Hi guy's a quick update on my Bitcoin outlook. As mentioned in my weekly video there was a potential short term buy on 1hr time frame after an IF=THEN scenario, that potential short term set-up as described in video never completed. I also mentioned that for the 4 hour and/or daily time frame buy we needed to take out the lows as shown in the previous chart.
Now there was some debate in why I would give these calls. Let me explain, I understand trends, sentiments and structure. I can not give my approach away but what I can say is that I only share high probability set-ups and not an analysis because I have one. I am very good in calling the end of a trend, whether that results in a correction (either sideways-price or a hybrid form) or reversal is something for later. So what I tried to show is that if you want to buy Bitcoin based on 4 hour and/or daily time frame you might want to consider waiting for the structural set-up I showed in my previous post.
Now that is out of the way I am interested in buy-set-ups in Bitcoin IF they present themselves. Hope this make sense, I simply trade what I like and there are so many instruments out there that trading the best set-up is one of the way's of trading the way of least resistance.
I will update Bitcoin in the near future. For now I enjoy the shorts based on the structure within this correction. If this correction turns into a reversal I'm good as well.
If you didn't check my video then you might want to consider doing so to gain a better perspective on how I look at the market.
The correction has matured exactly as you planned. Great job, Tim!! I'm impressed. Please continue analyzing the Bitcoin price.
nummus
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The low on your chart has been taken out as you have suggested that it might happen. Good job! Let's see if the price can drop a little bit further, which would offer us an even better buying opportunity.
Tim, thank you for the analysis and your advise. Can you please let me know which video are you referring to exactly? One more question. Do you find it most probable that the price will continue to go lower than the 22 Dec low?
TimStuyts
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@nummus, I can't share the link because I don't have that subscribtion on tradingview but you can find me on YouTube. I always use my own name: Tim Stuyts, that should take you to my YouTube channel. I mainly focus on Forex but in my latest video I started to cover Bitcoin as well. Let me know if you have any issues finding it.
nummus
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@TimStuyts, I've found it. If anyone else is looking for it, the video is "Weekly outlook 01-15 - 01-19" and you might want to FFWD to 23:29.