[Red Apple] "possibility of rebound"_ BTC/USD _ 18.08.06
Updated
Let's start the analysis for BTC/USD chart.
If you are busy, you can just read below briefly
'1. Briefing '
'5. Summary and Strategy'
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1. Briefing
# Bearish Engulfing Candle on Weekly Chart
# Candle under 20EMA on Weekly Chart
# Supported by up-trend line(short term) on BITFLYER
2. Weekly Chart
1) Candle
Bearish Engulfing Candle
2) EMA
Candle under 20EMA
3) Sum.
Candle and EMA show there will be bearish market. Additionally, if it keeps falling down, there will be 'Dead Cross' between 20EMA and 50EMA which hasn't been appeared since Nov. 2011.
2. Daily Chart
1) Trend
staying over up-trend line(short-term)
2) Candle
Doji -> need to focus on next candle
3) EMA
a. 20EMA(red) is heading down to 100EMA(orange)
4) Sum.
In EMA view, deep correction means that 20EMA rebound after touching 100EMA. So, check whether it becomes 'Dead Cross' or 'Rebound'.
3. 4H Chart
1) Trend
staying over up-trend line(short-term)
1) EMA
a. all EMAs is arraying in reverse order
2) Pattern
a. A cypher 'prz'
b. Crab 'prz'
3) Elliott Wave
4) Fibonacci
Staying between 0.5 ~ 0.618
5) Sum.
'Rounding Bottom(Cup and Handle) pattern' becomes less reliability due to falling down more. at the moment, harmonic pattern will be a valid strategy.
1st resistance : $7130.9(Fib. 0.5)
2nd resistance :$7200 (20EMA)
check those levels.
4. Strategy and Summary
This chart is from BITFLYER and as you see, candle is supported by up-trend line(short-term). this provide a good basis for harmonic trading and possibility of rebound.
a. About previous briefing : I mentioned that not a good time for trading. if you are aggressive trader, keep your stop-loss.
b. About this briefing : if you trade by A Cypher, keep your stop-loss and check whether trend line on BITFLYER is broken or not. if you did not trade, you can trade when it goes down to 'prz' or up-trend line. In this time, you should better to check BITFLYER market. This position will be good position to buy because short stop-loss can be set.
Trade safely and make your standards
If you think my idea is helpful for you, Click '+Thumb up, +Follow'
Also, if found something special, i will comment in real time.
If you are busy, you can just read below briefly
'1. Briefing '
'5. Summary and Strategy'
before read, click '+Thumb up, +Follow' :-)
1. Briefing
# Bearish Engulfing Candle on Weekly Chart
# Candle under 20EMA on Weekly Chart
# Supported by up-trend line(short term) on BITFLYER
2. Weekly Chart
1) Candle
Bearish Engulfing Candle
2) EMA
Candle under 20EMA
3) Sum.
Candle and EMA show there will be bearish market. Additionally, if it keeps falling down, there will be 'Dead Cross' between 20EMA and 50EMA which hasn't been appeared since Nov. 2011.
2. Daily Chart
1) Trend
staying over up-trend line(short-term)
2) Candle
Doji -> need to focus on next candle
3) EMA
a. 20EMA(red) is heading down to 100EMA(orange)
4) Sum.
In EMA view, deep correction means that 20EMA rebound after touching 100EMA. So, check whether it becomes 'Dead Cross' or 'Rebound'.
3. 4H Chart
1) Trend
staying over up-trend line(short-term)
1) EMA
a. all EMAs is arraying in reverse order
2) Pattern
a. A cypher 'prz'
b. Crab 'prz'
3) Elliott Wave
4) Fibonacci
Staying between 0.5 ~ 0.618
5) Sum.
'Rounding Bottom(Cup and Handle) pattern' becomes less reliability due to falling down more. at the moment, harmonic pattern will be a valid strategy.
1st resistance : $7130.9(Fib. 0.5)
2nd resistance :$7200 (20EMA)
check those levels.
4. Strategy and Summary
This chart is from BITFLYER and as you see, candle is supported by up-trend line(short-term). this provide a good basis for harmonic trading and possibility of rebound.
a. About previous briefing : I mentioned that not a good time for trading. if you are aggressive trader, keep your stop-loss.
b. About this briefing : if you trade by A Cypher, keep your stop-loss and check whether trend line on BITFLYER is broken or not. if you did not trade, you can trade when it goes down to 'prz' or up-trend line. In this time, you should better to check BITFLYER market. This position will be good position to buy because short stop-loss can be set.
Trade safely and make your standards
If you think my idea is helpful for you, Click '+Thumb up, +Follow'
Also, if found something special, i will comment in real time.
Note
At the moment, it's forming Bearish Flag pattern. For Bull market, it need to break up-ward this pattern, 0.5 Fib and 20EMA on 4H chart.
Note
the Flag is being broken. should check whether it goes up again or not. if it is recognized as Bearish Flag, its target is Crab 'prz'.
If you did not buy BTC, it is chance to buy after confirming of support trend line on BITFLYER or if the trend line is broken, it can be chance to buy from Crab 'prz'.
Note
There is no rapid movement after breakout of Flag. As i mentioned, Check whether trend line is broken or not. if breakout, check Crab pattern.This is the end of my briefing.
If you get help from my briefing, click +Agree, +Follow
Thanks.
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