CRYPTO of the week BTCUSD visiting motive structures variations
BTCUSD 1H ASIA UPDATE - 16/05/2018
Chart is pretty self-explanatory. Yesterday, I was proposing 2 options, the fast and the slow. Well, we are for another round to challenge the low.
8,900.90 held yesterday and therefore price was rejected to the downside for a leading diagonal structure from 8,2018.81. As we have 3 waves for now from this low, danger is below 8,208.81 for a double correction as explained in 4h. Still long from 8,418.64, risk free position and there is nothing much to do here but to wait.
I don't like to buy from current level.
Invalidation level to the upside is 8,208.81
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Chart is pretty self-explanatory. Yesterday, I was proposing 2 options, the fast and the slow. Well, we are for another round to challenge the low.
8,900.90 held yesterday and therefore price was rejected to the downside for a leading diagonal structure from 8,2018.81. As we have 3 waves for now from this low, danger is below 8,208.81 for a double correction as explained in 4h. Still long from 8,418.64, risk free position and there is nothing much to do here but to wait.
I don't like to buy from current level.
Invalidation level to the upside is 8,208.81
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Trade closed: stop reached:
Stopped out break even. Still in corrective manner (RSI divergence) so most likely r we started double correction from the highs and more downside should be expected. (if RSI divergence with marginal new low, could have a FLAT in between and we could see higher but below 8,900,90 and then lower.
Do not buy from current level as it makes no sense anymore (gambling is not trading ;-))
For those in position, risk should be to 0 now. So all good. We do not touch anything as nothing has changed until 8,208.81 holds