Hi guys, your turning mecard is back! in case you don't understand what word 'turning mecard' is, it is a korean toy product! car transforming to robots! it's cool, i love it, so i have lots of these toys(my son does!) too!
anyway, i have been not writing for couple of days, because i was so busy trading! yesterday was such a busy day! I went short from 6500, sold it at 62 zone, when short at 6370 sold at 6180, went long at 6180 sell, go short again....gosh! the volatility is back, folks!
right now, i'm very, very short term bullish about bitcoin, for the next days, or even two. because it is making a good progress! yes, we hit 65 came down to 6k, went back up, came to 61.8, goes back...
but what is important is how the candle closes everyday, and how the moving average becomes in favor of the bulls!
people who say, "it is weak...not yet to buy or short...weird.."do not know what bitcoin is doing right now. just look, btc has made 3rd days in a row green candlle, closing at 63 level today after dropping to 6k. this is very strong sign, and also did you guys see the 4hr 21ema? Yes, just a week ago it was located at 6623, now it is 6351! we have gone past that for many times, even though it came back down(this move is a fake by the whales, closing below that level...keke) BTC tends to drop, to drag down the moving average, and when it does that, it has much more power because, with less confluence,resistance, and lower price bulls can break above levels with energy! that is what bulls and bears are doing, and i think they are playing this game together!
anyway, i will show you what i think will happen in coming hours.
even though BTC is being resisted by 21ema, the price is low, and it is easily touched and surpassed. BTC's target is NOT 21 ema anymore. see the candles in bollinger bands in low time frames, it is closing above the baselines, this is bullish. so i think after some consolidation btc will go challenge 50ema, at 6598. it needs to go there to break resistance of rsi at 1hour and low timeframes, and even the daily rsi resistance. this is a must try btc should make in the next 24 hours i think. if not, i have to come up with another plan.
daily is showing a bull div on frames which are good, but! as you see in the chart the rsi level at 37 is 6580~6620 level, which if btc wants to shoot up, it must go overcome 50ema,6598! as the price goes up rsi would go up, when price stops at 6580~6620 level and
drop, bear div is in play. but now, if price goes over that to 6700/6800 zone, bull divergence is in play! so next 24 hours will be fun. my trading plan is as below.
you can check detail's in the chart. you can scalp from high 63 level to low 63 level today, with boringness.but, btc always show strength every day, for once! today, most important is that WE MUST open SHORTS AT 65~66~67 LEVEL IF it comes up!. for scalping? no, MAYBE to sell them at 5k level! so when you open your shorts at that level, DO NOT sell so quickly. you can get 100 dollar(in terms of btc) profit, but MAYBE you lose the chance of 1200 dollar profit! because btc might show a bear divergence if the price does not surpass 67 level, then this short run might be over(i don't think this yet, but maybe!). also, price may be stuck at 63 level for 24 hours, which will indicate a drop! if so, maybe my inverse H&S Pattern may play out, but not for now.
trade with happiness, good luck!!
anyway, i have been not writing for couple of days, because i was so busy trading! yesterday was such a busy day! I went short from 6500, sold it at 62 zone, when short at 6370 sold at 6180, went long at 6180 sell, go short again....gosh! the volatility is back, folks!
right now, i'm very, very short term bullish about bitcoin, for the next days, or even two. because it is making a good progress! yes, we hit 65 came down to 6k, went back up, came to 61.8, goes back...
but what is important is how the candle closes everyday, and how the moving average becomes in favor of the bulls!
people who say, "it is weak...not yet to buy or short...weird.."do not know what bitcoin is doing right now. just look, btc has made 3rd days in a row green candlle, closing at 63 level today after dropping to 6k. this is very strong sign, and also did you guys see the 4hr 21ema? Yes, just a week ago it was located at 6623, now it is 6351! we have gone past that for many times, even though it came back down(this move is a fake by the whales, closing below that level...keke) BTC tends to drop, to drag down the moving average, and when it does that, it has much more power because, with less confluence,resistance, and lower price bulls can break above levels with energy! that is what bulls and bears are doing, and i think they are playing this game together!
