Dear all,
this is my first post. I really appreciate the TV community and the contribution every single poster is trying to make to help others. From now on, I want to be part of it.
Situation:
Looking at the chart, we can see that BTC denied the formation of another bullflag after yesterdays sell-off. Most importantly, it did not only deny the flag, but made its way down to the EMA20 (orange) and EMA50 (blue). EMA 20 was pierced decisively, while EMA50 was shortly pierced. At this very moment, it acts as support (IMO short-term support) and pushed BTC upwards to ~$8700. On the MACD we can see a bearish crossing forming. If EMA50 is pierced decisively and the MACD crossing takes shape the selling might not be over yet.
Short-term strategy:
I closed my shorts @ $8650 and will now wait what the market has to offer.
My long entry level is around the fib retracement level of 0.382 or ~$8500. If we go down that road, I expect a small pullback and a short-term profit opportunity. Of course, if market changes direction decisively, I will adapt. But a correction to the 0.382 level would be a healthy movement, which could fuel BTC with new power to press through the resistance in the 9100-9200 area. For now I'm on the sidelines and watch. The next hours will be very important for the further direction of mother BTC.
Happy trading everyone!
Fundamental NOTE:
Rumours about Binance appeared a few hours ago. Nikkei is reporting that Japan's FSA plans to issue warnings against binance due to not being registrated as exchange. In addition, links to child-pornography were recently found on BTC blockchain (even though this info was already released a few years ago). This might have caused selling as well. Remember, this market is still in very shaky hands - FUD like this emerging to be true can easily derail BTC again.
Links:
www.reddit.com/r/Bit...ue_warnings_against/
www.theguardian.com/...hain-illegal-content
this is my first post. I really appreciate the TV community and the contribution every single poster is trying to make to help others. From now on, I want to be part of it.
Situation:
Looking at the chart, we can see that BTC denied the formation of another bullflag after yesterdays sell-off. Most importantly, it did not only deny the flag, but made its way down to the EMA20 (orange) and EMA50 (blue). EMA 20 was pierced decisively, while EMA50 was shortly pierced. At this very moment, it acts as support (IMO short-term support) and pushed BTC upwards to ~$8700. On the MACD we can see a bearish crossing forming. If EMA50 is pierced decisively and the MACD crossing takes shape the selling might not be over yet.
Short-term strategy:
I closed my shorts @ $8650 and will now wait what the market has to offer.
My long entry level is around the fib retracement level of 0.382 or ~$8500. If we go down that road, I expect a small pullback and a short-term profit opportunity. Of course, if market changes direction decisively, I will adapt. But a correction to the 0.382 level would be a healthy movement, which could fuel BTC with new power to press through the resistance in the 9100-9200 area. For now I'm on the sidelines and watch. The next hours will be very important for the further direction of mother BTC.
Happy trading everyone!
Fundamental NOTE:
Rumours about Binance appeared a few hours ago. Nikkei is reporting that Japan's FSA plans to issue warnings against binance due to not being registrated as exchange. In addition, links to child-pornography were recently found on BTC blockchain (even though this info was already released a few years ago). This might have caused selling as well. Remember, this market is still in very shaky hands - FUD like this emerging to be true can easily derail BTC again.
Links:
www.reddit.com/r/Bit...ue_warnings_against/
www.theguardian.com/...hain-illegal-content
Comment:
Closing down on major support, wait for enough volume to enter. Due to the FUD this is a HIGH RISK environment. Manage your money wisely.
Comment:
High risk/High reward entry: $8500
Medium risk: Wait for fib level to get hit at $8450, BTC then needs to push with volume, then enter @ ~8600 with tight stop loss.
Medium risk: Wait for fib level to get hit at $8450, BTC then needs to push with volume, then enter @ ~8600 with tight stop loss.
Trade active:
Entry @ 8480
Comment:
So - BTC successfully bounced off the 0.0382 fibonacci retracement of recent bull run from $7200. I opened longs at around $8480.
Chart on the 1h:
On the update chart you can see, that volume is increasing and we pushed through the smaller downtrend channel (black lines). Now we need to stay above to approve this as real pull-back. Also, the 1h RSI bounced off the 30 level and is now pointing upwards. But a small pullback from such levels is normal. Trading in that area still is very risky. A break below the support level (big black horizontal line) would deny it as support amd would push bitcoin down to the 8250-8000 area. That would be a very negative development. But for now, things are looking fine.
Please leave a comment and give a like if you like the analysis. Until then - happy and successful trading :)
So - BTC successfully bounced off the 0.0382 fibonacci retracement of recent bull run from $7200. I opened longs at around $8480.
Chart on the 1h:
On the update chart you can see, that volume is increasing and we pushed through the smaller downtrend channel (black lines). Now we need to stay above to approve this as real pull-back. Also, the 1h RSI bounced off the 30 level and is now pointing upwards. But a small pullback from such levels is normal. Trading in that area still is very risky. A break below the support level (big black horizontal line) would deny it as support amd would push bitcoin down to the 8250-8000 area. That would be a very negative development. But for now, things are looking fine.
Please leave a comment and give a like if you like the analysis. Until then - happy and successful trading :)
Trade active:
Chart on the 15min:
There might be a small inverse H&S formation forming. If its confirmed, we could see some nice push upstairs. If BTC falls below the $8500 and especially through the fib support, we will see it fall more. Next stop on the journey down would be ~$8200 and then ~$8000.
Any questions can be sent directly as private message. Good luck everyone!
Chart on the 15min:
There might be a small inverse H&S formation forming. If its confirmed, we could see some nice push upstairs. If BTC falls below the $8500 and especially through the fib support, we will see it fall more. Next stop on the journey down would be ~$8200 and then ~$8000.
Any questions can be sent directly as private message. Good luck everyone!
Comment:
Right now, mother BTC plays within the $8500 zone. The inverse H&S on the 15min theoretically is still valid. But dear traders - confirmation (push through the neckline) is of utmost importance here. So do not enter before and if, with a very tight SL. MACD is on its way to form another bearish crossover - beware of that.
Right now, mother BTC plays within the $8500 zone. The inverse H&S on the 15min theoretically is still valid. But dear traders - confirmation (push through the neckline) is of utmost importance here. So do not enter before and if, with a very tight SL. MACD is on its way to form another bearish crossover - beware of that.
Comment:
Well Bitcoin, you just breached through the neckline of the inverse H&S I posted about 4 hours ago. Still, volume needs to increase to make this a decisive move!
Well Bitcoin, you just breached through the neckline of the inverse H&S I posted about 4 hours ago. Still, volume needs to increase to make this a decisive move!