TheTrex

High Accuracy Intraday chart for BTCUSD

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello, here is a quick gann angle chart for bitcoin             price resistance, the lines/angles act as resistance or support depending on the direction the price is coming from. In the red area price will start to find some more serious resistance and thus it's more confident to short here.
Comment: These angles are based on the current range of this smaller downtrend from 9050 to 6440. Breaking above 9050 will start retesting of larger trend into working.
Comment: Breaking above 9050 will result in a retest of 9870.
Comment: See the 0.618 uptrend angle, that's in general a good angle to see some down retracement.
Comment: But the 0.705 angle has to be broken first and that one will be tough too.
Comment:
Comment: In a wedge, wave 4 should be support if breaking down.
Comment: Expecting some dip now so secured some profit.
Comment: 7766 support EW-wise
Comment: If that fails 7570.
Comment: BTC coming in target area.
Comment: BTC held support on Gann angle and seems to be heading up again. 8284/8434 next horizontal fibs.
Comment:
Comment: We are slowly entering the potential short area 8757/9051 looks ideal.
Comment: Gann Angle still holding.
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@TheTrex , according to this chart, 8400 could have been a good shorting place, with the target of 8kish.

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this cyan neckline is holding as support
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7708 last hope according to TPO
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Genuinely every time I tether it goes up (and I’m not doing it at dumb times) so I might just ride it lol
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TheTrex Timothie_Roggers
@Timothie_Roggers, Too bad lol
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Shwayze Timothie_Roggers
@Timothie_Roggers, I support your plan! I spent a little over a month only shorting, to see if I could do it, and to see if I could make profit. Mentally, I was weak and sometimes would not listen to my gut, but I did make profit. Thing is, I hated it, my life was miserable staring at a screen, shorting is stressful! Trade the way you want to, Hold and be happy :)
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@TheTrex , Thank you for the updates. Please keep it coming.
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you forget 200 sma on 8500 level
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I wouldn't call it 'confidently' to short there, other than a quick scalp. The test at 9.4k is high probability before testing 11.15k for a better swing trade.
I can't see good RR when the smaller structured correction will not go further than 38.2% carrying higher risk than necessary returns vs letting the market decides what it want to test next other than petty low resistance points and from an observant point of view, money going back to exchanges to arrive today and Monday before round #2 short squeeze of those that are in denial in this last lower structure move. For every action, there is an equal and opposite reaction and to put things in to balance, the euphoria is not only for the top, but also for the bottom. Just my point of view, we will see :-)


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