Week results. BTC/USD review. 27.01.18
Hello colleagues! Have a good Saturday!))
Today is a day off; a review will be a little longer than on weekdays, so make yourself a cup of tea and join us!)
For more than 3 months, bitcoin has been moving in an upstream channel, which I previously designated in the logarithmic chart, moving exactly between the intermediate lines of this channel and bouncing from its lower and upper boundaries. First of all, this channel enabled me in due course to predict a bitcoin reversal in the range of 19 500+ and to get out of it. The original goal was its lower border near 11 500 – on which I bought it on December 22, having made my profit. I again left it in beginning of January. All this I described on my Telegram channel (check out the link to my open channel in the profile).
In January I again switched to the usual price scale for ease of viewing. So, now we can work with 3 types of upstream support-resistance areas that are present in bitcoin: MTL - slow trend lines (dotted), STL - medium-speed trend lines (dashed lines), BTL - fast trend lines (solid). Temporarily, I displayed a sufficiently large number of these lines in the chart, so that you could see the price tendencies supported by these lines, as well as areas close to the crossings of these trend lines of different formats. Later I will clear the chart, partially delete something to make it more readable.
One can see that starting from January 17, bitcoin is supported by the fast trend line BTL, obtained by a parallel shift from BTL' (as I described in the video tutorials). It should be marked that it has not been knocked down so far. We have 2 powerful types of support below it - STL and MTL.
Let’s consider briefly the COT reports for the last 3 weeks. As a check on, let's take solely the positions of the speculating large funds.
January 9, 2018: long positions - 521, short positions - 654
January 16, 2018: long positions - 379, short positions - 608
January 23, 2018: long positions - 1142, short positions - 518
All tradingview visitors know this, but for the beginners I will explain in a few words that long positions are opened in order to make a profit on rise in the rate, and short positions on drop in the rate.
From 9 to 16 January, the funds closed long positions, but please note that they cut and shorts too! On January 16, the domination of shorts was almost 2 times more. But cutting the short positions demonstrates that moving much farther down and earning on a further fall was not really a goal to strive for.
Yesterday's report showed that a huge number of long positions were opened on January 23 (this Tuesday). It was also continued to gradually close shorts, with domination of longs by more than 2 times. No comment.
Currently, it is very clearly seen accumulation of positions by large players with maximum accumulation in the range of 11,200 $.
What are the conclusions, gentlemen? Do buy slowly along with whales, as I already wrote, you may use a grid. In the event of a bear trap, buy lower if they give an upward trend using a retest resistance as support. The train is about to start)). The main thing is not to panic, in case of dropping to $ 9 000, act according to a pre-formed scenario. Now it’s the time to work in a measured, disciplined manner and with an understanding of the situation.
Good luck, success and profits! Have a nice weekend, friends!
Today is a day off; a review will be a little longer than on weekdays, so make yourself a cup of tea and join us!)
For more than 3 months, bitcoin has been moving in an upstream channel, which I previously designated in the logarithmic chart, moving exactly between the intermediate lines of this channel and bouncing from its lower and upper boundaries. First of all, this channel enabled me in due course to predict a bitcoin reversal in the range of 19 500+ and to get out of it. The original goal was its lower border near 11 500 – on which I bought it on December 22, having made my profit. I again left it in beginning of January. All this I described on my Telegram channel (check out the link to my open channel in the profile).
In January I again switched to the usual price scale for ease of viewing. So, now we can work with 3 types of upstream support-resistance areas that are present in bitcoin: MTL - slow trend lines (dotted), STL - medium-speed trend lines (dashed lines), BTL - fast trend lines (solid). Temporarily, I displayed a sufficiently large number of these lines in the chart, so that you could see the price tendencies supported by these lines, as well as areas close to the crossings of these trend lines of different formats. Later I will clear the chart, partially delete something to make it more readable.
One can see that starting from January 17, bitcoin is supported by the fast trend line BTL, obtained by a parallel shift from BTL' (as I described in the video tutorials). It should be marked that it has not been knocked down so far. We have 2 powerful types of support below it - STL and MTL.
Let’s consider briefly the COT reports for the last 3 weeks. As a check on, let's take solely the positions of the speculating large funds.
January 9, 2018: long positions - 521, short positions - 654
January 16, 2018: long positions - 379, short positions - 608
January 23, 2018: long positions - 1142, short positions - 518
All tradingview visitors know this, but for the beginners I will explain in a few words that long positions are opened in order to make a profit on rise in the rate, and short positions on drop in the rate.
From 9 to 16 January, the funds closed long positions, but please note that they cut and shorts too! On January 16, the domination of shorts was almost 2 times more. But cutting the short positions demonstrates that moving much farther down and earning on a further fall was not really a goal to strive for.
Yesterday's report showed that a huge number of long positions were opened on January 23 (this Tuesday). It was also continued to gradually close shorts, with domination of longs by more than 2 times. No comment.
Currently, it is very clearly seen accumulation of positions by large players with maximum accumulation in the range of 11,200 $.
What are the conclusions, gentlemen? Do buy slowly along with whales, as I already wrote, you may use a grid. In the event of a bear trap, buy lower if they give an upward trend using a retest resistance as support. The train is about to start)). The main thing is not to panic, in case of dropping to $ 9 000, act according to a pre-formed scenario. Now it’s the time to work in a measured, disciplined manner and with an understanding of the situation.
Good luck, success and profits! Have a nice weekend, friends!
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