Bitcoin Daily Update (day 316)
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Consensio: S MA < P < M MA < L MA
Patterns: Phase 7 hyperwave / bear channel
Horizontals: S: $3,375 | R: $3,476
Trendline: Bear Channel
Parabolic SAR: $3,452 | I pay very close attention to the SAR when it is this close to the price, indicates big move upcoming.
Futures Curve: Backwardation with 2.18% spread
BTCUSDSHORTS: Starting to look like A&E bottom but that would be very hard to believe. Take a look at the LTCUSDSHORTS!
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: G2 = G1
Ichimoku Cloud:Tenkan continues to act as resistance
Relative Strength Index: Lower lows and lower highs
Average Directional Index: Crossing 20
Price Action: +1.3% | 2w: -3.8% | 1m: -10.6%
Bollinger Bands: BB MA is acting as clean resistance
Stochastic Oscillator: Daily buy signal. 3D entering oversold.
Summary: When the parabolic SAR’s get this close to the price I pay very close attention. It is a strong indicator to me that a trend is exhausting and / or that consolidation is coming to completion.
I have entered a stop order to buy if we break through yesterday’s high. That would break the daily SAR and provide a very nice risk:reward. If the SAR holds as resistance and the futures market reenters contango then I will be looking for a short.
After looking at some long term charts on alt coins I am thinking that there is a good chance we see a big bounce over the next 1 - 3 months. I am seeing horizontal support holding and some very bullish setups. LTC and XRP are the two that have me most interested now, and ETH shouldn’t be far behind if the former two end up leading a bounce.
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 < L MA
Patterns: Phase 7 hyperwave / bear channel
Horizontals: S: $3,375 | R: $3,476
Trendline: Bear Channel
Parabolic SAR: $3,452 | I pay very close attention to the SAR when it is this close to the price, indicates big move upcoming.
Futures Curve: Backwardation with 2.18% spread
BTCUSDSHORTS: Starting to look like A&E bottom but that would be very hard to believe. Take a look at the LTCUSDSHORTS!
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: G2 = G1
Ichimoku Cloud:Tenkan continues to act as resistance
Relative Strength Index: Lower lows and lower highs
Average Directional Index: Crossing 20
Price Action: +1.3% | 2w: -3.8% | 1m: -10.6%
Bollinger Bands: BB MA is acting as clean resistance
Stochastic Oscillator: Daily buy signal. 3D entering oversold.
Summary: When the parabolic SAR’s get this close to the price I pay very close attention. It is a strong indicator to me that a trend is exhausting and / or that consolidation is coming to completion.
I have entered a stop order to buy if we break through yesterday’s high. That would break the daily SAR and provide a very nice risk:reward. If the SAR holds as resistance and the futures market reenters contango then I will be looking for a short.
After looking at some long term charts on alt coins I am thinking that there is a good chance we see a big bounce over the next 1 - 3 months. I am seeing horizontal support holding and some very bullish setups. LTC and XRP are the two that have me most interested now, and ETH shouldn’t be far behind if the former two end up leading a bounce.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
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