Scalp Trading, BTC still in a mid-term down-trend, BUT...
Longing here is risky due to the mid-term trend is down, not up. Taking a short after a rally will be more in your favor. This trading idea is more for the scalpers and for the public to have an idea what BTC is doing.
I'll keep it simple.
Yellow line - 21 EMA
Pink line - 200 MA
Purple line - 200 EMA
Orange line - 10 SMA
On the 8 HR time-frame, BTC is still holding on to the 200 EMA/200 MA line (purple and pink line.) We closed above the line, and as long as the next 8 HR candle closes above, it'll make for a good bounce on BTC up into the $10,000 area. This number is not exact, but the small bounce should carry between the price range of $10,000 - $10,200. But as I mentioned before, this is just a small bounce. Any rally will be sold into and the overall Mid-term trend will continue.
https://imgur.com/J1MV8fH
On the 4 HR, there is bullish divergence forming on the CCI. This will more than likely be an entry signal on the 4 HR as the CCI re-enter the lower band. When I see a bullish divergence, I typically want to see price retest its 21 EMA. On the 4 HR, the 21 EMA happens to be around the $10,100 range. This has nice confluence with our 8 HR.
https://imgur.com/7pNBRO9
On the Daily time-frame, you can see the 50 EMA is also hovering around the $10, 100 range. Going forward, this should act as resistance and a good sell point for any scalpers. The Mid-term trend is still down, as we make our way towards the mid-8,000's to meet up with the 21 EMA on the weekly time-frame.
*If anyone can show me how I can post multiple charts without using a link, i'll be grateful.*
If you like my analysis of the market and it helped you learn or made some money, please consider using my referral links.
www.deribit.com/reg-4097.5044
www.bitmex.com/register/RaKti4
I'll keep it simple.
Yellow line - 21 EMA
Pink line - 200 MA
Purple line - 200 EMA
Orange line - 10 SMA
On the 8 HR time-frame, BTC is still holding on to the 200 EMA/200 MA line (purple and pink line.) We closed above the line, and as long as the next 8 HR candle closes above, it'll make for a good bounce on BTC up into the $10,000 area. This number is not exact, but the small bounce should carry between the price range of $10,000 - $10,200. But as I mentioned before, this is just a small bounce. Any rally will be sold into and the overall Mid-term trend will continue.
https://imgur.com/J1MV8fH
On the 4 HR, there is bullish divergence forming on the CCI. This will more than likely be an entry signal on the 4 HR as the CCI re-enter the lower band. When I see a bullish divergence, I typically want to see price retest its 21 EMA. On the 4 HR, the 21 EMA happens to be around the $10,100 range. This has nice confluence with our 8 HR.
https://imgur.com/7pNBRO9
On the Daily time-frame, you can see the 50 EMA is also hovering around the $10, 100 range. Going forward, this should act as resistance and a good sell point for any scalpers. The Mid-term trend is still down, as we make our way towards the mid-8,000's to meet up with the 21 EMA on the weekly time-frame.
*If anyone can show me how I can post multiple charts without using a link, i'll be grateful.*
If you like my analysis of the market and it helped you learn or made some money, please consider using my referral links.
www.deribit.com/reg-4097.5044
www.bitmex.com/register/RaKti4
Comment:
I didn't play this move due to the risk, but any of you who played this scalp, good for you, you've made some money. There's a possibility that it tries to reach higher, but I would not bet on it. Taking profit here is your best bet and looking for a short will be the next play.