Updated

Bitcoin Chronicle, Test

Hello traders and watchers, I would like to start Bitcoin Chronicle, this is a weekly conversation about situation at the market, with the assumptions on what direction the price will move in the near term. This mean I will update this thread daily till sunday, then I will create the new BTC Chronicles every next week, so it will be easy to check the history and to planning & analysis in general.

I will use next types of TF: 30M, 4H, 1D and 3D.
Indicators: EMA lines, MACD, RSI.
Exchange: Coinbase.

Let's start and GL you all!

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The situation with daily trend is clear to understand, the price is trading below EMA lines, so at the moment I don't see the right point where I can build a long-term position. 7 and 30 EMA lines created the strong resistance channel between $6350 and $6400 therefore better to wait when the price will rise higher than levels mention above and then to decide about long or short deal.

30M:

Note

See you tomorrow! GL!

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4H TF:

And we are at the flat market again, well... I think there is no needed to check MACD or RSI indicators because they don't work here. When you've planned something well, there's no need to rush, in our case I want to wait when the price gives us the buy signal. It's high risk to buy here while we have only one support line.

Note

1Day TF:

Ok, here is resistance and resistance and resistance...

7EMA - Resistance line
30EMA - Resistance line
100EMA - Resistance line
200EMA - Resistance line

Okay, so, all of this points to the bearish market, if you are a bolder person, you can short BTCUSD to make profit, but don't forget about stop loss.

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See you tomorrow! GL!

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30M Chart

If the market was bullish, I would said "buy it now", the price must rise above the resistance level @6400, and show the new highs. But we're on bearish market and here we should be very careful and smart.

The only obstacle here is the resistance level which was formed in middle October. If there will be enough power Bitcoin can rise higher, we need volume from MM.

Note

4H Chart

Here we can see two identical resistance elements: 200EMA line and the channel which formed in October, its cross at $6400, so I can assume that price would trading around it or will back to $6200 again. $6400 could be the u-turn point of the downtrend.

Note

See you tomorrow! GL!

LudwigStirner

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LudwigStirner