Hello Traders,
Just want to start a quick update on the current battle that is going on on with BTC. Its a very exciting and possibly deciding moment as we are up against major resistance. Im using Ichimoku Cloud to show us the way.
As you can see on the 3 Day chart, we bounced off the 3D cloud after our massive correction and then entered it to then follow it upwards.
Looking good so far? However we have a major obstacle on the way up.
The weekly resistance, the Kijun-Sen and the Tenkan-Sen are right above us currently at $11,435 and $11,626. Not only that but on the 4h chart we are also in a rising wedge that signals we could drop. Volume has been declining on this last push up, which is important to note, but we shouldnt trade off it alone.
As much as I would like to be bullish, I play the charts, and being up against weekly resistance x 2 is no easy thing. I usually will try and long on support and short against resistance. If we go through it it would be like beating thee final boss of a level and we continue on in a very bullish manner. We will most likely continue up through the cloud on the 3D chart then to move towards the 3D resistance.
Fun fact: There is also a massive hidden sell wall at 11340 that has not been broken despite several hundred bitcoin being bought out of it.
I will be shorting from $11,600 to $11,800, as we have a historical resistance level at $11,760
Will keep updating this post with targets. Just wanted to get his chart out in a hurry for people to see.
-AlexCph
Just want to start a quick update on the current battle that is going on on with BTC. Its a very exciting and possibly deciding moment as we are up against major resistance. Im using Ichimoku Cloud to show us the way.
As you can see on the 3 Day chart, we bounced off the 3D cloud after our massive correction and then entered it to then follow it upwards.
Looking good so far? However we have a major obstacle on the way up.
The weekly resistance, the Kijun-Sen and the Tenkan-Sen are right above us currently at $11,435 and $11,626. Not only that but on the 4h chart we are also in a rising wedge that signals we could drop. Volume has been declining on this last push up, which is important to note, but we shouldnt trade off it alone.
As much as I would like to be bullish, I play the charts, and being up against weekly resistance x 2 is no easy thing. I usually will try and long on support and short against resistance. If we go through it it would be like beating thee final boss of a level and we continue on in a very bullish manner. We will most likely continue up through the cloud on the 3D chart then to move towards the 3D resistance.
Fun fact: There is also a massive hidden sell wall at 11340 that has not been broken despite several hundred bitcoin being bought out of it.
I will be shorting from $11,600 to $11,800, as we have a historical resistance level at $11,760
Will keep updating this post with targets. Just wanted to get his chart out in a hurry for people to see.
-AlexCph
Comment:
Price so far consolidating at $11,400-$11,500 range. We should see more pushing upwards. We know honey badger just doesn't care sometimes, and goes bulltard and wrecks the bears.
Comment:
BTC broke down from the rising wedge which we expected. I actually went ahead and shorted from 11498 to take in a decent profit on a short term short.
There is massive resistance at $11,000 and therefore we shouldnt expect the price to go down there just yet. Im expecting another push up as there is a lot of bullish sentiment. 500 shorts have also just closed making more of a short term bullish case up to $11,600-$11,800.
Lets see how it unfolds. I would recommend unless youre a seasoned trader to not open any margin trade at this point. If you simply are holding bitcoins then thats fine for now.
There is massive resistance at $11,000 and therefore we shouldnt expect the price to go down there just yet. Im expecting another push up as there is a lot of bullish sentiment. 500 shorts have also just closed making more of a short term bullish case up to $11,600-$11,800.
Lets see how it unfolds. I would recommend unless youre a seasoned trader to not open any margin trade at this point. If you simply are holding bitcoins then thats fine for now.
Comment:
Not surprisingly there was too much support at $11,000 and we didnt go below it. Therefore I chose o open a shortterm long from $11,112. Lets see how far up this goes.
Comment:
Turns out we didnt push through the weekly resistance yet and as RSI, MFI and my volume weighted MACD indicator are all showing signs of weakening of the trend, I closed my short term long at $11,522. Remember folks, its always good to take profits. You can always re-enter when you have a clearer sense of direction. Even as a new trader its better to take profits than be greedy and end up turning a winning trade into a losing one.
I will keep updating in this thread and will most likely look to short at some point furthur up. Sentiment in general is bullish right now so its important not to get too stuck with ones original idea. Stubborn traders dont make as much as traders who are willing to adapt.
I will keep updating in this thread and will most likely look to short at some point furthur up. Sentiment in general is bullish right now so its important not to get too stuck with ones original idea. Stubborn traders dont make as much as traders who are willing to adapt.
Trade active:
Sorry for the delayed update. Opened my short at $11,530. We got rejected at $11,700.
Comment:
Target is $11,050ish. I usually keep monitoring RSI to find my exit points if I need to exit my trade before target is reached. When there is a lot of bullish divergence at about 1/6 of my trading timeframe I will close my trades or at an important support level. E.g. If Im trading on the 4H timeframe, I will look for RSI divergence on the 30-40min timeframe. This method obviously works only if you're an active daytrader. I will be posting longer term trades as well. Stay tuned.
Trade closed: target reached:
Target reached at $11,002. Ill make a new post about next direction for BTC. Could easily have more down side.