goldbug1

Bitcoin - Targets and Levels of Importance

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Just a quick update. No RSI's not MA's not using any crap indicators so many fill up their "Chart Art" with. Just simple order flow analysis here.

Bitcoin continues to show buyers stepping in and we have another long setup, where I have an interim target of 45-50k, however a few caveats to go with.

The 42k level is one to watch for a bullish fake-out. Looking for a specific pattern at this level to confirm, or if it just blows through 50k can trade rather quickly. If it fails at 42k it should fail quickly.

IF 32k is taken out (to be painfully clear, it closes below and the next candle takes out the low of that candle), I am simply looking for a retest of the trend line .

Reasoning:

Buyers continue to step in on any dip which is a sign that order flow to the buy side is still very strong. A pullback to 32k I will consider an add, as if the market has more buyers than sellers this should get bought up quickly.

How do I know buyers are exhausted? Well if the second dip into the 32k support level finds no bidders, then it is likely we see a broader consolidation and a pullback into the mid 20k region. IF we get there we will look for signs of buyers stepping in.

Do not need an indicator to tell me the market is strong, order flow is telling the tale. IF buyers are still active, we should see selling pressure exhaust and the next leg higher. Too many rely on crap indicators, clouds, Bat patterns, MA's and do not even know what they imply. Books have been written about the RSI so to simply say "ohh its at 92 overbought, going to sell" is simply amateur.

It means nothing, actually it implies the market is still strong. Maybe it does sell, who knows, but I am going to focus on where buyers are active, where selling was active and see if those levels are taken out. That means a hell of a lot more than any crap indicator these furus fill their charts up with.

As a follow up, still adding daily to Bitcoin and will continue to add. If it pulls back my $30 a day is buying more. Taking all the guessing out of it, and we will see where we are after 90 days.

Comments

@goldbug1 you have always been emotional :) Keep up!
+4 Reply
goldbug1 xBTala
@xBTala, Thank you!
Reply
I totally agree with you about people overusing indicators. I don't even bother to view posts with charts that are so cluttered, you can't even see the candlesticks.
+3 Reply
Greyscale bought 16000!!!!! BTC last 24 hours !!!!!! https://www.bybt.com/Grayscale
They getting so much money to buy bit coin it is crazy
+3 Reply
goldbug1 crypto008
@crypto008, HAHA
Reply
Hey Goldbug, just wondering where/how you watch the BTC order flow? Do you have a site you could recommend? Thanks for this update.
+3 Reply
goldbug1 jaceseiler
@jaceseiler, Price action for the time frame. Simple price action. Thanks
+1 Reply
jaceseiler goldbug1
@goldbug1, oh ok, derrrrr
+1 Reply
This is the way...
+2 Reply
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