₿itcoin General Assessment (Bigger Picture) This is a running thread for ₿itcoin BITFINEX:BTCUSD updates and thoughts. The idea here is marked as long until we are out of a Bull market, then the trade will be marked as "closed".
Weekly Tom Demark Sequential shows we are at a 8 count on the trend cycle, the close of that candle happens tomorrow. Regardless of the bearish divergences seen at $7,900 levels I have been, and still remain Bullish for BTC to hit $10,000 by the end of December, truthfully I would not be all that shocked to see BTC well above $10,000.
Daily shows us close to the top of an existing trend resistance, we are on the beginning of a TD sequential trend, if the weekly stays intact we could see 6 more days of a bullish trend for BITFINEX:BTCUSD breaking that trend on the daily. Keep in mind pullbacks can happen and the volatility will do nothing but get larger in dollar value as we continue to higher dollar levels. When we were at $1,000 per bitcoin a $100 swing was 10%, now at this writing a $100 swing is barely 1.2%.
The 4 Hour on Bitfinex still shows the buying pressure continuing to embarrass sellers. The pitchfork I use to track healthy trend levels shows some wiggle room upwards, I think with the coming news cycle and BTC mania we could see a new level of movement that will require a new assessment on what is healthy and what is not.
OBV remains healthy..
CMF (Chalkin Money Flow) shows a divergence there but it is partially due to the lack of selling pressure making it easier for the bulls to dominate. It is something to keep an eye on.
4 Hour RSI, STOCH, MACD.
The Hourly's do appear to have a need to cool down, but that does not mean it is time to open a leveraged position here in either direction, entry is key.
I will add smaller time frames in separate posts as I see opportunities become available.
Overall I remain bullish on ₿itcoin BITFINEX:BTCUSD but as a day trader I will post divergences (as in my last BTC post) and possible short term pullbacks as I see them. TA is never 100% perfect no matter the skill level but what is perfect is your trading strategy and risk management to mitigate losses or call reversals. In the end good risk management will overpower Technical Analysis error and keep you in profit. Remember to always use stop losses when trading (especially with leverage) and to do your own TA regardless of what other pro's see or analyze.
