Hi All,
Time to put out another post and what I think is important to watch and also what I observed.
Observations:
> As my previous post, there is high correlations between global markets and BTC right now. No brain'er
> I'm using the SPX500 chart as my reference point for gauging what will happen to BTC
> Major Fib. levels and support lines have come into play
> As per my chart, I think we are in another level of a channel, a macro channel and we are in the bottom section of this channel
> With every reversal, there is high volume in that space. The bottom, high sell off, top, high buy up. Refer to my chart below
Thoughts:
> If you didn't buy at the bottom, have a buy strategy
> I have orders between 4200 to 4500, because its usually normal for another lower bottom if not the bottom to be re-tested
> Since there was a massive sell off, over sell, one would expect a good bounce and some area below this current price will eventually be retested
> SPX500 will like BTC have a bounce, for the sell-off was big. In time, the lower area will be tested, one will assume, maybe bottom or near abouts
BTC chart overview, note the RSI levels
4 HRLY Chart> MACD bullish, price is holding
Volume profile for reversals
CME Gap in the 8K range
===========================================================================================================
SPX500 Chart > note the fib levels and historical support levels. Currently the price is just above the support level.
Question is will it hold. I think not. It will go sideways between this support and resistance and while that does, BTC will go up.
4 HRLY chart, area to watch
===========================================================================================================
Time to put out another post and what I think is important to watch and also what I observed.
Observations:
> As my previous post, there is high correlations between global markets and BTC right now. No brain'er
> I'm using the SPX500 chart as my reference point for gauging what will happen to BTC
> Major Fib. levels and support lines have come into play
> As per my chart, I think we are in another level of a channel, a macro channel and we are in the bottom section of this channel
> With every reversal, there is high volume in that space. The bottom, high sell off, top, high buy up. Refer to my chart below
Thoughts:
> If you didn't buy at the bottom, have a buy strategy
> I have orders between 4200 to 4500, because its usually normal for another lower bottom if not the bottom to be re-tested
> Since there was a massive sell off, over sell, one would expect a good bounce and some area below this current price will eventually be retested
> SPX500 will like BTC have a bounce, for the sell-off was big. In time, the lower area will be tested, one will assume, maybe bottom or near abouts
BTC chart overview, note the RSI levels
4 HRLY Chart> MACD bullish, price is holding
Volume profile for reversals
CME Gap in the 8K range
===========================================================================================================
SPX500 Chart > note the fib levels and historical support levels. Currently the price is just above the support level.
Question is will it hold. I think not. It will go sideways between this support and resistance and while that does, BTC will go up.
Comment:
Looking at the BTC dominance, there is no clear indication which direction. Its all over the place as of recent
Comment:
The new MACRO chart
Comment:
FYI. My buy orders are my bulk buy-in to go long. I day trade if and when there is an opportunity with small orders.
Trade closed: target reached:
I bought in at 4500 exact and hence closing this post as target reached 4442 then hit 5200. As for the remaining price action. I foresee a ranging price in the 4k to low 5K for another few days and then reassess.
Comment:
Comment:
Discord: TradeToProspa
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
