iSovereign

Break on the Weekly and 4h Channels

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The Weekly
BTC wicked above weekly resistance thats been in play since Dec 2016 and bounced off of support in play as of 07/2017.
Any close or extended PA above the magenta levels increases likelihood of continuation to the upside.
Watch for open or close of new candle at these levels to determine bias.
At the time of posting the Weekly atr is turning upside as is the Di+, tho still below the requisite 25 to confirm upside trend.

The 4H
BTC showing obedience to the upside channel.
TL's show range of moves en route to next leg up or support in the case of a dip.
Horizontal price levels are protected candles to be used as tp levels in either direction, and/or pivots for intra moves.

In summary:

Broken weekly resistance is bullish signal showing buyer interest at higher prices, however upside momentum is still more passive than down.
Marginal Efficiency of buying at these levels will depend on estimated tf for turnover.
R/R calculations should consider opportunity cost, despite long term bias.
Watch for sudden/high volume moves as signal for players getting positioned.

Weekly atr at time of posting shows absolute value range of $1807 and 4H showing range between $158 and $375.

Im a trader. Its not my job to call the top or the bottom.
Play the range. Secure profit on every run.
Appreciate the risk.
Im a trader. Its not my job to call the top or the bottom.
Play the range. Secure profit on every run.
Appreciate the risk.


Sickism
Reply
Correction: Weekly resistance thats been in play since Dec 2017* - not 2016. Geeeeezus.
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