MY FIRST CRYPTO ANALYSIS!!!!
Although I usually stick with one currency pair, USDJPY for the most part, I have ventured into Technical Analysis onto Cryptocurrency the past couple months. Trading wise it is very different with huge profits/losses rapidly from the pip movement or cent movement. This is my recent analysis on BTC and plan on publishing more on XRP, IOTA, ETC BUT FOR NOW going to share some of my thoughts on the main man, BTC.
BTC has had a wild few month with huge fluctuation and buyers flooding into this market nearly breaching $20K price. Then we see a huge correction for a near 2 months to the downside retracing to $6K price. This retirement on the Daily time frame was an 88.6% - 100% retrace and made buyers hold their breath. After this we see another buyers push to bring price past $10K, crossing Daily Moving Averages which shows breaks of structure on all LOWER time frames below Daily. However on the Daily chart the recent LH has not been broken so this is where we see the confluence of the past LH and the 3rd point of the Daily Trend Line (which shows LH points anyways).
With the current standpoint of this Bearish Daily candle it has the potential to close Engulfing and if this happens I believe we will see lower price breaches. IF not, that shows that buyers are pulling price up and is not quite ready to continue down, which would stick true to structure on lower time frames.
Be patient with BTC and only buy on HL and sell on LH or the fluctuation will damage your account severely. Happy trading to you all and I hope this analysis helps your vision with what Im seeing. I take my analysis to an in depth level and I hope you alll recognize this, only trying to benefit my =viewers. Thank you for the support and I will update as I see more movement.
Although I usually stick with one currency pair, USDJPY for the most part, I have ventured into Technical Analysis onto Cryptocurrency the past couple months. Trading wise it is very different with huge profits/losses rapidly from the pip movement or cent movement. This is my recent analysis on BTC and plan on publishing more on XRP, IOTA, ETC BUT FOR NOW going to share some of my thoughts on the main man, BTC.
BTC has had a wild few month with huge fluctuation and buyers flooding into this market nearly breaching $20K price. Then we see a huge correction for a near 2 months to the downside retracing to $6K price. This retirement on the Daily time frame was an 88.6% - 100% retrace and made buyers hold their breath. After this we see another buyers push to bring price past $10K, crossing Daily Moving Averages which shows breaks of structure on all LOWER time frames below Daily. However on the Daily chart the recent LH has not been broken so this is where we see the confluence of the past LH and the 3rd point of the Daily Trend Line (which shows LH points anyways).
With the current standpoint of this Bearish Daily candle it has the potential to close Engulfing and if this happens I believe we will see lower price breaches. IF not, that shows that buyers are pulling price up and is not quite ready to continue down, which would stick true to structure on lower time frames.
Be patient with BTC and only buy on HL and sell on LH or the fluctuation will damage your account severely. Happy trading to you all and I hope this analysis helps your vision with what Im seeing. I take my analysis to an in depth level and I hope you alll recognize this, only trying to benefit my =viewers. Thank you for the support and I will update as I see more movement.