Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: P > S MA > M MA > L MA (making golden cross now)
Patterns: Phase 7 hyperwave | Adam & Eve
Horizontals: Horizontal resistance waiting at $4,000 and $4,100
Trendline: At $4,611 (see weekly chart below)
Parabolic SAR: D: $3,448 | W: $4,349 (very important area of resistance)
Futures Curve: Back in Contango for the first time in weeks (months?)
BTCUSDSHORTS: Dumped right through the trendline created by prior two higher lows. Currently testing horizontal support.
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: G3
Ichimoku Cloud: Smashed right through the thin cloud. Watching for bullish kumo twist
Relative Strength Index: Testing 70
Average Directional Index: Bouncing off 20 support
Price Action: 24h: +4.5% | 14d: +12.1% | 1m: +5.6%
Bollinger Bands: Close above top band. Full candle is currently above top band
Stochastic Oscillator: Daily is overbought. 3D and Weekly continue to provide excellent signals in this bear market.
Summary: So this is what it feels like to be interested in crypto price action again! First time this year. There are a lot of very interesting charts right now. The more I analyze the more I want to move my price target down.
At first I was focused on the gap in the volume profile at $5,000 and calling for $5,200 - $5,800. Then I turned my focus to the 200 D MA which was closer to $4,800.
Now I am looking at the weekly chart and it is ominous. The 200 EMA is rolling over and acting as clean resistance. It currently waits at $4,116. I was confident that area of resistance would get broken if we tested again. Now not so much.
The weekly Parabolic SAR at $4,315 and the bear trendline at $4,500 is a very strong confluence of resistance. When higher TF’s are showing strong signs one way or the other it is time to pay very close attention.
The shorter term charts are also looking primed for a correction after today’s pump. The 4h is on a red 9 which is following a hanging man and a shooting star.
Due to that I have started to take profit on my longs well before I originally expected. Taking profit here and moving stops to break even, or into profit makes me feel much more comfortable about my position.
When playing counter trend corrections it is even more important than usual to be diligent about managing risk and taking profit. If you passed on entering longs over last week then now is definitely not the time. Instead I would focus on looking for shorting opportunities over the next few days / weeks.
I still have about 60 - 75% of my original long exposure, which means I do expect to be able to squeeze a little more juice out of this move, however I would absolutely not be opening new positions right now.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: P > S MA > M MA > L MA (making golden cross now)
Patterns: Phase 7 hyperwave | Adam & Eve
Horizontals: Horizontal resistance waiting at $4,000 and $4,100
Trendline: At $4,611 (see weekly chart below)
Parabolic SAR: D: $3,448 | W: $4,349 (very important area of resistance)
Futures Curve: Back in Contango for the first time in weeks (months?)
BTCUSDSHORTS: Dumped right through the trendline created by prior two higher lows. Currently testing horizontal support.
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: G3
Ichimoku Cloud: Smashed right through the thin cloud. Watching for bullish kumo twist
Relative Strength Index: Testing 70
Average Directional Index: Bouncing off 20 support
Price Action: 24h: +4.5% | 14d: +12.1% | 1m: +5.6%
Bollinger Bands: Close above top band. Full candle is currently above top band
Stochastic Oscillator: Daily is overbought. 3D and Weekly continue to provide excellent signals in this bear market.
Summary: So this is what it feels like to be interested in crypto price action again! First time this year. There are a lot of very interesting charts right now. The more I analyze the more I want to move my price target down.
At first I was focused on the gap in the volume profile at $5,000 and calling for $5,200 - $5,800. Then I turned my focus to the 200 D MA which was closer to $4,800.
Now I am looking at the weekly chart and it is ominous. The 200 EMA is rolling over and acting as clean resistance. It currently waits at $4,116. I was confident that area of resistance would get broken if we tested again. Now not so much.
The weekly Parabolic SAR at $4,315 and the bear trendline at $4,500 is a very strong confluence of resistance. When higher TF’s are showing strong signs one way or the other it is time to pay very close attention.
The shorter term charts are also looking primed for a correction after today’s pump. The 4h is on a red 9 which is following a hanging man and a shooting star.
Due to that I have started to take profit on my longs well before I originally expected. Taking profit here and moving stops to break even, or into profit makes me feel much more comfortable about my position.
When playing counter trend corrections it is even more important than usual to be diligent about managing risk and taking profit. If you passed on entering longs over last week then now is definitely not the time. Instead I would focus on looking for shorting opportunities over the next few days / weeks.
I still have about 60 - 75% of my original long exposure, which means I do expect to be able to squeeze a little more juice out of this move, however I would absolutely not be opening new positions right now.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/