BITCOIN CONFLUENCE OF TIMEFRAMES
Following an inverted hammer candlestick pattern on the weekly with a 15% wick rise and confirmed close of the following candle > || == that inverted hammer's close, Bitcoin followed a trajectory up to the top of the range set by that inverted hammer's wick/handle. On the weekly resistance is at ~$44693 while on the daily, a flag pattern will likely provide some resistance at ~$45381.
It's possible we'll get a wick up to 45381 or around there, but close at resistance on the weekly at around 44693. Whether we go down or up after that is difficult to predict. Reading TA, the pattern developing on the daily is generally considered a Bear Flag, but I've seen many Bear Flags on BTC resolve to the upside, brutally crushing shorts, and I've seen them resolve in textbook fashion to the downside just as often.
I don't have any position in BTC, as I use BTC as an informative pair, but if I were taking positions I would probably short in the 44500 - 45000 range with stops around 46000 - 46500, and closing between 34000 - 29000.
This is not financial advice, but instead a public journal of my thoughts as a way to order my trading habits and guage my accuracy over time.
Thanks for reading.
It's possible we'll get a wick up to 45381 or around there, but close at resistance on the weekly at around 44693. Whether we go down or up after that is difficult to predict. Reading TA, the pattern developing on the daily is generally considered a Bear Flag, but I've seen many Bear Flags on BTC resolve to the upside, brutally crushing shorts, and I've seen them resolve in textbook fashion to the downside just as often.
I don't have any position in BTC, as I use BTC as an informative pair, but if I were taking positions I would probably short in the 44500 - 45000 range with stops around 46000 - 46500, and closing between 34000 - 29000.
This is not financial advice, but instead a public journal of my thoughts as a way to order my trading habits and guage my accuracy over time.
Thanks for reading.
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