BTC Thoughts-short term retrace, accumulation
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disclaimer, only been into TA for like 2 months so i clearly dont know shit. just having fun
What i see:
Weekly high probably set at 9770. Needs to stay above 7820 to maintain the up trend but can drop all the way to 6420 and keep monthly higher low.
If next push on 9770 breaks it then I see the 10k psychological breaking too and after 10k, next stop is 11650.
Weekly volume climaxed one February dump which could possibly indicate a temporary bottom. Since then, weekly volume mostly been declining (specially April). Could that imply accumulation?
Im going to keep an eye on the length of the upper wick on this week’s weekly candle. I think it could be quite indicative of how next week will go.
Daily- bearish engulfing on 25/04 adds confluence to 9770 being a local top for the time being. Local daily support at 8500 which is also .382 of the current “channel”.
todays daily is really small which suggests next day/two will be exciting
What im doing: short at 9280 (SL 9480) to 8500 but might close early if we don’t break 8600. Looking to scale into longs in the 7k range.
What i see:
Weekly high probably set at 9770. Needs to stay above 7820 to maintain the up trend but can drop all the way to 6420 and keep monthly higher low.
If next push on 9770 breaks it then I see the 10k psychological breaking too and after 10k, next stop is 11650.
Weekly volume climaxed one February dump which could possibly indicate a temporary bottom. Since then, weekly volume mostly been declining (specially April). Could that imply accumulation?
Im going to keep an eye on the length of the upper wick on this week’s weekly candle. I think it could be quite indicative of how next week will go.
Daily- bearish engulfing on 25/04 adds confluence to 9770 being a local top for the time being. Local daily support at 8500 which is also .382 of the current “channel”.
todays daily is really small which suggests next day/two will be exciting
What im doing: short at 9280 (SL 9480) to 8500 but might close early if we don’t break 8600. Looking to scale into longs in the 7k range.
Nota
got chopped out of my shortpossible local double top at 9700
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