December 18th XBTUSD Chart Analysis

Hello,

it’s BitcoinGuide.

Don’t forget to press “Likes” and “Follow” me.

I will begin XBTUSD BitMEX Chart Analysis for December 18th

This is 30m candle chart for yesterday.
I’ve deleted unnecessary lines.

It seemed like there will be a trick as it was Tuesday.

It ignored route A and B wave pattern. Rather, it newly made a wave at a delayed point.

If the price becomes very steady, ignoring the A & B wave pattern, the indicated routes are invalidated.

At A long position entry point, the cloud changed into “red” cloud in 15m candle chart.
Right after, the price drastically fell.

As I explained yesterday, price fall in the midst of cloud’s turning point tends to be severe.
According to the situation, I entered long position and coped with it in real time basis.

For those who could not participate for the live streaming, I’ll explain one more time.

After opening position, the price went over the orange trend line. Target point was $7,000 at maximum, and stop loss for $6,860.

The price went over the orange trend line, however, reached to the stop loss point(suspicious movement).

Then the price suddenly dropped precisely from the red finger point. It was about $300 fall.

The timing of creating a wave pattern via route B was delayed. By making a detour, rather the downtrend channel was reinforced.

Each route strategy was invalidated and the price heavily fell.

This is weekly candle chart.

We newly have blue parallel supporting and resistance line for daily chart. And please refer to the below red supporting line / and $6,020 price point.

Yesterday’s downtrend wave ignored the middle line of monthly candle chart and once again strongly fell.

I brought a strategy based on this fact.

Today’s strategy.

It is 30m candle chart.

To briefly summarize,

1. Please check route A & B with long position entry timing and price points

2. In case of route A, please check if the price goes down below the entry point. If it does please refer to route B.
If the price does not touch the final “smile face” line above, and shows a suspicious movement including tall shadow, please switch into short position (please check the blue finger pointer)

3. Route B : please check long position entry timing and price point.
If we see a rebound from the entry point, please refer to red finger pointer. (Recently there has been frequent downtrend pattern with this kind of a trick).
If the price goes above green parallel resistance line, please follow route A.

Also check out the converging triangle for green parallel line and blue supporting line.

There are no such uptrend and downtrend without a reason.

Especially, in case of downtrend, it firstly makes a short uptrend and creates a position. Then a heavy fall comes after, you should be careful for it.

(Long position is quite different)

Above all, the downtrend seems strong, so I hope you could operate your long position in short term basis.

This is it for today.

I will come back to you with FX margin trading in the afternoon.

Thank you.

(Translation Jae Ho Shin)

BitCoinGuide

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