SamHuynh
Long

BTC-USD time for recovering

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
we have touched the lower band on daily with a green doji .
6.85k is a strong support so it is a good place to expect some kind of recovering
In addition, bear momentum has exhausted.
Im expecting a recovering to minimum 7.4k.

Note: this is discussion post, not financial advise
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Trade active: :)))
Comment: omg, lol
Comment: too early to jump in . I should have waited for today's candle ended for confirmation because the previous one is a doji. We are only at candle 7. So we still have possible 2 more miserable dates. If price is broken below the previous low 6889$, this trade will be canceled because we will test the 6.7k range. If 6.7k range can't hold , we will test the 6.6k range which is the uptrend line

Comment: still have some hope for the bull because the squeeze has turned grey which show sell momentum decreasing T__T
Comment: FINALLY SEC has decided to delay ETF. However, if bitcoin can still hold above 6760$. It will be MEGA bullish because we won't have any FUD
Comment: during time like this, always try to stay irrationally.Look at the chart at high timeframe. Don't listen to FUD/HYPE . Use the eye of third party to analyze. Ask yourself these questions:
1- why made bitcoin to rally last July ? bitcoin ETF
2- what made bitcoin to dump for over 8 days straightly despise all of positive news ? expected delaying of bitcoin ETF
3 - why can't bitcoin break 6760$ (well not sure yet) ? if it breaks, be prepared for below 6k$ sooner or later.
if it can't break, this shows that FUD price is already in . We are in a strong uptrend because of a lot upcoming positive news

In conclusion, don't listen to any FUD/HYPE. Try to think logically to win this game and use the chart as your weapon :)
Comment: today is TD sequential 8. Bull is not OVER yet, guys. This ETF is the only FUD left on the house and it is the reason why we have 8 straight dumping date. And today the news is OUT. Let's hope today's candle will end with a nice one
Comment: As a BEAR, it should prefer doing Head and Shoulder scene instead to have MORE impact at driving price down. Why ? with 8 straight day dropping and oversold RSI, it is impossible to drive price down much anymore. So this is the best scene for BEAR
Comment: you must be wondering why i still have HOPE for bull ? well, because of Stellar :). That coin usually/always follows bitcoin during the drop. But this time, it has refused to drop more at its support :)
Comment: as always, buy when people are in panic (especially a price-in panic case) :)
Comment: today is candle 9. If btc breaks below the last uptrend line, bull is over
Comment: this is the reason why crypto needs regulation badly. Whales have control the chart as they are playing toy :)). Previous rallies, during correcting mode, we will have some recovering green days. Right now, all we see is red red. I feel like whales are in RUSH this time . That should ping us something. Anyway, panic mode is kicking in . However, I still see a strong uptrend is coming for crypto around October . September might be sideway ???
Comment: 6180$ is the last stand and last uptrend. Break it and we will see 5xxx range. Situation is bad now. Panic mode is in
Comment: lot of resistance ahead. The toughest one is at 6650$ which has many confluences
Comment: everytime we try to break above 6500 , we get rejected hard. However, this is the first time in a while we have a strong big green candle, so i hope we can eventually break 6500$ to move up higher
Comment: if we break below 6400$ again with good followings, expect further down move again
Comment: let's look at on different view.
The reason why we are consolidating around this area is because this area has high volume trading from before.
So if we can break out of this area, we need to face the next resistance around 6650$ . This area has a lot of resistance confluences (fib, ema100, ichimoku, bb middle ,...). However if we look at on volume profit, this area has low volume so the chance to break it is possible
then we will have to face tougher Psychological resistance around 6.8k.
if we can break it, we will see 6.9k-7k zone

Overall a lot of resistances to break T___T
. For the downside, break below 6.4k is the first signal and we all don't want that >>><<<
Comment: nice, now we are fighting against 6640$ resistance
Comment: if today 's candle closes above 6720$, that will be an awesome bullish sign
Comment: 6640$ has turned out to be a very strong resistance because of many confluences.
if we are still above 6400$, we can still expect further rally to 6.8k.
We are in heavy bear correction so we have to expect some pullback after reaching 6.62k before going up higher. Bull
Comment: if we look at volume of the whole rally, indeed 6640$ is the toughest part to break through
Comment:
Comment: price has tried to go down 6.4k 2 two times but got rejected with a hammer. Very nice bullish reversal. Now we only need to break out of the flag
Trade closed manually: lol. see bitcoin in 5xxx
Comment: bear is hesitating at pushing lower. Usually when it breaks the 4hr equilibrium, there will have a strong push down. However, this time we don't.
what do you use to show the sell/buy signals in some of your charts?
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SamHuynh dragonslayerfrodo
@dragonslayerfrodo, custome indiator , my friend. Not much accuracy because of late signals. I put it to attract people :))
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SamHuynh _Scally_Wag
@_Scally_Wag, only happens if 6760$ is broken. Remember that the multiple down days is because of the expected delay ETF. Pretty much price is in. So if we can still hold above 6760$, that's a very BULLISH signal. And the ideal of dropping down to 6k/5k is from retail investors. Whales always are outsmart retail investors
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