So the bulls had a great week last week retaking ground at the $10k USD level. but just falling short of completing the measured move. Im going to stick to analysing the 12 hour candles as they seem the most useful for my trading style.
This week im looking for the bulls to complete the target a the 11400-12200.
There is still room in the which would indicate that we can get there and there is a general pull to retest prior diagonal resistance althoguh MCD d looks toppy
Bid support is also increasing gradually which is necessary if we are to sustain these prices.
Here in the $11.5 – 12.4k we will likely find profit taking and that the bears will take advantage of this.
What I would like to see is drawn on the chart which would be a retracement and forming a large adam and eve bottom which could go as low as testing support back at 8k or another quasai that we have seen so many times before with support at around the 9-9.5k level signalling the end of the bear market.
There are several levels of support to cover off the bears if they go for it which I am quite happy to support with my own bids after taking profits..
All in all it looks positive and as a trader I really like the look of the inevitable and that the way it may shape up could take us close to our previous highs if it plays the way I see it.
My best tip for the week if you are long is to keep some capital off the table to make the most of the high probability rejection we are likely to see.
All the best looking into the trading week ahead.
Below the bearish cloud etc so its not all out bullish but its positive.
heres the targets i have in closer detail
Scaled out limit orders hit over night.
It is possible that we could move throguh the cloud and rest the resistance. I may jusmp back in if the path is clear but am generally looking to buy lower at support.
Todays intra day update. Last night we saw a large volume sell off (volume similar to that which preceded this run up. This woudl suggests to me that we are running out of steam and people are looking at the resistance as being too much to get over. I currently have no position as a result after being stopped out last night with a small loss bringing a 30 trade no loss streak to an end.. i dont want to short a bull market ahead of a significant break down either so im sitting out waiting for a pull back or a breakout with conviction (i.e. volume related breakout). I will keep updating this week's idea as usual though.
bid support also v weak. lookout below.
Also took a trade off the bounce last night and sold it.
Orderbook doesnt feel great to be honest there is a bit of a H&S top forming, which looks poised to take us below 9k if the big 10k order block doesnt hold.
still of the opinion we will find a bottom around the range shown, just slightly concerned about the way we fell through the 9's like butter last time.
Coincidence that it falls as per this chart???
Im not going to do a new idea this week, this is largely a continuation of the exsisting idea from last week that playedout as planned.
Ive had increasing number of questions about trading style / how to trade.
Below i show how i plan to trade this week. Breaks below current support will be shorted. Im not really prepared to take on Long positions for anything other than smal scalp trades until we break the diagonal resistance. i will swap my short on break of ~9250 to a long at around $8k. I will be amazed if it plays out as above to the lunar cycle as a major low. Will be interesting! good luck. Filb
Im 50/50. Pretty confident about both zones. Break of dotted line then fast move to c. 15k. Breakdown and we try again stronger.
I am already long but will add when its clear whats going to happen.
May I ask you one question:
Does the SPX 500 have positive correlation with BTC these days?
So is bitcoin correlated with SPX? Not more that tenuously via the overall economic position which ties everything together.