DistortedBit

DistortedBit Updated 

BTC was stuck in a channel that broke down to 7k and recovered for about a week which it has recently broken out at 7600. Now we are seeing a nice pullback on 4h chart with a volume contraction, note how the volume as around 2x average volume near breakout and drastically reduced during 7600 retest. And ideal entry would be 7580 ish but looks like market is...

DistortedBit Updated 

It seems during btc downtrend since Jan, out of 14 bullish engulfing candles on daily, only 3 has failed. #1 was a no brainer bad trade as it was near resistance and had no clear down trend before. #2 was false signal #3 stopped out before going up Now we find ourselves on a daily engulfing on major support at 7k. And we are having a pull back. This is a good...

DistortedBit Updated 

We are in a parallel channel for a while now. Support at 7300-7400 has been holding the price up. And it has been not only tested but it was able to stop and rebound price sharply for 3 times now. During the first two times, the top sold out fast. However in the highlighted area, sells had hard time pulling the price down. For example, the price took only 2 green...

DistortedBit Updated 

As you can see we have been in this parallel channel for a while now. We have a parallel channel and also a potential inverse head and shoulder in play here. Looking at the price action, buyers seems to be strong now. Previously at upper resistance we saw some strong exhaustions followed by long red candles. However, after we have rebound from 7900, tables have...

DistortedBit Updated 

As we can see bitcoin climbed back into upward channel. We have some support at 9450 and also the trend line has held there historically. P/r is 2.