Bitcoin Ranging; Bulls Shook.
Updated
So yesterday’s selloff largely induced by the Fed non-news event saw a decent response by the bulls who have brought price back across 11400, having defended the daily low/support at 11300.
In context of the weekly chart, 11k appears to be holding as support but a close above the key 11500 support/resistance level would be the immediate objective to remain relatively comfortable in the overall bullish re-accumulation idea which has a target of the monthly Pivot (c.12925 and Monthly resistance / weekly wick at 13870.)
We are now in a falling wedge-like pattern which has now a double bottom at the base of the pattern which is specifically what I look for before adding pre- breakout. It is also accompanied by several bullish divergences on the 4 hour across OBV and the Terminator indicator. Should this play out, the target would be up towards resistance 11800-11900 where I am looking to take profit on leverage.
I remained long yesterday for a few main reasons; negative futures premium, no lower low close, sheer panic on CT and calls for 9k, no break of overall support and because the price action on gold and silver to which we have been heavily correlated practically tick for tick, reversed ahead of BTC which continued dumping. You will see from the bot I did not dump and also from my P&L in the bybit comp. On my perps accounts I did hedge at 11222 but removed it on the way back up with tight stops meaning profits were booked this morning on the 11300 long position.
Cross timeframe Predator/terminator analysis shows, Bitcoin is slowly turning a corner; my plan for the day is to see reaction at 11300 and look to actively trade the 30 Minute chart, with the overall idea of building a long.. subject to the picture remaining as is. Today we have August Futures closing which may result in volatility this afternoon so watch out for seom action this afternoon.
As we have discussed, alts on the daily remain toppy, but while Bitcoin remains in its holding pattern, im remaining in the few alt positions that I have. Im interested in ETH closing above $412 which would potentially be a leading indicator for the whole market.
SO overall plan remains as above. I will continue to monitor the correlation to the metals and inversely to the DXY.
In context of the weekly chart, 11k appears to be holding as support but a close above the key 11500 support/resistance level would be the immediate objective to remain relatively comfortable in the overall bullish re-accumulation idea which has a target of the monthly Pivot (c.12925 and Monthly resistance / weekly wick at 13870.)
We are now in a falling wedge-like pattern which has now a double bottom at the base of the pattern which is specifically what I look for before adding pre- breakout. It is also accompanied by several bullish divergences on the 4 hour across OBV and the Terminator indicator. Should this play out, the target would be up towards resistance 11800-11900 where I am looking to take profit on leverage.
I remained long yesterday for a few main reasons; negative futures premium, no lower low close, sheer panic on CT and calls for 9k, no break of overall support and because the price action on gold and silver to which we have been heavily correlated practically tick for tick, reversed ahead of BTC which continued dumping. You will see from the bot I did not dump and also from my P&L in the bybit comp. On my perps accounts I did hedge at 11222 but removed it on the way back up with tight stops meaning profits were booked this morning on the 11300 long position.
Cross timeframe Predator/terminator analysis shows, Bitcoin is slowly turning a corner; my plan for the day is to see reaction at 11300 and look to actively trade the 30 Minute chart, with the overall idea of building a long.. subject to the picture remaining as is. Today we have August Futures closing which may result in volatility this afternoon so watch out for seom action this afternoon.
As we have discussed, alts on the daily remain toppy, but while Bitcoin remains in its holding pattern, im remaining in the few alt positions that I have. Im interested in ETH closing above $412 which would potentially be a leading indicator for the whole market.
SO overall plan remains as above. I will continue to monitor the correlation to the metals and inversely to the DXY.
Trade closed: target reached
THANKS FOR PLAYING
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