anyway, i will show you what i think will happen in coming hours.
even though BTC is being resisted by 21ema, the price is low, and it is easily touched and surpassed. BTC's target is NOT 21 ema anymore. see the candles in bollinger bands in low time frames, it is closing above the baselines, this is bullish. so i think after some consolidation btc will go challenge 50ema, at 6598. it needs to go there to break resistance of rsi at 1hour and low timeframes, and even the daily rsi resistance. this is a must try btc should make in the next 24 hours i think. if not, i have to come up with another plan.
daily is showing a bull div on frames which are good, but! as you see in the chart the rsi level at 37 is 6580~6620 level, which if btc wants to shoot up, it must go overcome 50ema,6598! as the price goes up rsi would go up, when price stops at 6580~6620 level and
drop, bear div is in play. but now, if price goes over that to 6700/6800 zone, bull divergence is in play! so next 24 hours will be fun. my trading plan is as below.
you can check detail's in the chart. you can scalp from high 63 level to low 63 level today, with boringness.but, btc always show strength every day, for once! today, most important is that WE MUST open SHORTS AT 65~66~67 LEVEL IF it comes up!. for scalping? no, MAYBE to sell them at 5k level! so when you open your shorts at that level, DO NOT sell so quickly. you can get 100 dollar(in terms of btc) profit, but MAYBE you lose the chance of 1200 dollar profit! because btc might show a bear divergence if the price does not surpass 67 level, then this short run might be over(i don't think this yet, but maybe!). also, price may be stuck at 63 level for 24 hours, which will indicate a drop! if so, maybe my inverse H&S Pattern may play out, but not for now.
trade with happiness, good luck!!
Comment:
guys, finally btc showing strength. it closed above 21ema, 4hr. wait for its move in the coming hours.
Trade active:
guys, did you get in at 63 level? it hit 6550, little short then my target. still ongoing lets see. try to get shorts around 65~66, or upper 64. let's see if this isn't a fake breakout.
Comment:
this breakout has made bear divergence on 1hr. price up, rsi down. bulls have difficulty breaking 65.5/66.2 level. they need to push much higher or a retracement would come in the following hours. bulls NEED to overcome 65.5/66.2 level, more like 67/68 bull shot, and clean up the mess on indicators to start this trend healthier.
Trade closed: target reached:
okay guys all mission accomplished for today. long from 63->65, short from 65 to 6350. price can go down more, 21ema 4hr might not hold, but I call it a day. you see, btc is bullish but, we are in major downtrend so the big picture does not change, when you cannot make a higher high with 6620 at top, everything gets beearish and things need to reset. i expected this to happen, hoped it reached 67, but maybe in coming days, maybe.
Comment:
for those who trade btc in bitmex, i assure you to put short orders at your sleep time. so we have hard time going over 6538, so first order between 6480~6530. second, if we go past that level is 50ema 6580, 6620. but in weak btc situation we can expect a lower high, like 6560 or 6591 so set that for second portion. much larger portion set is 6680.6730, if we make higher high.average price will be around 6.6k or something. be careful with leverage, your liquidation price must be over 7.1~2K, so that would be 8~10 leverages? anyway, this would work.
Comment:
Guys this market has become trash! I HAVE not expected it to go 6100ish and bounce back! Now times DO NOT TRADE alts!just BTC like me playing margin games is the best safe way! It is not so risky if you control risk. hjave not lost a penny in this massive downtrend because i saw this coming.
Comment:
guys do not GO SHORTS AT THIS LEVEL! no not yet, it will hit 58, worst 57.5~8 today and give a relief bounce to 6~6.2k, maybe more. try to catch up some longs then shorts. i got in at 5870, waiting for more dip to come.
Comment:
one more thing. just make sure your liquidation price is 5.5k or below. now it can even break 57.5~8, but i don't think so. btc ALWAYS give a bounce at former low, that is what history tells us. it will from now on slowly make a reversal pattern for a day or two. so buy more at 57.5~8. if that breaks buy much more at 5.5k. you will win at least 500~700 dollar profit for that.