A quick pump on bitcoin but beyond that there isn't much to report other than a slight move in the bull's favour. I am not worried or spending any time on the conversation around bitmex simply because what is done is done and there's nothing more to it
With many in the top-10 divergent on the 4 hour time frame my focus is on ETHUSD. The candle still needs to close before we can go through the check list however I wanted to alert the community that this is something I am stalking for a short. Keep in mind daily time frame is over extended from the averages so manage your risk accordingly.
With further declines seen on bitcoin over the weekend you might think my view on bitcoin has changed. It has not and here's why
As much as I would really love a great trade on bitcoin now it's not where the trading activity has been for me and my clients of late. In this video I take you through a few charts I am stalking and have been trading the last few days.
Today with the new monthly candles opening and a pull back in motion I think it's the opportune moment to discuss what perspective looks like and what it means for the current state of the market.
With the pull back having happened and fast we now have a bullish candle on the daily. A break up through the high of that candle would suggest we will see new highs within this current trend.
Now that we have broken the little range and not pulled back we have not got a great deal in the way resistance wise until around $9,700. Yes there are some round numbers ahead but I don't see these levels as hugely significant. I am hunting long trades.
Bitcoin remains in it's $300 range on the mid time frames. I am patiently waiting to see if we break down to offer an entry on the higher time frames over the coming days or we push up and may provide some shorter time frame opportunities. I also throw in at the end a chart I am stalking closely for a breakout.
Yes, the market has witnessed a pull back when we look at most of the top-10. So why has bitcoin not pulled back? All I know is what I am looking for as a trading opportunity long.
Currently I've analyzed 4 potential scenarios on this pair. I believe at least one of these scenarios will play out