BTC DAILY UPDATE (day 166)
I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to get my complete trading strategy and click here to learn more about how I use the indicators below!
Previous analysis/position: “Feels like we are hanging on by a thread and the last remaining bulls are getting exhausted” / Short ETH:USD | ETH:BTC | BCH:BTC & ADA:BTC
Patterns: bear channel and descending triangle
Horizontal support and resistance: Resistance forming at $6,340 - very important for bears to hold in order to stay inside channel.
BTCUSDSHORTS: Pulling back from 30,000 resistance | 52% long : 48% short
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12 = -6.18% | 26 = -9.75%
50 & 128 MA’s: 50 = -8.81% | 128 = -16.52%
FIB’s: 0.236 = $5,920 | 0.382 = $8,496
Candlestick analysis: bullish spinning top, at support.
Ichimoku Cloud: Price below bearish cloud. Still waiting on bearish TK’ cross
TD’ Sequential: Will get a price flip if today closes > $6,274
Visible Range: Point of control over last 24 hours = $6,120. Low volume nodes filled | POC over last 5 days = $6,461 with HVN’s from $6,300 - $6,500
BTC’ Price Spreadsheet: 12h = +1% | 1d = +3.27% | 1w = -9.97% | 2w = -22.82% | 1m = +/- 0
Bollinger Bands: Bouncing off bottom band, MA is at $7,200 | Still room to fall on 3d and weekly.
Trendline: Connect 7/31 to 8/7
Daily Trend: Green candle, but starting to trend downward
Fractals: Down = $6,127 | Up = $8,324
On Balance Volume: Creating higher lows and higher highs on daily. Coming down with price on weekly.
ADX: Just crossed below 25 on daily. Starting to form higher lows and higher highs on weekly.
Chaikin Money Flow: Bear div on the daily and back below -0.01. Weekly is finding resistance at 0.05
RSI (30 setting): Weekly = 48.48 | Daily = 42.63
Stoch: Seeing a slight amount of divergence after bearish re cross.
Summary: Watching the 1 hour chart closely for continued lower highs after yesterday’s spike off $6,050 support. As long as the resistance keeps moving down that indicates bears being in control and yesterday being a simple short squeeze.
If bulls can breakthrough $6,500 resistance then I will be starting to sweat my positions a little bit. With how far we remain from the 12 EMA that is still a strong possibility. Now that I am fully positioned it is time for the hardest part: waiting and doing nothing.
Time to stick to my guns and let the cookie crumble as it may.
Previous analysis/position: “Feels like we are hanging on by a thread and the last remaining bulls are getting exhausted” / Short ETH:USD | ETH:BTC | BCH:BTC & ADA:BTC
Patterns: bear channel and descending triangle
Horizontal support and resistance: Resistance forming at $6,340 - very important for bears to hold in order to stay inside channel.
BTCUSDSHORTS: Pulling back from 30,000 resistance | 52% long : 48% short
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12 = -6.18% | 26 = -9.75%
50 & 128 MA’s: 50 = -8.81% | 128 = -16.52%
FIB’s: 0.236 = $5,920 | 0.382 = $8,496
Candlestick analysis: bullish spinning top, at support.
Ichimoku Cloud: Price below bearish cloud. Still waiting on bearish TK’ cross
TD’ Sequential: Will get a price flip if today closes > $6,274
Visible Range: Point of control over last 24 hours = $6,120. Low volume nodes filled | POC over last 5 days = $6,461 with HVN’s from $6,300 - $6,500
BTC’ Price Spreadsheet: 12h = +1% | 1d = +3.27% | 1w = -9.97% | 2w = -22.82% | 1m = +/- 0
Bollinger Bands: Bouncing off bottom band, MA is at $7,200 | Still room to fall on 3d and weekly.
Trendline: Connect 7/31 to 8/7
Daily Trend: Green candle, but starting to trend downward
Fractals: Down = $6,127 | Up = $8,324
On Balance Volume: Creating higher lows and higher highs on daily. Coming down with price on weekly.
ADX: Just crossed below 25 on daily. Starting to form higher lows and higher highs on weekly.
Chaikin Money Flow: Bear div on the daily and back below -0.01. Weekly is finding resistance at 0.05
RSI (30 setting): Weekly = 48.48 | Daily = 42.63
Stoch: Seeing a slight amount of divergence after bearish re cross.
Summary: Watching the 1 hour chart closely for continued lower highs after yesterday’s spike off $6,050 support. As long as the resistance keeps moving down that indicates bears being in control and yesterday being a simple short squeeze.
If bulls can breakthrough $6,500 resistance then I will be starting to sweat my positions a little bit. With how far we remain from the 12 EMA that is still a strong possibility. Now that I am fully positioned it is time for the hardest part: waiting and doing nothing.
Time to stick to my guns and let the cookie crumble as it may.
Nota
Interested to see how the price responds to this 4 hour hanging manNota
Most alts are currently getting rejected from their ice lines after breaking down last night. Probably going to be the best chance to open a leveraged short or convert back to BTC.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.