W0lfRAider

BTC USD 1H - Critical point - What's it gonna be? UP or DOWN?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Please see my previous ideas on BTC USD for the background of this idea. In this idea I zoomed out to the 1h chart, but the 15 min would give pretty much the same picture (of course, I hear you say ;-)).

Previous ideas featured a parallel channel . The upper line I have still in play as featured before, under I have made some modifications, as I feel recent price action warranted me to do so (morphing of patterns).

The chart speaks for itself for every trader who has a basic understanding of TA. No bells and whistles here, just being an extra pair of eyes. "UP or DOWN?", I am not going to make a bold call here, let's wait for the price to move and see which sides it picks. Then you still can take a position if wanted. Or you anticipate (either way up or down, both are possible) through zooming in to lower frames and seeking risk reward top entry spots there, with tight stops.

Ma50 - Bollinger Bands (preferably acting in confluence) on all of the lower frames, could provide such entry spots. But that would go beyond the scope of this idea. That's more methodology on finding entry spots.

DYODD and safe and happy trading!

Ps. Feel free to interact in the comment section!
Comment: Still no resolution, but this will probably reslove bullish if you ask me. 3 min chart looks quite nice now, it's really a fight and it is played 'nasty' in a way.
Comment: Really annoying price action now. All over the space actually. Resolution is near but this tight range almost standstill jibberjabber can take longer than one thinks. And longer than one can stay awake in my case. Easily an hour or 2-3.
Comment: You can say the more you test a level the weaker it gets and the more likely a breakout (since most newbies think the opposite) and I say that's all nice and well, you could have an artistic painting on a wall in your condo with those words included if you like... But imo it's quite useless when trading. Resistance is not broken and it is about to get time or we do go South.
Comment: Okay I would not touch a long now, I would stay miles away from that until at least é3min level there is some consolidation. Even then, better buy on the way up than catching an eventual falling knife. This is dangerous with serious downwards potential. Of course always look for a bargain buy when a supersteep sellof occurs towards ma50 4h for example. 35600 level. roughly...
Comment: 3min ma20 is flat, 15min hammer.

Things could be brightening up, but it's not that I am Mr. sunshine all of a sudden.

I have so many lines on my charts right now (some touched some not), that I by definition hold off. Too many lines means chaos.

But oh boy do think of all these people waiting for a pullback and you see those - most of the time logical well thought of- targets for some reason just not met. Then they buy in and then it does happen. Or not. That's a bullmarket. You really need to HODL a substantial amount of trading capital or you are going to underperform the market big time.
Comment: Price action now vs 8 january 3:30 Paris time (low at that time) looks much like the one unfolding now. This is a secondary assessment but I do keep it in mind.
Comment: Oh my oh my A man cannot get some sleep in this market. 3 -4hs and an alert went off. ma50 4h and is is pierced. Now big bounce.
Comment:
Its a rough painting. It's quick business now. First support met with a vicious move in the 34k
Comment: Bulls took control again. Done and dusted.
Comment: Nice spot for a daytrade long here imo. DYODD 383000

Comments

if price breaks the side wise movement upside it will make.another 2-3k immediately and will show the 50k dream.
if price breaks down it will be down atleast 4k to 6k easily.
let us wait to see the market direction and trades outlook
+1 Reply
W0lfRAider DineshDevaki
@DineshDevaki, Indeed what is 2-3k yeah even 6k, given the magnitude of recent movements? Its nothing, but for a trader it can be very much of course. ;-) Thx for your comment!
Reply
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