$BTC - #Bitcoin-Daily-Update #7 - Day Trader Explains
Hello Lads and Ladies,
Welcome back to TJ's TA sessions.- The Daily BTC Update
What happened in the last 48h?
In the last 24h we saw some nice upwards movement. We tested the previous resistance, broke it and had a high of 3620$. Got rejected there pretty fast and started lacking volume. Lacking volume is a big topic here. Compared to the previous days we are increasing in price, yet decreasing in volume. Since we are still within the falling wedge and are wanting the breakout from there, we do need a strong volume behind it. What does strong volume mean? At or above the MA of the volume indicator. Should we not have that and close today below 3550, we will most likely test the support of the falling wedge again, which should be around 3150$. As well we see some short positions closing, or taking little profits. Which again would agree with the low volume increasing price. The funding rate as well has not been paying a lot lately which once agains indicates us that we did not have new longs opening but shorts closing.
Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3820 3950 4077 4123 4169 4382 4658
Gained lost %?
Since the opening of the new daily, we wicked down -1.0%, but gained 6.80%
MarketCap?
Total MarektCap is 114 Billion - gained 6 -
Of which BTC is 62 Billion - gained 3 -
With a Dominance of 54.9%
- We seem to have an in reading BTC dominance, Alt Coins are tanking, BTC is profiting from that a little. -
Volatility?
The 30d avg Volatility is 5.63%
- +0.03 -
Shorts/Longs?
Shorts - 38.6k (SUPER-danger-zone)
Longs - 27.0k (solid)
- S -4.1 / L -0.9 -
Funding?
The last 3 funding rates added -> -0.045%
- -0.40 -> lost a lot -
Momentum?
The TJ-Momentum is finally blue and indicating us a bullish signal that the bearish momentum has lost steam and we are, as mentioned yesterday, due for a small relief rally.
Volume?
As we already said, the volume is pretty bad. Increasing price with low volume makes me not very bullish at this moment for the next 24h.
TJ-MF/StochRSI levels?
TJ-MoneyFlow -We are still below the 0 line. Yet, we are seeing a nice spike today, obviously we need too see if we can keep this steep increase.
StochRSI
K(blue) - 72
D(orange) - 71
Divergences?
Right now the biggest divergence that I am seeing is in volume and the price. Bearish.
Market Structure?
We are still inside the falling wedge. Here even inside of to if we get a close below 3500$, we will most likely get an inverted hammer, which is showing us that buyers are exhausted and the price might continue down. Yet again is the question, what buyers did we have today?
Overall?
We are obviously loosing steam in the downward movement and just waiting for the reversal. We saw today some nice closes of the short positions, which is why most longs did not get liquidated even though we moved almost 7% today. We are still in the region of squeezing the over leveraged short positions, yet most of them we see playing it safe and taking profits. Taking profits at these levels means though that a short squeeze in its actual form would bring us to minimum 4.6k. YET the likelihood of a short squeeze at these levels is very low. we need to test lower levels again and hold those for a few days with increasing shorts. Anything apart from that is not a short squeeze and simply either a pump or TPs of those. So don't get confused when you see others talking about it.
What do we want?
We want to stay within the falling wedge today, which would mean a close below 3550. A close below 3434 would be ultimate bearish indication, yet very unlikely to happen.
Position?
A very simple and low risk short. The SL would be at 3720-3800 depending on leverage. OR a close outside the falling wedge in 24h.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
Welcome back to TJ's TA sessions.- The Daily BTC Update
What happened in the last 48h?
In the last 24h we saw some nice upwards movement. We tested the previous resistance, broke it and had a high of 3620$. Got rejected there pretty fast and started lacking volume. Lacking volume is a big topic here. Compared to the previous days we are increasing in price, yet decreasing in volume. Since we are still within the falling wedge and are wanting the breakout from there, we do need a strong volume behind it. What does strong volume mean? At or above the MA of the volume indicator. Should we not have that and close today below 3550, we will most likely test the support of the falling wedge again, which should be around 3150$. As well we see some short positions closing, or taking little profits. Which again would agree with the low volume increasing price. The funding rate as well has not been paying a lot lately which once agains indicates us that we did not have new longs opening but shorts closing.
Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3820 3950 4077 4123 4169 4382 4658
Gained lost %?
Since the opening of the new daily, we wicked down -1.0%, but gained 6.80%
MarketCap?
Total MarektCap is 114 Billion - gained 6 -
Of which BTC is 62 Billion - gained 3 -
With a Dominance of 54.9%
- We seem to have an in reading BTC dominance, Alt Coins are tanking, BTC is profiting from that a little. -
Volatility?
The 30d avg Volatility is 5.63%
- +0.03 -
Shorts/Longs?
Shorts - 38.6k (SUPER-danger-zone)
Longs - 27.0k (solid)
- S -4.1 / L -0.9 -
Funding?
The last 3 funding rates added -> -0.045%
- -0.40 -> lost a lot -
Momentum?
The TJ-Momentum is finally blue and indicating us a bullish signal that the bearish momentum has lost steam and we are, as mentioned yesterday, due for a small relief rally.
Volume?
As we already said, the volume is pretty bad. Increasing price with low volume makes me not very bullish at this moment for the next 24h.
TJ-MF/StochRSI levels?
TJ-MoneyFlow -We are still below the 0 line. Yet, we are seeing a nice spike today, obviously we need too see if we can keep this steep increase.
StochRSI
K(blue) - 72
D(orange) - 71
Divergences?
Right now the biggest divergence that I am seeing is in volume and the price. Bearish.
Market Structure?
We are still inside the falling wedge. Here even inside of to if we get a close below 3500$, we will most likely get an inverted hammer, which is showing us that buyers are exhausted and the price might continue down. Yet again is the question, what buyers did we have today?
Overall?
We are obviously loosing steam in the downward movement and just waiting for the reversal. We saw today some nice closes of the short positions, which is why most longs did not get liquidated even though we moved almost 7% today. We are still in the region of squeezing the over leveraged short positions, yet most of them we see playing it safe and taking profits. Taking profits at these levels means though that a short squeeze in its actual form would bring us to minimum 4.6k. YET the likelihood of a short squeeze at these levels is very low. we need to test lower levels again and hold those for a few days with increasing shorts. Anything apart from that is not a short squeeze and simply either a pump or TPs of those. So don't get confused when you see others talking about it.
What do we want?
We want to stay within the falling wedge today, which would mean a close below 3550. A close below 3434 would be ultimate bearish indication, yet very unlikely to happen.
Position?
A very simple and low risk short. The SL would be at 3720-3800 depending on leverage. OR a close outside the falling wedge in 24h.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
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