Bitcoin Daily Update (day 311)
Updated
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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*Using Weekly Chart*
Consensio: P < M MA < S MA < L MA
Patterns: Phase 7 hyperwave | Bear Channel
Horizontals: S: $3,483 | R: $3,760
Trendline: Testing bear trendline that starts at the ATH | Bear Channel
Parabolic SAR: $4,975
Futures Curve: Backwardation with 4.19% spread
BTCUSDSHORTS: Appears to be creating higher low
Funding Rates: Longs receive 0.1171%
TD’ Sequential: R2 = R1
Ichimoku Cloud: Watch for resistance from the Tenkan-Sen at $3,774
Relative Strength Index: At 35
Average Directional Index: At 33 with -DI > +DI. Strong signal that we are only half way through this sell off that started from $6,000
Price Action: 24h: -4.2% | 14d: -12.1% | 30d: -8.3%
Bollinger Bands: Recently tested bottom band. MA at $5,046
Stochastic Oscillator: Recrossed bearish < 20.
Summary: The Average Directional Index is very interesting. It is my strongest indication that we will get another leg down from here. The Visible Range Volume Range is painting a very interesting picture. Gap's in volume are highly likely to get filled, at one point or another. Both of my most likely outcomes would do just that:
A) Bounce to $5,200 - $5,800 before selling off to $1,000 - $1,400
B) Breakdown $3,000 support, capitulate to $1,000 - $1,400 and then get a massive V bottom type of bounce to $5,200 - $5,800
My strongest indication that we will move up from here is the backwardation in the futures curve that saw it's spread widen during this last little move down.
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
*Using Weekly Chart*
Consensio: P < M MA < S MA < L MA
Patterns: Phase 7 hyperwave | Bear Channel
Horizontals: S: $3,483 | R: $3,760
Trendline: Testing bear trendline that starts at the ATH | Bear Channel
Parabolic SAR: $4,975
Futures Curve: Backwardation with 4.19% spread
BTCUSDSHORTS: Appears to be creating higher low
Funding Rates: Longs receive 0.1171%
TD’ Sequential: R2 = R1
Ichimoku Cloud: Watch for resistance from the Tenkan-Sen at $3,774
Relative Strength Index: At 35
Average Directional Index: At 33 with -DI > +DI. Strong signal that we are only half way through this sell off that started from $6,000
Price Action: 24h: -4.2% | 14d: -12.1% | 30d: -8.3%
Bollinger Bands: Recently tested bottom band. MA at $5,046
Stochastic Oscillator: Recrossed bearish < 20.
Summary: The Average Directional Index is very interesting. It is my strongest indication that we will get another leg down from here. The Visible Range Volume Range is painting a very interesting picture. Gap's in volume are highly likely to get filled, at one point or another. Both of my most likely outcomes would do just that:
A) Bounce to $5,200 - $5,800 before selling off to $1,000 - $1,400
B) Breakdown $3,000 support, capitulate to $1,000 - $1,400 and then get a massive V bottom type of bounce to $5,200 - $5,800
My strongest indication that we will move up from here is the backwardation in the futures curve that saw it's spread widen during this last little move down.
Note
No time for the Daily Posts today. Tyler Jenks has asked me to prepare some charts for the workshop that he is presenting in Vegas this weekend. It may be a few days before I can do another update. Cheers!
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