BitcoinLong
Bitcoin // Week #30 // Consolidation continues (for now)
Hello,
Let's start with a macro view. Beginning with the 4wk chart, we can see that a doji star has formed.
On the 2wk chart, we are nearing the end of a hanging man. Here, the Money Flow Index is overbought and heading down. The MACD is also showing signs of weakening.
Zooming in closer, on the weekly chart, we can see a bull flag formation. The bottom of the bull flag is showing us buying interest. Near these levels is where I am buying. The MFI broke below the 80 mark about 3 weeks ago and is now hovering around 56. It should be noted that during the bull run of 2017, the weekly MFI didn't break below 50 and we shouldn't expect to break below it during this run. Also, I placed a possible wick zone from $8500-$7500. Anything is possible with Bitcoin and we should always be prepared.
On the daily, we are currently printing a Breakaway candle formation. The MFI here is nearly below 40 & the MACD is also heading down.
On a micro level, we can see on the 12hr chart (also on the 4hr - not pictured) that a rising wedge has been validated. Here, I have a couple of support/buying opportunities.
Based on my macro & micro TA, it is my view that we are going to continue consolidating, while finding great day trading opportunities. Most importantly, long term buying opportunities should also be taken here. Technically and fundamentally we are in a bull market.
Market action discounts everything:
My current buying zones on the dips are within $10220 - $10000
Breaking below that we can find great buying opportunities near the bull flag support range of mid-low $9700 - low $9000
If we wick down below the bull flag, $8500 - $7500 is possible.
Please comment and like. May the force be with you.
- B
Let's start with a macro view. Beginning with the 4wk chart, we can see that a doji star has formed.
On the 2wk chart, we are nearing the end of a hanging man. Here, the Money Flow Index is overbought and heading down. The MACD is also showing signs of weakening.
Zooming in closer, on the weekly chart, we can see a bull flag formation. The bottom of the bull flag is showing us buying interest. Near these levels is where I am buying. The MFI broke below the 80 mark about 3 weeks ago and is now hovering around 56. It should be noted that during the bull run of 2017, the weekly MFI didn't break below 50 and we shouldn't expect to break below it during this run. Also, I placed a possible wick zone from $8500-$7500. Anything is possible with Bitcoin and we should always be prepared.
On the daily, we are currently printing a Breakaway candle formation. The MFI here is nearly below 40 & the MACD is also heading down.
On a micro level, we can see on the 12hr chart (also on the 4hr - not pictured) that a rising wedge has been validated. Here, I have a couple of support/buying opportunities.
Based on my macro & micro TA, it is my view that we are going to continue consolidating, while finding great day trading opportunities. Most importantly, long term buying opportunities should also be taken here. Technically and fundamentally we are in a bull market.
Market action discounts everything:
My current buying zones on the dips are within $10220 - $10000
Breaking below that we can find great buying opportunities near the bull flag support range of mid-low $9700 - low $9000
If we wick down below the bull flag, $8500 - $7500 is possible.
Please comment and like. May the force be with you.
- B
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