Bitcoin Daily Update (day 324)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Consensio: P > L MA > S MA > M MA with L MA flattened out

Patterns: Phase 7 hyperwave | Bear Channel | 1h bull flag
Horizontals: S: $3,589 | R: $3,625
Trendline: Bear channel (see yesterday’s post)
Parabolic SAR: $3,336
Futures Curve: Backwardation with 0.82% spread. Appears to be re entering Contango after taking out the 2 week high.
BTCUSDSHORTS: Continuing to pull back from the shooting star .
Funding Rates: Longs pays shorts 0.01%
TD’ Sequential: G2 = G1
Ichimoku Cloud: Thin cloud shows little resistance above if we can take out yesterday’s high
Relative Strength Index: Back above 50
Average Directional Index: Bull trend
Price Action: 24h: +0.2% | 2w: +2.&% | 30d: -8.1%
Bollinger Bands: Showing the first signs of a bull trend (turning MA and top band up)
Stochastic Oscillator: D, 3D and Weekly Cross. Is very / powerful for those to occur at roughly the same time.

Summary: I like to start with a very long term view and then zoom in when the markets start moving. Have been keeping my eye on the 1h chart over the last 24 hours and I like what I am seeing.

Volume declining during consolidation while forming a 1h bull flag . Entering a stop order at $3,640 makes a lot of sense and provides very good risk reward . Could also set a order at $3,716 which would be a daily green 2 above a green 1.
moviestar ArthurOliveira
@ArthurOliveira, volume on the way up was different though
+2 Reply
BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
How do you feel about the manipulation and the accumulation that is likely occurring in the current climate? I understand that TA has its advantages, do they still hold true even with the amount of say that a market mover has over the charts?
@nndhawan, I believe manipulation occurs in all markets and that the only way to protect yourself is with technical analysis. There is no amount of fundamental analysis that will help and it is impossible for whales to disguise manipulation from the technicals. In markets that are more highly manipulated (small cap alts for example) then others I will either stay away entirely or use wider stop losses.
nndhawan Sawcruhteez
@Sawcruhteez, I agree regarding the wider stop losses/staying away. I'm patiently waiting to see how this move plays out, whether if the market movers are allowing it to play out bullish or is it to test the market to see where its sentiment lies.
+1 Reply
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