Scribes

Scribes Updated  Apr 27, 2022

I have been viewing the last weeks (since the Jan low) as a reversal pattern, with higher highs and higher lows on a weekly and daily time frames. We are currently trading under significant multiday averages (20, 50, 100), and bounced off the 38200 level. The current channel looks like a giant bear flag. We might break down further from here towards 36k and then...

Scribes Apr 22, 2022

As expected (but not this quick), we sold off @ 100 EMA around 43000 level (4hr chart we were rejected at the 200 EMA) and that might have caused the strong selloff. After we were stopped out on our long @ 40600 our short entry @ 39900 also hit SL @ 40600. We might expect the same whip saw movement over this weekend. I will sit this out and try to identify a...

Scribes Apr 20, 2022

As previously stated in my analysis, we had a pending buy trade @ 41600 which was activated yesterday. On one hand this is good news, for our long strategy, yet the latest price action are telling me to be more cautious than usual. There is more selling pressure on our path to the upside than support areas on the downside. Yesterday BTCUSDT faced resistance as it...

Scribes Updated  Apr 18, 2022

BTCUSDT managed to pierce and pullback the 50% fib yesterday. We need to close above that level to be more confident on the new uptrend. The price went very close to triggering our buy with a high of 41555(pending buy @ 41600). I expect a further move above the 50% fib. Downside risks S1 @ 40600 S2 @ 40000 S3 @ 39200 current bottom level Upside resistance R1 @...

Scribes Updated  Apr 12, 2022

This is an update to my previous posting, and more details into my analysis of the current developments. Need to keep in mind that after a strong selloff, a correction rally was to be expected. So we dont have confirmation of a trend change yet. Also - traders will be looking at the US CPI reading prior to any further action. In any case my pending trade is a...

Scribes Apr 11, 2022

I have been stopped out of my trade so far. I bought @ 43600, and added @ 42600, but was stopped @ 41600. So I went back to the chart trying to find clues that would help me setup new entry points. On the daily chart I identified a trend channel. I setup my fib levels according to the significant daily lows and highs. Also I identified the current falling trend...

Scribes Updated  Apr 11, 2022

I entered my position @ 43600. I was expecting more upside end of week on Friday. Yet the market played out completely opposite. I usually trade with no more than 5% of my account and out of the 5% the first position is not more than 15% of that which brings the overall exposure on trade nr.1 at 0.75%. So overall now i am down 1.5%. I added 25% to my long @...

Scribes Apr 8, 2022

Still holding my long position as this neutral ascending triangle tries to break to the upside. Chances are it will if these levels hold. Not happy with volume, so still cautious.

Scribes Apr 7, 2022

I expect a higher move Friday to over the weekend above 44K. It will set the stage for 52k.

Scribes Apr 6, 2022

Another pattern formed, which is inline with the bearish doji scenario in my previous post, is the bearish triple pattern on the 4hr chart. I expect to see it bounce off the 200ema. I would go long if it pierces 200ema on the 4hr (long 43.6k).

Scribes Apr 6, 2022

An evening doji patern i forming on the weekly. We would need to close below 44k to confirm the pattern. I would cautiously wait for confirmation. I am currently bullish on BTC, yet will need to wait this out.