so easy . major resistance if we go up 6450, we have 6590(21EMA), and 6800ish(50MA). so mostly likely a heavy correction comes, when btc sparks up even with good bull divergence at these areas.
i would think that, btc can give a heavy correction now, from 6400ish, since heavy bear divergence is printed out here. but, it can also spark to 65 zone or high even without that. so these areas are long position sell targets also short position entry targets. , still downtrend, not much to say. last time in august we had same kind of dirty up and down triangle formation, it went straight to 59 after making a higher high, with an candle. so be careful.
weekly chart there are about 4 scenarios, that will close in this coming week.
1. we go sideways 63~65, close there->more drop incoming,
2. we close this over 67(still indecision, but making bullishness), we close over 69(yes )
3. we correct to 59, come back up and close at 63~65(still , maybe more room to go up short term, we need to see)
4.we close below 63->bearish
normally, when we have a candle, and we want to make bullishness, we needs to close more than at least 50% of the candle to be better off. for now, yes, still not confirmed with anything, we need to see.
so looking for some indicators. still says that downtrend is not over, but we might have tk cross, which is , it will happen if we go up 65,66 stabilize. however, , , we need to see. big resistance now. still confirming downtrends, cmf i think it needs to test more bottom levels.
short term, we see that heavy resistance 4hr 50MA is 6455, we just tried to surpass that we failed for now. so correction could come,if we do not go over that. bear divergence still in play, very next target is 6590/6600. if that does not happen we have a chance to fall right to 59 zone, low of daily . 4hr also has heavy at 65zone now.
so short term trades, we have to see, right now opening longs for swing trade is not recommended, but shorts, yes do open them at 64 zone, and 65 zone in coming days. that means i still think the bottom is not put in for btc , it still needs to retest 61, or 59,
to confirm some divergence. also, the candle sticks, does not confirm that 61 was the bottom. we need a or at 4hr or daily to confirm a reversal.
now, my trading plans are
1. open shorts
64, 65, 66~68.
-if you have already opened at 63 zone and 64 leave that. you should have only invested about 25~30% percent of your money. leave 65~70% for upper zone. invest about 30% at 65~66, it should be the top i think, but always leave 30% for 67~68, we never know. this is a swing trade, wait with patience. we will target at least more than 400 dollar points profit with this.
2. open longs
for short term.
open longs 6290~6310
->if the spike only goes to 63.5 or 63.8, need to sell right away
i strongly recommend to go long or short on alts now, eth, or cardano, can be good bet.i think, ETH is confirming good patterns here, eth can be better to go long at 170ish, or low 180dollars, scalping to 190ish, or even over 210~220 dollars, with about 20%~30% of your money. i will check.
btc ,long term opening long term entries will be 5950, or even below, this needs to be observed.
that is about it, have a good one today!!
Thanks in advance a lot!