BTC 4 hour chart continues to tighten to the point where we know a break is coming. The daily inside bars will give us a guide on direction, but we need to see follow through and a volume spike on the break as well. Bears are still very comfortable and not going to have to cover anything without a bull break of resistance levels. This is the kind of day when abnormal volume and daily inside bars will alert us to the move as it happens. I have personally been very patient for the last 3-4 days and will look to act on a bull break if we get it. One thing I always factor in, is where 5, 15, and 60 min RSI levels are at as the break happens. If they are too extended, and because we are fighting the daily and weekly trend, I will be more cautious or patient on an entry.
Bollinger bands tightening as well + a bullish bat and a larger bearish gartley at work
In today's Bitcoin analysis I discuss the ProShares ETF decision, the bullish and bearish setups on multiple time frames and price contraction clearly looking for a big break in either direction, August 23rd is the day to watch:
zatoitchiban
⋅
Dan - Consistently excellent work! Thank you
telensky
⋅
Dan, why don't you trade on Bitfinex? You could short BTC and use stop loss and take profit at the same time, as you once regretted you don't have it on Coinbase.
telensky
⋅
first comment! :-D
UnknownUnicorn1753748
⋅
@telensky, Because he doesn't trust the exchanges and wouldn't put much capital there. Instead he prefers to trade other instruments like Canadian MJ or SPY etc. Good luck with trading:)
telensky
⋅
@nade86, that's actually one more argument for Bitfinex - you need to put 2.5 times less capital for the same position size than on Coinbase.
ssotok
⋅
@telensky, Coinbase is FDIC insured though while Bitfinex will seize your account balance if they realize you are a U.S. citizen
telensky
⋅
@ssotok, what??? Are you serious? You really think they would dare to steal anyone's capital? That would destroy them.
ssotok
⋅
@telensky, They have issued multiple warnings to U.S. customers to get off the site with the most recent one last month stating they will potentially seize your funds if they catch you.
telensky
⋅
@ssotok, what?? Why? I am from EU, so it doesn't apply to me, but anyway, why they pick on US people??
In today's Bitcoin analysis I discuss the ProShares ETF decision, the bullish and bearish setups on multiple time frames and price contraction clearly looking for a big break in either direction, August 23rd is the day to watch: