ALL EYES ON BITCOIN - 21/07/2020
Friday fun day! Let's start today's BTC analysis bois.
INTRODUCTION:
As always, before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at during all the series, those are: 1D, 1H and 15m. I also use MACD and RSI to follow up with the momentum on the market and I have 2 EMAs plotted which are the 50 day EMA & the 200 day EMA that I use to see the trend in each time frame. (We say that when the 50 day EMA it's above the 200 day EMA , we are in an uptrend. (The opposite in reverse) After taking into account the principal things that I use in my trading methodology, let's start!
LAST TRADE UPDATE:
As I told you yesterday I was going to long if I saw a clear break of the 11880$ level, I finally entered a long position at 11860$ and closed it around 11880$ because I didn't see enough bullish pressure. Also when I saw the break of the 11800$ level I entered a short position from 11792$ until the demand area that you can see in the chart drawn with a red rectangle around 11680$. As you can see It has bounced from there again. We took some profits!
WHAT ABOUT TODAY?
Price it's still in the range drawn on the chart. It has just bounced from the support/demand area around 11655$. I can also see a bullish divergence in the 1H MACD where we see momentum getting close to 0 but price was in a lower level (11655$ which it's bullish. That might be why the reason why price has bounced from the demand area again. I haven't take a trade yet because I was not at home when price rejected the demand zone. As you can see price it's now in the middle of the range and I think it will touch the top of the range.
TODAY'S TRADE ALTERNATIVES:
- I will LONG if I can see a clear break of the top part of the channel. TP1: 12000$ LEVEL
- I will SHORT if see the price rejecting the top part of the channel. TP1: Demand Zone (Red rectangle)
The other option that I can see is that price does not touch the top of the range, it rejects the EMAs and we drop.
Whatever happens, I'm ready! Thank you for making it here, I hope you can leave some comment, question or tip, I will really appreciate it. See ya on tomorrow's analysis of the market.
INTRODUCTION:
As always, before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at during all the series, those are: 1D, 1H and 15m. I also use MACD and RSI to follow up with the momentum on the market and I have 2 EMAs plotted which are the 50 day EMA & the 200 day EMA that I use to see the trend in each time frame. (We say that when the 50 day EMA it's above the 200 day EMA , we are in an uptrend. (The opposite in reverse) After taking into account the principal things that I use in my trading methodology, let's start!
LAST TRADE UPDATE:
As I told you yesterday I was going to long if I saw a clear break of the 11880$ level, I finally entered a long position at 11860$ and closed it around 11880$ because I didn't see enough bullish pressure. Also when I saw the break of the 11800$ level I entered a short position from 11792$ until the demand area that you can see in the chart drawn with a red rectangle around 11680$. As you can see It has bounced from there again. We took some profits!
WHAT ABOUT TODAY?
Price it's still in the range drawn on the chart. It has just bounced from the support/demand area around 11655$. I can also see a bullish divergence in the 1H MACD where we see momentum getting close to 0 but price was in a lower level (11655$ which it's bullish. That might be why the reason why price has bounced from the demand area again. I haven't take a trade yet because I was not at home when price rejected the demand zone. As you can see price it's now in the middle of the range and I think it will touch the top of the range.
TODAY'S TRADE ALTERNATIVES:
- I will LONG if I can see a clear break of the top part of the channel. TP1: 12000$ LEVEL
- I will SHORT if see the price rejecting the top part of the channel. TP1: Demand Zone (Red rectangle)
The other option that I can see is that price does not touch the top of the range, it rejects the EMAs and we drop.
Whatever happens, I'm ready! Thank you for making it here, I hope you can leave some comment, question or tip, I will really appreciate it. See ya on tomorrow's analysis of the market.
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