Bitcoin Daily Update (day 301)
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Consensio: P < L MA < S MA < M MA = up to 60% short entry signaled. I am waiting for further confirmation.
Patterns: Phase 7 hyperwave | Parallel channel
Horizontals: S: $3,588 | R: $4,062
Trendline: Close below today
Parabolic SAR: $4,081
Futures Curve: Backwardation
Funding Rates: Longs receive 0.1079%
BTCUSDSHORTS: Appear to be picking back up after higher low
TD’ Sequential: R2 = R1
Ichimoku Cloud: Close below
Relative Strength Index: Back below 50
Average Directional Index: Just like that -DI crossed +DI. But still no trend so I think it is irrelevant.
Price Action: 24h: -9.7% (strong indicator for me to stay away from short) | 14d: +0.6% | 1m: +6.8%
Bollinger Bands: Tested bottom band / peaked through.
Stochastic Oscillator: Sell signal nailed it.
Summary: There are a few indicators that are keeping me slightly bullish: today’s selling volume was not that impressive, the backwardation in the futures curve and closing above / continuing to support $3,575.
That being said, if we do not reverse in the next 24 hours then I will be changing that stance. There is still room for a strong bounce if we can support the $3,600 area and breakthrough $4,200.
A red 2 falls below a red 1 at $3,510 and if we fall there at any point I will be bearish. A stop order to short that price feels high probability but I do not like the risk:reward. Just because I think / feel like a market has a high probability of moving in a certain direction does not mean that it provides a good trading opportunity.
ETH:USD found support above a bullish 33 MA. Using slightly below the days low as a stop loss does provide a favorable setup for a long. Furthermore there is a confluence of support from horizontals. That feels like the best option right now, but that could change fast.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: P < L MA < S MA < M MA = up to 60% short entry signaled. I am waiting for further confirmation.
Patterns: Phase 7 hyperwave | Parallel channel
Horizontals: S: $3,588 | R: $4,062
Trendline: Close below today
Parabolic SAR: $4,081
Futures Curve: Backwardation
Funding Rates: Longs receive 0.1079%
BTCUSDSHORTS: Appear to be picking back up after higher low
TD’ Sequential: R2 = R1
Ichimoku Cloud: Close below
Relative Strength Index: Back below 50
Average Directional Index: Just like that -DI crossed +DI. But still no trend so I think it is irrelevant.
Price Action: 24h: -9.7% (strong indicator for me to stay away from short) | 14d: +0.6% | 1m: +6.8%
Bollinger Bands: Tested bottom band / peaked through.
Stochastic Oscillator: Sell signal nailed it.
Summary: There are a few indicators that are keeping me slightly bullish: today’s selling volume was not that impressive, the backwardation in the futures curve and closing above / continuing to support $3,575.
That being said, if we do not reverse in the next 24 hours then I will be changing that stance. There is still room for a strong bounce if we can support the $3,600 area and breakthrough $4,200.
A red 2 falls below a red 1 at $3,510 and if we fall there at any point I will be bearish. A stop order to short that price feels high probability but I do not like the risk:reward. Just because I think / feel like a market has a high probability of moving in a certain direction does not mean that it provides a good trading opportunity.
ETH:USD found support above a bullish 33 MA. Using slightly below the days low as a stop loss does provide a favorable setup for a long. Furthermore there is a confluence of support from horizontals. That feels like the best option right now, but that could change fast.
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