Bitcoin Daily Update (day 291)
I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business.
For a variety of reasons I no longer believe that $2,718 will be the bottom of the 2018 Bitcoin’ bear market. I am now very confident that we will return to $1,000 before finding a bottom. That is due to Tyler Jenks’ hyperwave theory and the Point of Control on the Visible Range Volume Profile with > 2 year look back | Calling a top in the S&P 500 at $2,634
Previous analysis: “This is where the 33 MA is expected to act as a magnet due to the downward angle.”
Position: Short EOSH19 from 0.0006463 | Long LTCZ18 from 0.00795 | Short XRP:BTC from 0.00009306
Patterns: Will be watching for c&h | Phase 7 hyperwave
Horizontal support and resistance: $3,750 - $3,800 appears to be turning into support | R: $4,145
BTCUSDSHORTS:Still supporting above the trendline
Funding Rates: Longs will receive 0.0493%
Short term trend (4 day MA): Price support above
Medium term trend (9 day MA): Bullish and posturing for golden cross
Long term trend ( 33 day MA): Close above and starting to flatten
Overall trend: If we can continue to support above the 33 MA then it will flatten and we will get a golden cross and it will be fully bullish
Volume: Watching for volume to decline as the price pulls back indicating a lack of supply below $4,000
Candlestick analysis: Tweezer top
Ichimoku Cloud: Will be watching for price to re enter cloud but that is still a ways away
TD’ Sequential: G6
Visible Range: High volume node from $3,750 - $4,450 is being tested
Price action: 24h: -4.6% | 2w: +12.7% | 1m: -16.7%
Bollinger Bands: At $3,538. Lowest price can go for me to still be leaning bullish
Daily Trend (Using 1h 33 MA to identify daily trend): Bearish
Parabolic SAR: $3,235
RSI: 49.5. Would like to see above 50.
Stochastic: Getting a sell signal right now
Summary: The next few days will be very important for me. If we support above $3,750 and flatten out the 33 MA while getting a golden cross with the 9 then I will be looking to enter a long. I would also expect that to create a cup and handle which could be used as a spot to add to the position.
On the other hand if we retrace below the daily Bollinger Band MA at $3,538 then I will be viewing that as the top of the dead cat bounce. That is right in line with the 9 day MA and if we close below that then I will be looking to re enter a short.
The main reason I think that the former is more likely is due to yesterday’s buying volume.
For a variety of reasons I no longer believe that $2,718 will be the bottom of the 2018 Bitcoin’ bear market. I am now very confident that we will return to $1,000 before finding a bottom. That is due to Tyler Jenks’ hyperwave theory and the Point of Control on the Visible Range Volume Profile with > 2 year look back | Calling a top in the S&P 500 at $2,634
Previous analysis: “This is where the 33 MA is expected to act as a magnet due to the downward angle.”
Position: Short EOSH19 from 0.0006463 | Long LTCZ18 from 0.00795 | Short XRP:BTC from 0.00009306
Patterns: Will be watching for c&h | Phase 7 hyperwave
Horizontal support and resistance: $3,750 - $3,800 appears to be turning into support | R: $4,145
BTCUSDSHORTS:Still supporting above the trendline
Funding Rates: Longs will receive 0.0493%
Short term trend (4 day MA): Price support above
Medium term trend (9 day MA): Bullish and posturing for golden cross
Long term trend ( 33 day MA): Close above and starting to flatten
Overall trend: If we can continue to support above the 33 MA then it will flatten and we will get a golden cross and it will be fully bullish
Volume: Watching for volume to decline as the price pulls back indicating a lack of supply below $4,000
Candlestick analysis: Tweezer top
Ichimoku Cloud: Will be watching for price to re enter cloud but that is still a ways away
TD’ Sequential: G6
Visible Range: High volume node from $3,750 - $4,450 is being tested
Price action: 24h: -4.6% | 2w: +12.7% | 1m: -16.7%
Bollinger Bands: At $3,538. Lowest price can go for me to still be leaning bullish
Daily Trend (Using 1h 33 MA to identify daily trend): Bearish
Parabolic SAR: $3,235
RSI: 49.5. Would like to see above 50.
Stochastic: Getting a sell signal right now
Summary: The next few days will be very important for me. If we support above $3,750 and flatten out the 33 MA while getting a golden cross with the 9 then I will be looking to enter a long. I would also expect that to create a cup and handle which could be used as a spot to add to the position.
On the other hand if we retrace below the daily Bollinger Band MA at $3,538 then I will be viewing that as the top of the dead cat bounce. That is right in line with the 9 day MA and if we close below that then I will be looking to re enter a short.
The main reason I think that the former is more likely is due to yesterday’s buying volume.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.