's and closed above the wick. We are currently challenging the top end of the symmetrical triangle and I am expecting it to break in the next 24 hours.

I have entered a long with intentions to add if we close above the triangle and flatten out the long term MA. The only thing that is giving me cause for concern is the Ichimoku Cloud. It is fully bearish with a thick cloud hanging right above. A close inside the cloud would be a good sign for the bulls and I would expect to see an edge to edge move.

I am also keeping a close eye on ETH' leading up to the Constantinople Hard Fork. I am very bearish on the fork, but bullish on buying the hype over the next couple weeks.