LazyBear

BTC - Go all-in short already?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
4167 24 34
I know we all love to short BTC             all the time, but wanted to list some things before going all-in 50x immediately :)
  • Price showed a nice bounce near that RSI support zone . RSI showed a 12hr OS signal there.
  • RSI div             between the down-steps.
  • Note the OS signals in RSI MTF pane. Last leg to 250 showed 2 timeframe OS signals, while the leg to 236 showed 3 timeframe signals. There still is the possibility of another short leg down to retest that support zone , expecting to see all green in RSI there if it happens. Usually, that is a good bounce signal.
  • %R MTF has started showing OB on lower timeframes (4hr).

Will wait to see how the retest goes. Breaking down this 230 level in the next retest is a clear bearish cycle start, of course.

1D view:
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An update using these charts or better for current BTC action would be really interesting!
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according to my JOES-fractal we are not getting bullish. A small bull-trap coming this days.
After that down to 4K-5k region!
Check it out!
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wow..this is a great price structure.

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--- April 29 2015 ----
This broke down the 230. But price doesn't seem to be ready to go sub-200. Wait for this div to playout.


Another view.
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Good buy volume + momentum building = still a very good setup for longs.

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LazyBear LazyBear
Another view .. Gives an idea of different levels involved. Breaking that blue channel can take this to 230 imo, but as of now looks good.

+1 Reply
Hey Lazybear, been a long time fan of your scripts. Is it possible for you to list which ones you use in the main post? Those look really good. :o
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LazyBear bryan.j.abella
Hey Bryan,

Here're the indicators used:
- RSI S/R levels: More info here -> https://www.tradingview.com/market/lb-srlevels/
- RSI MTF Panes: More info here -> https://www.tradingview.com/market/lb-mtfpanes/

You can get them from the market place by clicking on "Indicators" button.
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LazyBear LazyBear
It has gone to 230 after breaking down the blue channel...this support gonna hold?



Another view of the market struct. It broke the prev support highlighted (in one of my comments above)



FWIW, weekly.

+1 Reply
it broke out of my wedge, but the follow through is weak
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