BTCUSD 1H relief before another round? or we had enough?
BTCUSD 1H ASIA UPDATE - 21/06/2018
Bitcoin ended the sequence from 7,790.69 high at 6,120.00 with break of RSI trendline on 18/06/2018/
And therefore, cycle from 25/04/2018 is called ended, providing an opportunity for the historic crypto to resume.
Shorter term, equal leg of cycle from 6,120.00 projects 6,904.81-7,038.96 in a possible regular FLAT (3-3-5) if we have RSI divergence with a marginal new high from current levels.
I don't like to buy at current levels as risk to reward ratio is not interesting and would rather position longs at red 2 (small position size to take into consideration the higher time frame) and I don't like to sell/
Invalidation level to the upside is 6,120.00 but I will monitor 6558.95 for a truncated cycle at 6,841.81 current high.
I have a lot of comments on the charts when the view is denied. I provide my charts for free here but you have to understand that one must learn how to read them to be able to trade them and be profitable. I do not buy or sell every turn. A chart is a path but it is dynamic and one needs to understand the mechanics behind to respond to the market when a change happens. See the charts here as a guide for your own system if needed.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Bitcoin ended the sequence from 7,790.69 high at 6,120.00 with break of RSI trendline on 18/06/2018/
And therefore, cycle from 25/04/2018 is called ended, providing an opportunity for the historic crypto to resume.
Shorter term, equal leg of cycle from 6,120.00 projects 6,904.81-7,038.96 in a possible regular FLAT (3-3-5) if we have RSI divergence with a marginal new high from current levels.
I don't like to buy at current levels as risk to reward ratio is not interesting and would rather position longs at red 2 (small position size to take into consideration the higher time frame) and I don't like to sell/
Invalidation level to the upside is 6,120.00 but I will monitor 6558.95 for a truncated cycle at 6,841.81 current high.
I have a lot of comments on the charts when the view is denied. I provide my charts for free here but you have to understand that one must learn how to read them to be able to trade them and be profitable. I do not buy or sell every turn. A chart is a path but it is dynamic and one needs to understand the mechanics behind to respond to the market when a change happens. See the charts here as a guide for your own system if needed.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
As explained in this morning video. And careful here because new low below 6,120.00 is 50-50 in my opinion.