Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
*Using Weekly Chart*
Consensio: S EMA tried to make bullish cross with M EMA and looks like it is getting rejected which is very bearish.
Patterns: Phase 7 Hyperwave | Bear Channel | A&E or Bear Flag?
Horizontals:
Trendline:
Parabolic SAR: $4,123
Futures Curve: Backwardation
Funding Rates: Longs pay shorts 0.0032%
BTCUSDSHORTS: Took out horizontal support and appears to be turning it into resistance
TD’ Sequential: Green 5
Ichimoku Cloud: Tried to break through Tenkan-Sen but appears to be getting rejected
Relative Strength Index: Has climbed from 29 to 40 without the price going anywhere. I view that as bearish
Price Action: 24h: -2.3% | 2w: -4.5% | 30d: +6.5%
Bollinger Bands: MA at $4,186
Stochastic Oscillator: Rallying while price is flat
Summary: In the last daily update I said that:
“I can’t remember the last time I felt this bullish about crypto”
In 4 days I have gone from very bullish to neutral / slightly bearish. When the market flashes a bunch of bullish signals in confluence and then fails to go anywhere I take that as a very bearish sign.
We got a monthly Stochastic buy signal in confluence with a weekly buy signal. That is such a rare occurrence that it should be providing a lot of demand. The 4 & 9 week EMA’s were threatening to make a bullish cross for the first time in 7 months and likewise it should have created a significant amount of demand.
The futures market was in backwardation while the price was greater than the 2 week high, this is hands down one of my top two most bullish indicators. An Adam & Eve appeared to be forming on the 1D and was very clear on the 3D. The monthly TD Sequential was on a red 8. The 50 day EMA was rolling up and acting as support. The daily Ichimoku Cloud was fully bullish and acting as support.
Literally all of my favorite indicators were pointing in one direction which should mean there were a ton of traders seeing the same thing and entering orders to buy. When the supply overwhelms that much buying pressure then it is something to pay very close attention to.
Big moves often come after supply completely overwhelms all of the technical demand. It is a very strong indication that bears are overwhelming the bulls with ease. This is starting to feel very much like late September 2018. I am going to be staying away from entering new positions until this range breaks. At a minimum that means the blue pennant that has been drawn and even then I may want to wait until $3,200 or $4,200 falls.
On the bright side this will give me some much needed time to buckle down and focus on writing the book on Hyperwaves which I am co authoring with Leah Wald and Tyler Jenks. On the other hand I will have little motivation to make new updates until this range is broken. If you don’t hear from me for a while then that is why. I might have to change the name to Bitcoin Update and remove the daily aspect. Cheers!
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
*Using Weekly Chart*
Consensio: S EMA tried to make bullish cross with M EMA and looks like it is getting rejected which is very bearish.
Patterns: Phase 7 Hyperwave | Bear Channel | A&E or Bear Flag?
Horizontals:
Futures Curve: Backwardation
Funding Rates: Longs pay shorts 0.0032%
BTCUSDSHORTS: Took out horizontal support and appears to be turning it into resistance
TD’ Sequential: Green 5
Ichimoku Cloud: Tried to break through Tenkan-Sen but appears to be getting rejected
Relative Strength Index: Has climbed from 29 to 40 without the price going anywhere. I view that as bearish
Price Action: 24h: -2.3% | 2w: -4.5% | 30d: +6.5%
Bollinger Bands: MA at $4,186
Stochastic Oscillator: Rallying while price is flat
Summary: In the last daily update I said that:
“I can’t remember the last time I felt this bullish about crypto”
In 4 days I have gone from very bullish to neutral / slightly bearish. When the market flashes a bunch of bullish signals in confluence and then fails to go anywhere I take that as a very bearish sign.
We got a monthly Stochastic buy signal in confluence with a weekly buy signal. That is such a rare occurrence that it should be providing a lot of demand. The 4 & 9 week EMA’s were threatening to make a bullish cross for the first time in 7 months and likewise it should have created a significant amount of demand.
The futures market was in backwardation while the price was greater than the 2 week high, this is hands down one of my top two most bullish indicators. An Adam & Eve appeared to be forming on the 1D and was very clear on the 3D. The monthly TD Sequential was on a red 8. The 50 day EMA was rolling up and acting as support. The daily Ichimoku Cloud was fully bullish and acting as support.
Literally all of my favorite indicators were pointing in one direction which should mean there were a ton of traders seeing the same thing and entering orders to buy. When the supply overwhelms that much buying pressure then it is something to pay very close attention to.
Big moves often come after supply completely overwhelms all of the technical demand. It is a very strong indication that bears are overwhelming the bulls with ease. This is starting to feel very much like late September 2018. I am going to be staying away from entering new positions until this range breaks. At a minimum that means the blue pennant that has been drawn and even then I may want to wait until $3,200 or $4,200 falls.
On the bright side this will give me some much needed time to buckle down and focus on writing the book on Hyperwaves which I am co authoring with Leah Wald and Tyler Jenks. On the other hand I will have little motivation to make new updates until this range is broken. If you don’t hear from me for a while then that is why. I might have to change the name to Bitcoin Update and remove the daily aspect. Cheers!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/