After sellers rejection on the 22nd Jan., marked by a bullish hammer candlestick, Bitcoin (BTCUSD) challenged the resistance levels marked as EMA50, MA99 and EMA100.
No luck for the bulls, the push was quickly rejected by the bears which led to additional "Bitcoin sideways", which is exactly what I mentioned would happen at the beginning of January... Lots of sideways action, which is great to trade altcoins for amazing profits.
Now, a higher low is being printed on the 4H TF.
The bulls need to maintain this higher low and follow up by with a higher high (break above $3750) in order for a bullish perspective to develop.
Great work Alan. Although it can work on the long term, on the shorter term, the RSI is giving a clear sell signal to 3,430.
Boon2
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture!
AlanSantana
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@Boon2, We are waiting for that wave up of yours... I just opened a LONG on BitMEX.
Boon2
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@alanmasters, Hehehehe yes so am I, it will happen it's just a matter of time. I'm on it also but with SL under the Y as BTC so choppy 1st targeting the high of A. There is still the chance of running or expanding flat but I hope it's the simple ABC.
I should put out a long term view as well for my followers since looking at it short term for so long can take away the bigger picture.
Boon2
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@alanmasters, Ok yep, look forward to seeing it. Yes I only been trading BTC for the last 6mth or so since I put my 1st BTC idea out on TV and have noticed it loves to give long drawn out corrections. BTC defiantly is a patience game and pretty much a waist of time trying to day trade it. (much better instruments out there for day trading)
I been trying to work out your style of trading for a while now with no joy. Care to elaborate on your trading style? (no need to go into trading system secrets or anything just wondering about your analysis)
AlanSantana
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@Boon2, I base my trading on candlesticks, MAs and Fib. levels.
I first check the trend.
Then look for the signal (candlesticks).
And use MAs and Fib. for resistance and support.
Works wonder with everything so far, conventional (stocks, etc.) and altcoins... But Bitcoin is tricky short term so I focus mainly on altcoins and post Bitcoin to gain new supporters, followers and readers.
Namaste.
Boon2
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@alanmasters, O ok thanks, that gives me a much better idea about your idea's.
Hehehehe yea that's about all BTC is good for. For some reason TV has a heap of BTC trader's.
I only trade it because I put idea's out there on it.