Nick_Core
Short

Bitcoin Analysis Update: Current Conditions July 23, 2018

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is a quick analysis of current conditions. The 4 hour Doji we are looking at closes in about 30 minutes of this writing.

Tom Demark Sequential (T.D. Sequential)
Count: 9
Notes: Imperfect close on the 8.

Bollinger Bands
Position: Capped
Squeeze: None

Guppy Multiple Moving Average (GMMA)
Trend Strength: Bullish, price position in relation to Moving Averages indicates Bullish . However it is overbought on multiple time frames.
Overbought/Oversold: Overbought

Chaikin Money Flow (C.M.F.)
Divergence: Bearish
Trend: Bullish but declining on the price action move up.

On Balance Volume (O.B.V.)
Divergence: Bearish

Stochastic ( Stoch )
Divergence: Too long to technically be a divergence. Capped 6% lower than prior high reversal.

Relative Strength Index (R.S.I.)
Divergence: Too long to technically be a divergence. Capped 20% lower than prior high reversal.

Conclusion

There are several Bearish divergences on some of the higher time frames, however we are seeing some signs of a bottom transpire on the daily. We are not completely there yet though.

Looking for a retrace (Below) to the Tenkan-sen (Conversion Line in orange) and then a drop down to $7,276 shown in yellow below. As this happens I will be evaluating the divergences I see on higher time frames to consider if we will drop further to the Kijun-sen (Base Line in pink) or if they will fix themselves.

Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. Thank You!
Comment: Also I am watching April 24th and this current action very closely.
Comment: I am getting hate mail over my analysis yesterday. If you are wrecked (as people claim) over a $600 (at worse) move opposite of my publishing time then you are using the wrong risk management & portfolio management.

I provide analysis and I do not tell people to trade it. I provide MY analysis & what you do with it is up to you.

At the time I did not provide a entry/stop because it was an analysis not a trade idea.

If anything I prefer people read my analysis to learn so they can make their own analysis instead of using mine & other traders to trade upon.
Comment: To everyone who commented on something positive here, thank you. :)
All posts are for educational purposes and are simply my views of markets conditions. Please see https://www.thetradingwizard.com/automation for access to free scripts.

Please do your own research and use my content to educate yourself.

Comments

You are doing a good job, I've been studying TA for almost one year and the learning curve was not that steep because of people like you how share their knowledge!
If you just blindly act on someone TA you will go broke really fast as most likely don't have the mental strength and exposure to the market.

Experience comes with loses and wins, just manage your capital.
+5 Reply
@Zuzuzu, Indeed.
Reply
Thank you Nick. Much appreciated as always.
+5 Reply
Nick_Core patbeast.khoury
@patbeast.khoury, Thank you. I appreciate your kind words everytime.
+1 Reply
Your analysis was completely on point. So much bearish divergence and right at a huge point of resistance. The risk:reward was great to short in the 7700's. Unfortunately this time it didn't work out. What these haters need to realize is 1. risk management is probably the most important thing in trading. position size, leverage used, and sensible stop-losses should all be decided prior to entering a trade. And 2. If you only take these trades that are looking as good as this setup did, you will probably win 8/10 times. Keep on doing your thing, Nick. A lot of us really appreciate your take on the markets!
+4 Reply
@dartsj, Thanks Dartsj, I appreciate it.
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Bloody hell! Ignore Nick. When I need precise and to the point analyses, I look no further.
+4 Reply
" I am getting hate mail over my analysis yesterday. If you are wrecked (as people claim) over a $600 (at worse) move opposite of my publishing time then you are using the wrong risk management & portfolio management.

I provide analysis and I do not tell people to trade it. I provide MY analysis & what you do with it is up to you.

At the time I did not provide a entry/stop because it was an analysis not a trade idea.

If anything I prefer people read my analysis to learn so they can make their own analysis instead of using mine & other traders to trade upon."

But wait a second here, don't you know you're expected to make everyone else money doing the work for them while doing all the work for them and receiving zero compensation for your efforts and assistance all the way up until the point you make an inevitable failed projection where yet more unrealistic one sided expectations are applied to you?

Who do you think you are!!!

None the less Nick, I respect your clear and VERY TIME CONSUMING AT ZERO PERSONAL PROFIT explanations in your attempts to assist the community with educating them as an alternative to paying for similar services or literature to self educate. (which buying a service is evidence they're more inclined to meaningfully learn something) Your publications are a clear deviation from the unfortunate biggest ego self importance contest the front page was largely over run with (though certainly not entirely with other educators like Gold Bug).

Likely every single person here has been informed of the importance of trading their own assessments and anyone pathetic enough to send you hate mail over a failed projection they failed at themselves is nothing short of laughable. Big ups for your service to the community man! I don't always agree with you but I always appreciate the effort to educate and give out to the strangers. Your profile is a welcomed and needed addition to the front page and as you point out, your Discord group does in fact contain services worth paying for without a fee.

I laugh at your hate mailers! Muahahahahaha!
+4 Reply
Nick_Core Techmology
@Techmology, Thank you :) needed that.
+1 Reply
MovingWater Nick_Core
@Nick_Core, it is ok Man. Trading World is not easy, sometimes shit happens. Keep up the work, you will get there. I will launch a website very soon, maybe we could work together.

you have good technical analysis.

keep up the good work.
Reply
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