BTC Daily Chart Update
Updated
G'day Cobbers,
Taking a quick look at the Daily to get an overall view on how we are traveling and it looks like we may have a pullback on the cards over the next week, we have a fairly high volume inverted hammer, with a fair amount of selling pressure over the last few days. Taking a look back over the chart you will start to notice these candle patterns quick often in trend reversals. I myself don't trade on the Daily, I use it as the tide, then the 4hr/1hr as the waves, and the 15min (rarely) as the ripples. Be aware of the tide, it's best to swim with the tide but you can ride the waves with caution.
Anyway as always this is not set in stone and we will need to see how the day close before making any set judgments. I will update today when I can but I will be away from the screen working most of the day.
Be safe, make sure you set them stop losses, don't over trade and keep your position sizes low enough that you don't panic at the smallest swings in price.
G'day
Thanks for dropping by, hopefully, you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
Taking a quick look at the Daily to get an overall view on how we are traveling and it looks like we may have a pullback on the cards over the next week, we have a fairly high volume inverted hammer, with a fair amount of selling pressure over the last few days. Taking a look back over the chart you will start to notice these candle patterns quick often in trend reversals. I myself don't trade on the Daily, I use it as the tide, then the 4hr/1hr as the waves, and the 15min (rarely) as the ripples. Be aware of the tide, it's best to swim with the tide but you can ride the waves with caution.
Anyway as always this is not set in stone and we will need to see how the day close before making any set judgments. I will update today when I can but I will be away from the screen working most of the day.
Be safe, make sure you set them stop losses, don't over trade and keep your position sizes low enough that you don't panic at the smallest swings in price.
G'day
Thanks for dropping by, hopefully, you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
Note
We may be about to see a dump coming. Be aware.Note
Note, I trade off of a Bitmex chart which can vary slighty timing wise to Bitfinex. Note
Lots of support coming in from buy orders, Lets see if it ca hold. Im short, with a stop above Candle open.Note
Huge buy orders coming in to support thisNote
Buy orders getting eaten up and the price is not moving an inch. Big hidden orderNote
Note
Such little volume. not sure how far this will go. Cryptoland must be asleep ;)Note
Closed Short, selling volume is just far to low. Opened a long at 8040 and set wide stop. Im looking at 8400 before reassessing position, lots of whipsawing, not a great environment to trade in. Laddered down some more buys 7900. Note
Mixed signals on the indicators, Williams %R looks tt max out while RSI is still low. Hoping to have some more buys filled. Note
RSI Divergence is Strong.Note
Note
New daily candle opened strongly, looking good for a continuation of uptrend but this can't be confirmed until close tomorrow until then we are in caution mode. Note
All Cobbers, Im back at the screen and I have had a look. The divergence on the RSI, MACD is getting more defined and we are in overbought territory on the %R. On the 4hr we still have convergence although not quite as less defined yet, we have RSI and %R are overbought.
On the Daily we are still looking bullish, the %R is still very overbought but the signal we will be looking for is for it to cross back under 20-22 ,with RSI above 60, with the MACD sloping down. These are the type of indicators we would see when looking at a major correction/pullback, which gives me a little more confidence that while I believe we will see a pullback, I would say that we will be looking at a shallow pullback to .382 fib at the most, and even though, .236 FIb corrective waves are rare ( less than 10%) we could see it that shallow.
Note
I know these are mixed signals, it could go up another couple of hundred before correction, especially with all the buying volume that appears from nowhere as soon as we drop, apart from that Volume is very low. Which makes me think that it is being propped up by a big or a few big players, which will only slow down and make the correction worse. Let me know what you think?Note
Another attempt to bring down the price, 5 million+ sell orders in the book, trying to cause panic selling Note
The volume keeps getting lower as we keep moving up, that alone is very bearish. To add that in a market so thin, large players can move prices so much easier.Note
Strong support, with converging trendlines under the candle. Note
Double EMA Cross on the 6hr Note
ABOUT TO CROSS the 200EMA on the 4hr Note
BOOM!!!!!!!!! Note
Trade closed manually
Im out for the night, I am taking my profit at 8400 and getting some much-needed sleep. I hope some of you made some money. Good Night my friends
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