Long

Do you trade CRYPTOS ? Bitcoin, new high ? next step 50.000$ !

Updated

During the week-end, working on charts I have found a major difference between BTCUSD and BTCUSDT.P (wich I usually use). As the SEC just approoved Bitcoin ETF wich is SPOT maybe it's a good idea to trust the BTCUSD chart. I still see (for now and until proven otherwise) a SELL move on $ index and potantially on some USDXXX pairs. It's not a "rule" but $ can influence Bitcoin.
Plus this potential BUY H4 structure on Bitcoin maybe it's a good idea to find an entry with objective at least break $49.102, and $50.000 to follow ! I can't tell for now but yes it can go above this price, and I will leave 50% of the trade running just in case ^^.
Of course this structure is potentially valid at certain conditions, don't break $40.150 for example...
I will post update tomorrow after market opening, and as soon as I see a proper BUY setup to get in the move.
Traders, I wish you good week-end.

Note

On this second DAILY move, price rised fast but volumes (MACD4C) got lower. Analysing FOREX means a convergence, and potentially the end of a structure comming or even a reversal. I'm not saying that's what I'm forecasting here for our Bitcoin friend, especially because cryptos can catch up volumes within a day and be very volatile and agressive. One good thing we are waaaayyyy above DAILY UP TREND so I'm still "bullish" (DAILY/WEEKLY), but being "bullish" does not make me forget that on time to time, we have corrective structures.
All I say is that let's keep in mind, we trade only probabilities and until we don't break $40.150 I will be looking for BUY setup and take trades. If we break this point, then I will wait for a SELL setup and enjoy the ride ANYWAY ^^.

Note

And to finish my point, on the BTCUSDT.P chart I was seing the friday drop as the beginning of a new structure and so potentially SELL.

Note

Guys still this difference between charts, and I am more today for the btcusdt.p chart wich shows SELL SETUP. I see a potential entry now so I will put an order, we're just on the trend line so it's quite clean for now. To follow...

Note

For those who follow this post (not much but still), I still maintain untill we are above the line we go for a buy setup. It gave a pretty sell setup, that I took but just got BE, and didnt go down enough. So we need to wait for an entry, but it can still be long position coming.

Note

I'm still going for this structure, we had a sell setup wich I took but we are still above my horizontal line. I would put an buy order sunday evening at market reopening, only if during the week-end Bitcoin keep on showing this buy setup. Next step 50k ?

Note

What I can say so far, that kind of strucutre is kinda new for cryptos. We usually have very complex structures in forex, but crypto was really like 1,2,3 BOOM. Now I see more and more complex structures, wich is normal knowing money flow and new financial actors.

Note

We are still good for BUY. This morning Bitcoin is (for the moment) giving us a nice BUY SETUP, for this setup to validate we need to stay above this famous white line AND the SETUP not to break $40300. I'm giving it a shot, putting an order.

Note

If we break bottom of our BUY SETUP and $40228.3 then we will be looking for a SELL SETUP. That's the thing about analysis, we need to be flexible and understand that we trade ONLY probabilities ! If we go for a SELL then I'll update here. Patience !

Note

It could just be the beginning of a bigger BUY SETUP... Just said, "could be", it is early to say, stay focused and linked !

Note

Bottom broken, means our structure was finished already and this drop is the beginning of a new structure. Bitcoin a bit cheaper ??? ^^

Note

And something for sure, I remember why I usually read BTCUSD.P chart instead of BTCUSD !

Note

I'm still very bullish on the big TIME FRAME (daily or more), but for H1/H4 it could be time for a bigger corrective structure. Next step is 50k but before that we can have a structure that last days, weeks, its hard to tell. For now let's be patient and see what we have in the coming days. I would be looking for a SELL SETUP.

Thirteen_Starz_Trading

13StarzTrading.ei

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