BTCUSD 4H UPDATE - 21/06/2018
Lots of conflicting signs with break of 6,427.16 which reflects the uncertainty of market conditions: Everybody being long, there is an impossibility to go higher without fresh longs (therefore seller and new buyers with money), and those can only come from big players which are now testing the market to check if they can buy lower (market manipulation).
The positive point for those holding is that the loss of 6,427.16 has not been followed by a sell off that would have taken out 5,920.72. But this might only be postponed.
For now, I don’t want to "trade" crypto because we are up against deep pockets, now more than ever. Only clear patterns will be given a shot for short term trade (1h/15min) - I never thought I would write that but everything is new with crypto hehe.
Back to the chart, the motive 5 waves from 6,427.16 has been denied (although we had RSI divergence) by a new low in past sessions. This means that sequence from 6,427.16 low was a corrective 3 waves followed by a FLAT as a third leg of a cycle from 11,780.00 high. However, this cycle is at the moment uncomplete (reached 6,642.20-5,753.98) and is calling for more downside (WARNING HERE), however, I want to see a break of 5,920.72 before changing the preferred view here.
So, as said, no setup here. Let's see the 1h and 15min to see what can be done (I'm not dying to enter a trade but this is my job to take measured risk, so rough seas will not stop me here, just need extra caution ;-))
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.
Will resume posting daily update next week
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.
Lots of conflicting signs with break of 6,427.16 which reflects the uncertainty of market conditions: Everybody being long, there is an impossibility to go higher without fresh longs (therefore seller and new buyers with money), and those can only come from big players which are now testing the market to check if they can buy lower (market manipulation).
The positive point for those holding is that the loss of 6,427.16 has not been followed by a sell off that would have taken out 5,920.72. But this might only be postponed.
For now, I don’t want to "trade" crypto because we are up against deep pockets, now more than ever. Only clear patterns will be given a shot for short term trade (1h/15min) - I never thought I would write that but everything is new with crypto hehe.
Back to the chart, the motive 5 waves from 6,427.16 has been denied (although we had RSI divergence) by a new low in past sessions. This means that sequence from 6,427.16 low was a corrective 3 waves followed by a FLAT as a third leg of a cycle from 11,780.00 high. However, this cycle is at the moment uncomplete (reached 6,642.20-5,753.98) and is calling for more downside (WARNING HERE), however, I want to see a break of 5,920.72 before changing the preferred view here.
So, as said, no setup here. Let's see the 1h and 15min to see what can be done (I'm not dying to enter a trade but this is my job to take measured risk, so rough seas will not stop me here, just need extra caution ;-))
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.
Will resume posting daily update next week
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.
