MY NOT SO MINIMALIST CHART ANALYSIS FOR $BTC

Updated

- BITCOIN 4 DAY CHART
MY NOT SO MINIMALIST ANALYSIS
5.23.21 1514H +8 PACIFIC

HORIZONTAL CORRECTION OR RETRACEMENT FURTHER DOWN to 0.618.
FROM 0.382 FIB LEVEL.

Question now is will it continue further down
the 18k zone to complete the AB=CD PATTERN?

Looking at 4 Days chart, Still no sign of a bullish price action except for the May 17'21.

Bitcoin had rallied pretty strong for a year now
and gone beyond 0.382 Level.
It must retest now 0.618 and if it fails,
this will go down to the 0.786 FIB Level of Retracement
(STILL, A Plausible AB=CD Pattern.)

MY ADJUSTED ENTRY and EXIT AREA OF VALUE and expected Bottoms and Tops of a Possible Long Upward Swing.
(INDICATORS as confluence only for my range boxes.)

Note:
Run your Fibs to verify
price action corrections and extension
levels. The Range boxes by themselves are
used as confluence to The Dynamics of
the Market.

Check pattern formations and candlestick
formations if you wish.

This is not a piece of financial advice.
I am just a student and still learning.

Adjustments will be made in
accordance with The Dynamics of the
Market along with Trading Psychology.

Postings are most often delayed, as it
takes time for me to finish several
assets in my portfolio.

Updates will be posted religiously if time
permits.

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ADJUSTED AREAS OF VALUE

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I WILL UPDATE IF the POSSIBILITY OF A can occur

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Now almost touching retest level. Good if it breaks so we can buy lower at the 20k Range. Good also if it bounces and makes a rally.

Still no sign to be bullish although CCI is low , but Squeeze Momentum still is contracting.

No sign of Bulls taking Control.

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DAILY CHART: Correction made at 30k - Zones. If it breaks the current support, It will look for a double bottom level for sure. 26k or 22k?

Use the small range boxes as a guide, but monitoring price action is the key.

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HIGHLIGHTED RANGE BOXES (Tops and Bottom), Highly reversal zones.

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Another one of my FAVE CHART for long-term investing.RENKO and ICHIMOKU - Showing further movement down

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MAYBE ANOTHER CONFLUENCE That the market still wants to go down. We are prepared, we do have the range boxes in place to guide us. WE WILL ACT ON WHAT WE SEE AND NOT WHAT WE THINK.

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ALRIGHT, WE ARE NOW VERY CLOSE TO THE LOWEST LOW. WILL IT BE A BOUNCE OR BREAKOUT FURTHER DOWN? CANDLE SHOWS BULLISH TO ME IF THIS CLOSES WITH A LONG TAIL. IT MEANS PRICES TO GO LOWER ARE BEING REJECTED.

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Still have 23hours on my count-down timer. Yesterday, a Doji has formed. This means that the market is undecided to go further down or up.

Today's candle tells us that the bears wanted prices to go down but the bulls have rejected and brought it up. Again, still too early since the candle just opened.

A recent downward rejection of 0.382 will signify that prices will further go down. Use the chart range boxes big and small as your guide.

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17 More hours before the candle closes and this kind of market wherein the bulls and bears are in an all-out war. Because of this, I updated the chart and put and moved levels of importance. High lighted the range boxes so I could focus on this.

Still no signs of the bulls gaining an upper hand.

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Several Dojis have formed and forming. even the downtrend correction does not have a strong structure to it. Very hard and so complex to trade. FEAR is STRONG as well as GREED.

All we can do now is sit, relax and wait patiently for the right entry. It is coming to the yellow range box, but I fear that it may go down to the RED range box because of what is happening to the BULLS and BEARS.

This is A BUYERS HAVEN NOW! (My ENTRY AREA OF VALUE) I can have an entry depending on the closing of this candle with a very tight stop.

I want to analyze more, I will be patient. 8 more hours in my time for NASDAQ to open on a MONDAY.

This is definitely a BRR! and a GRR!

Share your thoughts, you are most welcome.

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REST TIME

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THIS LOOKS LIKE AN ENTRY FOR ME ON A DAILY CHART. I WILL CONFIRM ON A 12HR THEN A 4 HR.

