BTC DAILY UPDATE (day 163)

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Previous analysis/position: Perfected 9 on the TD' buy setup. “If you are not in a position then I would strongly advise against opening a short right now. If we do get a bounce then it will provide a great selling opportunity.”
Patterns: Channel
Horizontal support and resistance: weak S: $6,250 | weak R: $6,500 | Strong R: $6,800
BTCUSDSHORTS: At 28,500 resistance. Will it create a new local high? 53% long: 47% short
Funding Rates: Shorts pay long 0.1016%
12 & 26 EMA’s (calculate % difference): 12 = -8.44% | 26 = -10.16%
50 & 128 MA’s: 50 = -6.67% | 128 = -14.73%
FIB’s: 0.236 = $5,920 | 0.382 = $8,496
Candlestick analysis: Bullish harami on daily
Ichimoku Cloud: Cloud is at $6,800 and still has a bullish TK’ Cross
TD’ Sequential: Bouncing off 9, expecting a 1-4 candle correction | 4th candle correction after the weekly 9 is almost complete
Visible Range: Point of control over last 24 hours is $6,367 | High volume node $6,480 | POC over last 5 days is $6,950 with high volume node at $6,500 | POC over last month = $7,440 with low volume node at $6,800
BTC’ Price Spreadsheet: 12h = +2.55% | 24h = +/- 0 | 1w = -14.17% | 2w = -21.17% | 1m = -3.49%
Bollinger Bands: Bouncing off bottom daily band. 3d and weekly still have plenty of room to fall.
Trendline: Channel starting on 7/31
Daily Trend: Bullish
Fractals: DOWN = $6,079 | UP = $8,289
On Balance Volume: Falling much harder and faster than price
ADX: Weekly: ADX is bouncing off an all time low with -DI and +DI diverging in a bearish manner. Indicates that some serious volatility is on the horizon. Daily: Watching for ADX to make a higher low.
Chaikin Money Flow: Bull div’ in weekly is very surprising. Bouncing off -0.1 on daily.
RSI (30 setting): Daily = 43 | Weekly = 48.78
Stoch: Lower lows and lower highs on weekly with recent bearish cross. 3d still has plenty of room to fall. Daily buy signal.

Summary: Same sentiment as yesterday. Still wouldn’t recommend opening a short at the current price. I would at least wait until it tests the down trend and horizontal resistance at $6,700. Even that could be premature based on the short term EMA’s. We will re test the 12 EMA before falling further. That may come after days of consolidation or a quick bounce.

Either way that is what I would be waiting for personally. Expecting a 1-4 day correction following the daily red 9 and that is also right in line with the weekly finishing it’s 4 candle correction. This weekend will likely be the time to start selling. Until then we wait.

“Don’t fire until you see the white of their eyes” - Col. William Prescott