BTC:USD DAILY UPDATE (day 142)
Updated
Yesterday’s analysis/position: Closed long at $7575 and opened shorts from $7,348 - $7,397 due to the resistance cluster from the triangle, the 128 day MA, the Ichimoku Cloud, the Bollinger Bands, established horizontal resistance and a perfected sell setup on the TD' Sequential. Price being +14%, and longs paying shorts on Bitmex provided great confirmation.
Patterns: Retesting bottom of triangle.
Horizontal support and resistance: R: $7,600 S: $7,300
BTCUSDSHORTS: Continue to pull back as the price consolidates. Once shorts pick back up then price is expected to pull back.
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12: +8.65% 26: +10.65% recent bullish cross on daily
50 & 128 MA’s: 50: +9.97% 128: -2.95%
FIB’s: 0.236 = $5,817 0.382 = $8,476
Candlestick analysis: Shooting star yesterday, doji forming today.
Ichimoku Cloud: Posturing for TK cross. Resisting cloud, supporting above Kijun. Tenkan and Kijun still angling downward on 3d (not posturing for bullish cross)
TD' Sequential: Green 4 on the daily. Green 2 above a green 1 on the 3d. Green 1 following red 9 on the weekly.
Visible Range: Largest resistance: $7,300 - $7,500 and from $8,000 - $9,000. Largest support $6,775
BTC Price Spreadsheet: +19.59% over last week.
Bollinger Bands: Weekly starting to tighten. MA is apart of resistance cluster. Daily candle closed outside of the top band for the first time since 12-8-2017
Trendline: Coming from triangle
Daily Trend: Bullish for 6 days
Fractals: DOWN: $6,075 UP: $7,751
On Balance Volume: Bit of a bull div. Price would need to be > $7,750 to correspond w volume
Buy/Sell Sentiment on Trading View: RSI: 67.1 Stoch: 87.6 Summery: BUY (counter trade)
Summary: Feeling very good about my short position and am considering adding to it today. Reversal candles at resistance cluster is a very good sign for the bears. Stop loss is set at $7,816 and there are two profit targets. If you like batting for average then $6,200 is the target. If you like hitting for power then I am projecting a $4,250 bottom on or around 8/30/18.
Patterns: Retesting bottom of triangle.
Horizontal support and resistance: R: $7,600 S: $7,300
BTCUSDSHORTS: Continue to pull back as the price consolidates. Once shorts pick back up then price is expected to pull back.
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12: +8.65% 26: +10.65% recent bullish cross on daily
50 & 128 MA’s: 50: +9.97% 128: -2.95%
FIB’s: 0.236 = $5,817 0.382 = $8,476
Candlestick analysis: Shooting star yesterday, doji forming today.
Ichimoku Cloud: Posturing for TK cross. Resisting cloud, supporting above Kijun. Tenkan and Kijun still angling downward on 3d (not posturing for bullish cross)
TD' Sequential: Green 4 on the daily. Green 2 above a green 1 on the 3d. Green 1 following red 9 on the weekly.
Visible Range: Largest resistance: $7,300 - $7,500 and from $8,000 - $9,000. Largest support $6,775
BTC Price Spreadsheet: +19.59% over last week.
Bollinger Bands: Weekly starting to tighten. MA is apart of resistance cluster. Daily candle closed outside of the top band for the first time since 12-8-2017
Trendline: Coming from triangle
Daily Trend: Bullish for 6 days
Fractals: DOWN: $6,075 UP: $7,751
On Balance Volume: Bit of a bull div. Price would need to be > $7,750 to correspond w volume
Buy/Sell Sentiment on Trading View: RSI: 67.1 Stoch: 87.6 Summery: BUY (counter trade)
Summary: Feeling very good about my short position and am considering adding to it today. Reversal candles at resistance cluster is a very good sign for the bears. Stop loss is set at $7,816 and there are two profit targets. If you like batting for average then $6,200 is the target. If you like hitting for power then I am projecting a $4,250 bottom on or around 8/30/18.
Note
Added to my short at $7,484. Stop loss remains $7,816.
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