Bitcoin Daily Update (day 305)
Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
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Consensio: S MA < P < M MA < Bearish L with recent death cross
Patterns: Phase 7 hyperwave | Bearish Channel
Horizontals: S: $3,512 | R: $3,700
Trendline: Bear channel
Parabolic SAR: $3,970 and starting to accelerate down
Futures Curve: Backwardation with 3.5% spread
BTCUSDSHORTS: Trying to form higher low, but struggling. If breaks down 22,277 then will be watching for double bottom at 19,834. If That breaks down then I expect a retest of the bottom of the range at 10,000
Funding Rates: Longs receive 0.0156%
TD’ Sequential: G2 = G1 | Would pass on bullish entry if trades above due to bearish 9 MA waiting right there.
Ichimoku Cloud: Absolutely loving the traditional settings. The price has been stuck to the bottom edge for 10 candles.
Average Directional Index: Turning up getting ready to challenge 20 while -DI is > +DI
Price Action: 24h: +3.7% | 2w: -1.3% | 1m: +13.1%
Bollinger Bands: MA at $3,770 should be resistance.
Stochastic Oscillator: Buy Signal
Summary: I am feeling very grateful that Ugly Old Goat shared his expertise about futures curves on a series of Medium posts. That is the only thing that kept me from going short yesterday when everything else appeared to be breaking down. Consensio was fullish bearish, we closed below the cloud and below horizontal support.
Nothing else would have kept me out of a short and it is such a strong indicator that it actually made me feel comfortable about holding onto the XRP long.
The more you follow certain indicators and see them work the more you will gain confidence in them. Seeing the bounce today really exemplifies that for me. It makes me really excited about adding that to my toolbelt.
From here I will be watching for a close > $3,800. That would put us back into the cloud, above the MA on the Bollinger Band and above all of the MA’s that I use for Consensio. From here I believe the best entry is to wait for price to breakthrough $4,200 and I will be considering setting a stop buy in that area.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: S MA < P < M MA < Bearish L with recent death cross
Patterns: Phase 7 hyperwave | Bearish Channel
Horizontals: S: $3,512 | R: $3,700
Trendline: Bear channel
Parabolic SAR: $3,970 and starting to accelerate down
Futures Curve: Backwardation with 3.5% spread
BTCUSDSHORTS: Trying to form higher low, but struggling. If breaks down 22,277 then will be watching for double bottom at 19,834. If That breaks down then I expect a retest of the bottom of the range at 10,000
Funding Rates: Longs receive 0.0156%
TD’ Sequential: G2 = G1 | Would pass on bullish entry if trades above due to bearish 9 MA waiting right there.
Ichimoku Cloud: Absolutely loving the traditional settings. The price has been stuck to the bottom edge for 10 candles.
Average Directional Index: Turning up getting ready to challenge 20 while -DI is > +DI
Price Action: 24h: +3.7% | 2w: -1.3% | 1m: +13.1%
Bollinger Bands: MA at $3,770 should be resistance.
Stochastic Oscillator: Buy Signal
Summary: I am feeling very grateful that Ugly Old Goat shared his expertise about futures curves on a series of Medium posts. That is the only thing that kept me from going short yesterday when everything else appeared to be breaking down. Consensio was fullish bearish, we closed below the cloud and below horizontal support.
Nothing else would have kept me out of a short and it is such a strong indicator that it actually made me feel comfortable about holding onto the XRP long.
The more you follow certain indicators and see them work the more you will gain confidence in them. Seeing the bounce today really exemplifies that for me. It makes me really excited about adding that to my toolbelt.
From here I will be watching for a close > $3,800. That would put us back into the cloud, above the MA on the Bollinger Band and above all of the MA’s that I use for Consensio. From here I believe the best entry is to wait for price to breakthrough $4,200 and I will be considering setting a stop buy in that area.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
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