BTCUSD Coinbase - Looking for Entry
Good afternoon, it has been years since I last made a post here because I got out of the Crypto market awhile ago and I wish I never left. Now I find myself wanting to get my hands dirty and look for new entries into the market.
I am forced to use Coinbase as my state has strict laws on what exchanges can be used and I prefer to use USD transactions to make tax time easier to deal with, so I am using the Coinbase USD charts to trade.
I prefer long term trades so I am looking at daily charts in order to find a nice long position to enter and I have to say it may be some weeks or even a month before that happens.
We are in an overall downtrend on the daily chart. I am using the newer Supertrend strategy with the EMA 200 and I am looking for a point where the price will be above the EMA and the Supertrend indicates a buy option, or turns green. Now in the past it appears when
BTC downtrends it lasts close to two months at a time before we have seen reversals. The RSI helps indicate with with low numbers only crossing the 50 mark a few times before plummeting. I count the downtrend to where the price finally fell under the 200 EMA and stayed under, and that was about May 19th.
Right now the price has been consolidating over the last two weeks, the volume has dropped and we are coming to a critical point where we could see a breakout in the next day or so. I believe I have found a solid line of resistance indicated by the green line showing a few times it has been tested as well as a top line of resistance indicated by the red line.
Where our nice triangle forms is where we have points of a possible breakout. For now I am hoping BTC follows its past trend and by July 19th or so if the prior trends that fell below the EMA continue its approx two month cycle, we will see some interest and people will begin to buy in. I still will hold on entry until I see price climb above the EMA, hold, and we see a buy signal from Supertrend. I will be patient though I am itching to get back into the market and see how it fairs.
Please let me know your thoughts.
I am forced to use Coinbase as my state has strict laws on what exchanges can be used and I prefer to use USD transactions to make tax time easier to deal with, so I am using the Coinbase USD charts to trade.
I prefer long term trades so I am looking at daily charts in order to find a nice long position to enter and I have to say it may be some weeks or even a month before that happens.
We are in an overall downtrend on the daily chart. I am using the newer Supertrend strategy with the EMA 200 and I am looking for a point where the price will be above the EMA and the Supertrend indicates a buy option, or turns green. Now in the past it appears when
BTC downtrends it lasts close to two months at a time before we have seen reversals. The RSI helps indicate with with low numbers only crossing the 50 mark a few times before plummeting. I count the downtrend to where the price finally fell under the 200 EMA and stayed under, and that was about May 19th.Right now the price has been consolidating over the last two weeks, the volume has dropped and we are coming to a critical point where we could see a breakout in the next day or so. I believe I have found a solid line of resistance indicated by the green line showing a few times it has been tested as well as a top line of resistance indicated by the red line.
Where our nice triangle forms is where we have points of a possible breakout. For now I am hoping BTC follows its past trend and by July 19th or so if the prior trends that fell below the EMA continue its approx two month cycle, we will see some interest and people will begin to buy in. I still will hold on entry until I see price climb above the EMA, hold, and we see a buy signal from Supertrend. I will be patient though I am itching to get back into the market and see how it fairs.
Please let me know your thoughts.
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