Bitcoin Rising towards 9400 but failing so can result in 7500s

Hi all,
I am back with new chart. After that dip from 10k until 8400, trade setup became really very tough. reasons being :
On Weekly:

We could see Momentum is Bullish on the other hand on daily as in main chart momentum is Bearish.
However from the little experience I have I can conclude that the price can rise towards 9400 before any major pump that can yield in very high prices. But failing here can be drastic and can yield in price drops as much as 7500s.

Suggestion :
Long but good favored stop.

Peace and wealth,
Budha

Comment:

With this fresh dip I have the following updates:

Weekly:

Weekly is oversold on complete body and we just got near to 6 hours on minimal retrace failing which can lead to drastic dip otherwise can result in the up move

Daily:

Daily now giving good sign for bulls because the dip was not hard that resulted in week red candle without any strength which can result in followup green candle

Lower Interval:

On 30 minutes Bears played well and if they can play well here that can result in the daily candle to get more bearish magnitude.

My Suggestion:
Long here is still not bad unless we see price below 8400 on the daily.

Peace,
Budha

Comment:

I posted wrong chart for 30mins on above update: here is the right one

Comment:

Hi again with new update:

Weekly :

Weekly started green which is a great sign for bulls but their stops should be below where that candle will turn red.

Daily:

Yesterday price kept us at most critical spot, Daily didn't close below 8400 neither above 8600 which makes Daily so tricky. I am expecting today's green candle not going to be big but as long as it closes green we can expect green green candle the next day. Let me remind it is a game of patience here.

My Conclusion in simple words, if price dips below 8400 end of the day you can favor the shorts else proceed with the Long.

Best regards and peace,
Budha

Comment:

Hi all,
Hope some of you are enjoying this pump. I have some new update :

Weekly:

At this position weekly is not at all good for bulls which indicates a drastic dip if failed here, however good news for bulls comes from daily chart.
From weekly chart as long as you see green in the complete body hold your long as it could lead to new high but when you find the body being formed with upper wicks try observe the day chart trend to close the long

Daily:

Daily is so far so good for Bulls. From here it can lead to huge bull run if we see a follow up green candle even after a tiny decline in today green candle. On the negative side if the follow up candle is red wehave to check the weekly trend to continue with long or short.

30mins:

On 30-minutes scale it can pump a lot more and can result in decent highs.

Peace,
Budha

Trade closed: target reached:

Hi all,
We hit 8900s

and I am suggesting to close the longs and wait. From here it may or may not pump up high but we are really in a very tricky situation as weekly is turning bearish. Myself out of the trade and I will long again when I get clear confirmation.Also I don't suggest to short until there is a clear sign as it could lead you to a trap. At least we can be happy with this tiny pump and look forward for the confirmation. I will make new chart for the new set up.

Peace,
Budha

Comment:

Hey all,
On daily :

We could see that we had tiny dip from 8900-8800s and then pushed up a little which is little good sign but it could be totally deceiving because day just began and we need to hold it entire day while the negative side the color is red. So there is no point to trade it and get trapped unless there is clear confirmation. I will make a new post if there is a update and I may not update this as I think not many are reading the updates so kindly follow me if you like my ideas.

Best regards and peace,
Budha

Comment:

Hi all,
I want to provide one last update here as creating new chart may take time.

On 30 mins:

is looking very good and can burst to pump if this momentum continues.

Daily:

Daily will be magnificent if the candle turn green which could easily result in 9400s in very short time how ever note than daily closing red could still be not right time to long.

Weekly:

This is still disappointing and only worry why I am doubting for the dip. However this could be rectified if we have some pump based on daily trend.

Peace,
Budha

Comment:

I want to simplify my update:
Please stay/continue on long as long as BTC not dipped below 8700, In any case if it dips below 8700 get out of long but as long as it continues above 8700 we could end up in 10ks again in very short time.

Comment:

One vert last and final updated on this thread to give more clarity:

Weekly:

Weekly looking week for bulls with tiny bearish momentum.

Daily:

Daily is looking sideways with bull trend tending towards Bears.

30 mins:

Only favor for bulls in shorter time. On weekly and Daily trend is stuck with tendency towards bears however on 30mins it is clearly a bull trend. But we should never take smaller time frame into serious consideration and it will impact only on severe manipulations.

Conclusion:
Though I suggested long through out this whole post now I am not suggesting long due to change in the daily candle over last few hours. However I can still stick to above update that Open short or stop to long only below 8700 and as long as price hold above 8700 longers are safe but I strongly recommend not to hold long under 8700 as I will move my position to short if it dips under 8700.

Price > 8700 = Stay on Long
SL : under 8700 (Make sure not hunted by stops so place under 8700 not very near to 8700)


Remember Wealth comes from peace and peace comes from observation.
Budha

Trade closed: stop reached:

I quit Charting lol This is a blow