BTC last leg - bullish divergence on 4h
Updated
Not a lot of talk here just describing what i see.
For the last leg (3rd one) we need lots of buy volume on the 4hr.
Current price lvl at 8.6k is looking like a solid support and this need to hold for the 3rd leg to happen.
Currently watching if it will break or not and make a decision afterwards.
Divergence in RSI - Stoch RSI provides the main argument for the last leg.
If i decide to get in i would slowly take profits at the drawn supp/resistance levels. Most
BTC will rally is in my view 9.8k-9.9k.
What do i think will happen after the last leg?
The biggest selloff in this bear market which will also mark the revearsel of bear market into bull market.
Let's watch how this plays out...
For the last leg (3rd one) we need lots of buy volume on the 4hr.
Current price lvl at 8.6k is looking like a solid support and this need to hold for the 3rd leg to happen.
Currently watching if it will break or not and make a decision afterwards.
Divergence in RSI - Stoch RSI provides the main argument for the last leg.
If i decide to get in i would slowly take profits at the drawn supp/resistance levels. Most
BTC will rally is in my view 9.8k-9.9k.What do i think will happen after the last leg?
The biggest selloff in this bear market which will also mark the revearsel of bear market into bull market.
Let's watch how this plays out...
Trade active
decided that the 8.6k support area is holding well enough so i bought some btc. - buy volume is increasing
- RSI on 1/2/4h and the daily show good setups
- increasing price action
-> convinced me in making a decision
Stop-Loss set at 8.3k area
Wondering how long this sideways movement will continue...
Trade closed: stop reached
got stopped out while sleeping, time re -evaluate the situationTrade active
Funny note: as i trade on kraken my stop loss at 8.330 was not triggered actually, canceled it when i woke up and since letting it ride.What did i learn from this play? :
- when i make a trade on the 4h chart, patience is key - don´t set Stop-Loss to
tight (was like 20$ away from trigger)
- blended by bullish thoughts; did not consider a drop to the lower support level
could be possible
-> did not consider a possible bounce
As you can see it bounced to the strong support at 8.6 k
Maybe support levels respectively close to each other are more likely for a bounce/drop between them?
-> Will try to apply this "theory" to future 4h plays
Currently consolidating at the 8.6 k area, notice the increasing buy volume, both rsi indicators look good to me
(Started to question myself if one can successfully derive divergence signals when comparing RSI to Stoch RSI - would appreciate thoguhts on this.
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