BTC Ended at Target. Overview of BTC, BNB, ADA and Others
Not in BTC currently. took ~2% loss on small position at the timeframe change. I wanted to see the buy up from there to increase position, which did not happen. I am technically still in AMD call options, which could be brutal tomorrow.
I dont like this unless we can return to the start of the Week candle open. Which I feel is unlikely because of what is described below and in video.
BTC ended 4 bucks above my target of 37,910. Week buyers did not come in. The week candle is set up in a way that it is bullish when it is at its opening spot of 37,914 (bitfinex). The big issue for me here is that no other timeframe really says to buy the price up without conflicting with another timeframe. The targets are all over the place, which i think will make the movement most likely downwards and choppy. Also the other target for BTC bounce from the week perspective (bitstamp 500 hull) would be 33,600 (around there). The issue with that is on every other timeframe we are out of the channel. I just don't see a reason for people that trade on the week to want to put in any sort of amount of money to be able to push this up against every other time frame.
Also there are a bunch of alts that are in very sketchy spots for their ALT/BTC charts. The ALT/USD pair was already struggling and I think we will have a chain reaction here, sending us downwards. Support and resistance between every timeframe is arguably bad and conflicts, mixed with people cycling out of their alts into BTC and then back into USD.
I explain what I wrote in the video, but if you want to see the alts, just skip through a bit.
Main Idea Update Page:
If you want to copy the Schiff Pitchfork:
I dont like this unless we can return to the start of the Week candle open. Which I feel is unlikely because of what is described below and in video.
BTC ended 4 bucks above my target of 37,910. Week buyers did not come in. The week candle is set up in a way that it is bullish when it is at its opening spot of 37,914 (bitfinex). The big issue for me here is that no other timeframe really says to buy the price up without conflicting with another timeframe. The targets are all over the place, which i think will make the movement most likely downwards and choppy. Also the other target for BTC bounce from the week perspective (bitstamp 500 hull) would be 33,600 (around there). The issue with that is on every other timeframe we are out of the channel. I just don't see a reason for people that trade on the week to want to put in any sort of amount of money to be able to push this up against every other time frame.
Also there are a bunch of alts that are in very sketchy spots for their ALT/BTC charts. The ALT/USD pair was already struggling and I think we will have a chain reaction here, sending us downwards. Support and resistance between every timeframe is arguably bad and conflicts, mixed with people cycling out of their alts into BTC and then back into USD.
I explain what I wrote in the video, but if you want to see the alts, just skip through a bit.
Main Idea Update Page:
If you want to copy the Schiff Pitchfork:
Comment:
Update factors in the month candle. I think we have until tomorrow to reach 37,910 for the end of the day/month. Otherwise I do not like how things look in the long term.
