Topics discussed: 30m chart short trades active (red open short | green profit)\u2028 4h diamond bottom (continuation or reversal). Has 69% chance to break to the upside. However it can also be a continuation to the downside, called half-staff breakdown. 4h sideways ranging near key support is not good!\u2028Daily OBV falling wedge, could go into late 2018/2019 Daily TD 13 + Ichi was perfect reversal sign\u2028 Weekly Bearish engulfing\u2028 Monthly hammer did not follow-up, yet
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You can thank me for warning you that diamond bottoms can also be continuation patterns (31% chance that the are), especially when volume is declining.
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September 9, 2018 BTC Update:
Woke up to a bullish engulfing daily candle (candle still has 10 hours till close). The pump was from ~$6100 to ~$6400. Definitely accelerated the jump due to shorts covering their positions.
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BTC Shorts definitely got squeezed a bit but they are still in a rising upward trend. Looking to break that 40.7k resistance. The longs (blue) on the other hand area actually in a falling channel. Unable to muster the strength to long this market.
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Update 3: This current U-shaped turn around move (small short squeeze) is almost reminiscent to the move back in the middle of August as shown by the chart on top. If this were true, watch the arrows to play out the same in that area. The red dotted line ($6324) is the bottom target to watch for a small long trade and the gold box is the target + a short opportunity ultimately to low 6k or into 5k. Not financial advice :)
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As mentioned we broke down. Creating a bear pennant on 15m tf.
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ETH looking mega bearish. Target supports listed
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Symmetrical triangle looking to break. Lots of resistance above. The tenkan line (light blue) is now acting as resistance. If the mid-6100s breaks, look to the 5k level to come in play.
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Fractal from middle-August may be playing out similarly now in BTC
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Sometimes it helps to look at charts in an inverted fashion
We are clearly trending "up", meaning we're in a heavily bearish environment and trending in the same direction.
As mentioned we broke down. Creating a bear pennant on 15m tf.
Poonam1775
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Thnx for updating with your valuable insights
iaretheanimal
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Re update 3 you would look for a daily close at or above 6324 before going long (short term) correct?
TheAlphaTrades
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@iaretheanimal, Correct. I'd set a tight stop though, possibly at 6250. Not investment advice :)
El-Flaco
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Thanks for the great TA again. Just a tip - you should put 'BTC' in the title of your posts. I miss your posts quite a bit even though I follow you as I often just search 'BTC' on ideas and your posts don't show up
TheAlphaTrades
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@EdBurrows, Ahh. Great suggestion! Will follow that
As mentioned we broke down. Creating a bear pennant on 15m tf.