REASONS:
1. THE MARKET WAS UNDECIDED AT ONE POINT.
2. BULLS MANAGED TO PUSH PRICES UP TWICE.
3. LARGE BULLISH BAR FOR THE DAY.
4. HAS CORRECTED AT AROUND 0.618 FIB LEVEL AFTER THE HIGHEST HIGH THAT FAILED TO GO EVEN HIGHER AFTER HOW MANY MONTHS.
5. SUPPLY IS BIG SINCE A LOT OF ORDINARY /LEVERAGED BUYERS WERE WIPED OUT DURING THE 68% CORRECTION.
6. FORECASTED ENTRY AREA OF VALUE IS WHERE BUYERS ARE COMING IN IS BEING CONFIRMED BY THE ABOVE 5 REASONS.

PRICE CAN STILL GO DOWN TO RETEST LEVEL OF ENTRY- AREA OF VALUE AND THIS CAN BE MY STOP LOSS (SLIGHTLY LOWER) I WILL CHECK LOWER TIME FRAME AND UPDATE.

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ON A 12HR CHART - YES WE HAVE A BULLISH BIAS

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ON A 4 HOUR CHART - LOOKING AT AN ENTRY POINT FOR A LONG SWING

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MY USUAL PRACTICE IS IMMEDIATELY AFTER A SUCCESS IN THE RETEST OF SUPPORT (LOWEST LOW), BUT THE SO MANY DOJIs AND FAILURE TO GO LOW/HIGH OF BARS WAS TOO RISKY.

Having had followed and observed price action for a couple of hours. My entries are:

1. NOW with a tight stop-loss slightly below Level.
2. I CAN open a LIMIT ORDER at 33k-34K, again with a very tight stop loss.
3. My last entry would be a LIMIT ORDER at the lowest low made after the highest high of. ( - 30k)

WARNING:

This is not a piece of financial advice and is purely based on my personal trading psychology, risk appetite, and trading strategies that are applied in real-time.

Forecast of Areas of Value is purely based on the plausibility of what the market can do (corrections and retracements.) I am being trained as a minimalist and no use of indicators. To trade on what I see and forecast on what I think.

I do not short for the sake of THE DUMB-MONEY like me. I go for LONG SWINGS of an UPTREND.

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GOING BACK TO THE DAILY CHART
I really love the daily, the bars are very bullish. May 23 bar was a sign for me. Prices wanted to go low but buyers managed to close High. May 24 turned out to be very bullish and broke through a minor resistance level which is above where the price was closed on May 19 where it had made the deepest dip and was rejected.

I wanted to enter at the sign of the Doji but I got scared. the second large dip would have been a real nice entry since the price was pushed up again by the bears the second time.

To sum it all up, I am bullish on this. This is an ENTRY FOR ME. MY RANGE BOXES have confirmed such moves to lower support and where prices will meet resistance.

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I WILL NOT USUALLY POST A RENKO CHART, BUT...

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I DO NOT USE THESE CHARTS ANYMORE FOR ANALYZING TOGETHER WITH INDICATORS. INDICATORS LAG and IMMEDIATE ACTION for ENTERING LOW OF LONG SWINGS WILL MESS THINGS UP. WELL, THAT IS ME AND HOW I AM BEING TRAINED.

HAPPY TRADING GUYS!

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VOLUME TRADED AS OF POSTING IS 10K. Pretty LOW. Actively monitoring if it will be an ABCD Pattern to the UPSIDE OR DOWNSIDE.

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ON A 4HR. VERY BULLISH SINCE IT BOUNCED AT THE 0.382 LEVEL OF CORRECTION
JUST HAS TO BREAKTHROUGH RESISTANCE.
I AM STILL WAITING FOR BULLISH BAR PATTERNS

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OH MY, the Market is making it difficult. Having shooting stars/hammer/inverted hammer/hanging man/ dojis near RESISTANCE RETESTS may be a piece of good or bad news depending on the Trader. LOL!

It may stretch down to 1.618 and 1.272 before BUYERS COME IN. It looks like it wants to make some bull and bear traps before rallying up.

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2 scenarios for a bullish bias

The_Crypto_Samurai

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