Previous analysis/position: 3 day death cross, shooting star and income sell signal on the Stoch are strong indications of a reversal. A short sale position was outlined and I also mentioned that I will likely be trading ETH instead do to less built up support and a higher risk:reward ratio. Still waiting on the sidelines for the ETH triangle to break up or down.
Patterns: Trendline that connects 7/15 to 7/23 was violated on the current daily candle.
Horizontal support and resistance: weak S: $8,081 stong S: $7,400 and $6,800
BTCUSDSHORTS: 60% long, 40% short. Just broke down 18,000 support.
Funding Rates: Longs pay shorts 0.1558%.
12 & 26 EMA’s (calculate % difference): 12: +3.71% | 26: +9.46% | Recent bearish crossover on 1h and 2h.
50 & 128 MA’s: 50: +19.23% | 128: +7.12%
FIB’s: 0.382 = $8,496 | 0.5 = $10,677
Candlestick analysis: Daily hanging man + bearish spinning top. Still inside wick of 3d shooting star.
Ichimoku Cloud: Inside daily cloud, reentered 1h cloud.
TD’ Sequential: G-2 < G-1 on daily. G-3 < G-2 on weekly
Visible Range: $8,131 has largest volume profile over last 24 hours. $8,195 has largest volume profile over last 5 days and should act as strong resistance now we are below that price. $8,097 has largest volume profile over the last year. If we break down below that price then it should be very strong resistance for the months to come.
BTC’ Price Spreadsheet: 12h: -0.51% | 24h: +/-0 | 1w: +5.45% | 2w: +11.89% | 1m: +32.09%
Bollinger Bands: Tightest we have seen the BB’s on the 1h in a long time. Should be getting some volatility soon!
Trendline: Trendline that connects 7/15 to 7/23 was violated on the current daily candle.
Daily Trend: Bearish
Fractals: UP: $8,523 DOWN: $7,807
On Balance Volume: Lower high on the daily.
ADX: +DI and -DI are converging
Chaikin Money Flow: Making a new high on daily
RSI: H&S forming on daily. Weekly is threatening to fall back below 50.
Stoch: Just got a sell signal on the 3d.
Summary: Trendline violated, funding rates getting very expensive for bulls, price still outstretched in relation to shorter term EMA’s, resistance from 50 week MA, death cross on 3d, sell signal on 3d stoch. +32% in the past 30 days. All of these are indications of being overbought and in need of a correction. $6,800 and $7,400 have been identified as strong areas of support. Still believe that ETH is the best bet. Click here for that analysis.
Thanks for reading!
Patterns: Trendline that connects 7/15 to 7/23 was violated on the current daily candle.
Horizontal support and resistance: weak S: $8,081 stong S: $7,400 and $6,800
BTCUSDSHORTS: 60% long, 40% short. Just broke down 18,000 support.
Funding Rates: Longs pay shorts 0.1558%.
12 & 26 EMA’s (calculate % difference): 12: +3.71% | 26: +9.46% | Recent bearish crossover on 1h and 2h.
50 & 128 MA’s: 50: +19.23% | 128: +7.12%
FIB’s: 0.382 = $8,496 | 0.5 = $10,677
Candlestick analysis: Daily hanging man + bearish spinning top. Still inside wick of 3d shooting star.
Ichimoku Cloud: Inside daily cloud, reentered 1h cloud.
TD’ Sequential: G-2 < G-1 on daily. G-3 < G-2 on weekly
Visible Range: $8,131 has largest volume profile over last 24 hours. $8,195 has largest volume profile over last 5 days and should act as strong resistance now we are below that price. $8,097 has largest volume profile over the last year. If we break down below that price then it should be very strong resistance for the months to come.
BTC’ Price Spreadsheet: 12h: -0.51% | 24h: +/-0 | 1w: +5.45% | 2w: +11.89% | 1m: +32.09%
Bollinger Bands: Tightest we have seen the BB’s on the 1h in a long time. Should be getting some volatility soon!
Trendline: Trendline that connects 7/15 to 7/23 was violated on the current daily candle.
Daily Trend: Bearish
Fractals: UP: $8,523 DOWN: $7,807
On Balance Volume: Lower high on the daily.
ADX: +DI and -DI are converging
Chaikin Money Flow: Making a new high on daily
RSI: H&S forming on daily. Weekly is threatening to fall back below 50.
Stoch: Just got a sell signal on the 3d.
Summary: Trendline violated, funding rates getting very expensive for bulls, price still outstretched in relation to shorter term EMA’s, resistance from 50 week MA, death cross on 3d, sell signal on 3d stoch. +32% in the past 30 days. All of these are indications of being overbought and in need of a correction. $6,800 and $7,400 have been identified as strong areas of support. Still believe that ETH is the best bet. Click here for that analysis.
Thanks for reading!
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