CRYPTO of the week BTCUSD so far so good although a bit slow ...
BTCUSD 1H ASIA UPDATE - 14/05/2018
Bitcoin started a new cycle in 1h at 8,2018.81 low for at least a corrective 3 waves bounce. First sequence ended at 8,652.80 high corrected to 8,264.98 low to project 8,708.97-8,813.75 equal leg area that has already been reached. From there, we can see a pullback that would hold above 8,208.81 to challenge 9,393.00 or an acceleration and continuation of the current cycle from 8,208.81.
I will watch the RSI trendline to call end of sequence and subsequent cycle.
Longs from 8,418.64 will start protecting their position because as long as below 9,948.98, a double correction is still possible. Reminder invalidation level to the upside is still 6,427.16.
A break above 9,948.98 would trigger a bullish sequence in 4h and would relieve bearish pressure on lower time frame, leaving it to the daily to recover further.
PS: I am long BTCUSD from 8,416.64, stop 7,800.00 target #1 11,730.63 (1h time frame), target #2 12,286.44 (4h time frame) and will leave a portion running stop entry (daily to 25k+).
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.
Bitcoin started a new cycle in 1h at 8,2018.81 low for at least a corrective 3 waves bounce. First sequence ended at 8,652.80 high corrected to 8,264.98 low to project 8,708.97-8,813.75 equal leg area that has already been reached. From there, we can see a pullback that would hold above 8,208.81 to challenge 9,393.00 or an acceleration and continuation of the current cycle from 8,208.81.
I will watch the RSI trendline to call end of sequence and subsequent cycle.
Longs from 8,418.64 will start protecting their position because as long as below 9,948.98, a double correction is still possible. Reminder invalidation level to the upside is still 6,427.16.
A break above 9,948.98 would trigger a bullish sequence in 4h and would relieve bearish pressure on lower time frame, leaving it to the daily to recover further.
PS: I am long BTCUSD from 8,416.64, stop 7,800.00 target #1 11,730.63 (1h time frame), target #2 12,286.44 (4h time frame) and will leave a portion running stop entry (daily to 25k+).
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.
Comment:
of course, stop raised below 8,208 last low.
If stopped out, that is ok. because if goes lower now, can be FLAT and see higher but eventually will drop for double correction (dotted line)
If stopped out, that is ok. because if goes lower now, can be FLAT and see higher but eventually will drop for double correction (dotted line)
Nothing much we can do here.
Either we heading for double correction, either low holds and we see higher, but it is going to be painful to watch