Hi all.
I see a small correction comming. BTC is in a short term downtrend channel. Now trading at the top of it with some rejections.
We see lower highs and lower lows. The green candle on 3 may is not really backed up by volume. Red candles have more volume.
3 days of rejections arround resistance at 64.300
I think we need to test the 0.618 Fib and see from there.
USD 52500 That may happen in the week of 21st of may.
Cheers :) Nico
I see a small correction comming. BTC is in a short term downtrend channel. Now trading at the top of it with some rejections.
We see lower highs and lower lows. The green candle on 3 may is not really backed up by volume. Red candles have more volume.
3 days of rejections arround resistance at 64.300
I think we need to test the 0.618 Fib and see from there.
USD 52500 That may happen in the week of 21st of may.
Cheers :) Nico
Note
It looks like BTC finds support on the yellow line. But I think that is not the case. On the 4 hour I see a bearflag. And I see a big drop soon. Most likely tomorrow. If the flag plays out my first target is USD 58.500
If I were (could) short it 10X my entry would be 61450 en stoploss 62.600 (19%loss)
Take profit 1 at first target (+/-40% proffit) en move my stoploss to entry.
Not financial advise :) and I am not shorting
Cheers Nico
Note
Here is the reason why I am not shorting with leverage 10X. To find an entry and set a stoploss is so difficult. You be stopped out very easy. BTC is now trading at 62.780 and has wicked out of the channel. Still rejected by the blue resistance line. The approach to that line happened fast which is not the best sign. All hourly candles are closing under the line.
So the idea still stands untill BTC breaks above the line, backtest it and moves up again. If the daily candle closes under 60.600 we have a lower high again.
The small pump was with low volume, so al in al not good signs.
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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.