jacobcanfield
Short

Bitcoin Analysis - Stay Focused On The Here And Now Traders

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
It's fun and exciting to get caught up in massive projections and run-ups, but it's impractical as traders.

Click the +1 like button if you agree.

Let's get back to reality and focus on the here and the now so that we can stay profitable and make consistent gains with our trades.

I have been guilty of doing that sort of post when I was first on here, but will work to focus on more quality posts so that I can help you to become better traders and make more consistent profits.

Bitcoin             has been following a pattern of rejection on the 100MA on the daily chart and currently, we are facing the same resistance level .

It is currently following the same exact resistance level and the 100MA is following the down trend resistance.

The question is, will we break the 100MA and the downtrend resistance or will we retest the lower support zone one more time?

I am partially long from the $6200 range with closed out trades in the $6400-$6450 range and will be hedging short in the $6550-$6600 range due to the potential of a pull back from this rising wedge .

One thing to watch for to determine which way our trend will move is the RSI levels.

Since August, we haven't seen the RSI break above 65 or below 35. This is a strong indication of a sideways trend and indecision between buyers and sellers.



A break of the 100MA will give us a very comfortable bullish outlook and a potential run to the 200MA around $7000.



This outcome is less likely due to the points I mentioned before however.

Thanks for reading and hopefully you like the video.

Let me know in the comments if you want too see more videos like this.
While historic volatility provides us with three possible bullish outcomes on the long run, we still don't think that the bottom is priced yet:

Reply
Hello!
Currently, as I mentioned this in my update section, we try to go upwards by red scenario. At the moment we got an exact bounce from the strong level:
- Round number $6,500
- FIBO retracement 62%
- EMA 100 act as a support
Only considerable sign comes from altcoins, they don't want to show us some growing signs yet but let's see what we get from next hours.
The platform is perfect to go upwards but it could take some time because, as You know, the market moves in slow-motion!


Have a nice day!
Reply
Shorts on Finex are the lowest they have been since like January. That is something to consider.
+4 Reply
@Brows, It means bears are waking up to the shady practices of stop hunters. This market is high risk. It's unsafe. If you're stuck in a bad trade (like me) and don't want your hard earned money to fall into dirty hands, then you're likely going to remain stuck for years.
Reply
Good job.
+1 Reply
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