Not excited yet ! - BTCUSDT ANALYSIS
Updated
Long time we didn't take a large view of what's happening on bitcoin so let's talk about it !
I will not lie and enter directly in subject: What a mess ! I really don't like this pattern for the moment, even when I clean it, the structure stay like chaos. So it will be more technical to explain.
First the last selling exhaust (0) is mixed with a buying pressure, if we want a clean structure it have to be dissociated, because we want the ending trend pattern to be clear. Here it's not the case. If we take the previous exhaust (-1), which is more high, it seems a little far from the buying pressure so hard to say if it's an ending pattern. To considerate it like the ending pattern we have to find buying pressure in front of it, and for the moment we don't. Two green candles and no buying volumes, it's exactly the same thing like when I said to be careful on your choices (idea attached under this one). So if we don't have buying volume until the dash line, I don't expect this movement to be more than a consolidation.
It's really unfortunate because the setup was good, we had a nice buying pressure on a support area + level, but the construction isn't good for me, so I'm not in it.
Also, I want to remind that we are studying BTC in front of USD and if USD move down BTC automatically move up in front. That exactly what happened yesterday, so be careful of false signal. It's important to make the difference between correlation of assets and buying intention. A bearish USD, bring buyers ON BTC and not buyers FOR BTC.
PS: Apologize if there is mistakes in my englisht. Don't forget to like, follow or even comment if you like, it give me some strength to continue! This idea will be probably update until I did a new idea.
I will not lie and enter directly in subject: What a mess ! I really don't like this pattern for the moment, even when I clean it, the structure stay like chaos. So it will be more technical to explain.
First the last selling exhaust (0) is mixed with a buying pressure, if we want a clean structure it have to be dissociated, because we want the ending trend pattern to be clear. Here it's not the case. If we take the previous exhaust (-1), which is more high, it seems a little far from the buying pressure so hard to say if it's an ending pattern. To considerate it like the ending pattern we have to find buying pressure in front of it, and for the moment we don't. Two green candles and no buying volumes, it's exactly the same thing like when I said to be careful on your choices (idea attached under this one). So if we don't have buying volume until the dash line, I don't expect this movement to be more than a consolidation.
It's really unfortunate because the setup was good, we had a nice buying pressure on a support area + level, but the construction isn't good for me, so I'm not in it.
Also, I want to remind that we are studying BTC in front of USD and if USD move down BTC automatically move up in front. That exactly what happened yesterday, so be careful of false signal. It's important to make the difference between correlation of assets and buying intention. A bearish USD, bring buyers ON BTC and not buyers FOR BTC.
PS: Apologize if there is mistakes in my englisht. Don't forget to like, follow or even comment if you like, it give me some strength to continue! This idea will be probably update until I did a new idea.
Note
For people, which followed the Wyckoff accumulation on 1 hour timeframe I will do a little update : First target have been reached, personally I was already out like I explained. If you was in it I hope you took profits. Unfortunately it's already goes down the time I wrote this idea.
Another time, it's important to dissociate strategy and results. Here I know I did a good work even if it goes to the target. So it's important to not be resultoriented.
"Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions"
Note
A week past and always same shit, in fact no buying volumes so we go back down like expected. Just waiting for lower opportunities, aiming for the yellow area on hourly timeframe to expect short term setups.For long term, it's actually ... dead, nothing relevant in the past week.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.