BTC (Prj.Y19.P5.E4).v2.Critical.Point
Updated
Thoughts:
> We have been watching a accumulation with anything below 8k.
> Those who bought below 8K would generally offload a % of their holdings at this point.
> 4 HRLY, 50 EMA acting resistance
Question is, where are the buyers at this resistance point? Do we have the numbers to buy off these who want to offload a % of their shorts.
If not, then we will drop back within this bearish ascending triangle.
I think there could be a fake out, at most 8.5K. But the smart money is waiting for lower prices.
Some other perspectives.
> We have been watching a accumulation with anything below 8k.
> Those who bought below 8K would generally offload a % of their holdings at this point.
> 4 HRLY, 50 EMA acting resistance
Question is, where are the buyers at this resistance point? Do we have the numbers to buy off these who want to offload a % of their shorts.
If not, then we will drop back within this bearish ascending triangle.
I think there could be a fake out, at most 8.5K. But the smart money is waiting for lower prices.
Some other perspectives.
Note
Macro level, we are just below the fib.level acting as a major resistance.Note
A bit of a bearish div. on the 1hrlyNote
Note
Note
Looking weakNote
Collected some profits at 8400. I don't see it going beyond 8490 at this point, to stay in the channel Note
Study the candle sticks will give you some clues to the bullish move.We have a morning star on the 1 hrly chart and on the 4 hrly chart we have a red candle with no bottom wick followed by an engulfing green candle stick with no bottom wick. All bullish indicators. The volume complements this as well and season traders would have picked this up and hence the volume. Me, I missed out for I was not available to watch this.
Trade closed: target reached
The highest its going to go in this session. Expect some some consolidation or side ways movement under this resistance. Depending on the formation and volume at this key level, will give us a clue if its going to rally again. I will be waiting for at least and open and close 4 HRLY candle above this resistance. Note the height of the flag pole equals the top of the rally for this session.
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