BallerTrader

This is what I'm looking at this week

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
138 2 2
OK, so... Bitcoin price action has been a bit odd lately. There has been a bunch of fake volume , fakeouts, and sideways tight ranges.

You see how the bottom range of that bearish orderblock is being respected? This level is very key for bitcoin . As a bear , we want to see that level respected, and trade weaker off of it. Sunday's candle made a hammer off of that level which is pretty significant.

On the other side, bitcoin is making higher lows since testing the daily support level at 215. If the higher lows can hold then we may be able to punch through that bearish orderblock and get a move up, but there is the higher time frame OTE             long entry that is looming below price currently...

Price may be reaching for 200 to get into that sweetspot. It is a tough spot imo, but the way I plan to approach this situation is like this:

-Watch the bearish orderblock to make sure it is not being violated
-Look for intraday lows to be taken out
-Look for new lower orderblocks to form

Now, reversals will consolidate longer than continuations. If this down trend is to continue, I would expect a break in the next couple days, if we don't get that, then bears have to be super cautious.

That's my 2cents.

I also write daily short time frame intra day analysis for this website here:
You should check it out: http://themerkle.com/speculation/bitcoin-trading-price-analysis-for-418/
ChartArt
2 years ago
We are already in the OTE long zone. In 48 hours the market might finally realize this.

Buy the dip (and then sell again?)
+1 Reply
BallerTrader ChartArt
2 years ago
yea some exchanges are., on the top of the 62% fib... but still gotta look for that bearish orderblock to get violated
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