Possible small buying before trend cont. down on BTC
Ok guys, as we all know that CME futures has a long and defined history of trying to fill gap orders within price structure. It seems there are some gaps above us that it may try to seek out.
Looking at the price action here, it's trying to defend 8300 heavily, and even though there has been a lot of selling the last two days, we have definitely bounce from a pivot zone and looking to break up a bit.
The technical indicators do look weak, so I don't expect a big rally. If anything, probably some buying to about the 8400-8500 range.
I have some personal indicators that I've been working on, and am using that strategy in tandem with other indicators to see any potential buying or selling using the 4hr window. The algorithm did pop up a buy signal. I'm not going to make too much of it just yet... As I said, all the other market indicators are showing some weakness except for Stoch, which is about to cross into a buy on the 4hr. RSI is mixed but is converging up for a possible cross into a buy signal soon. Smoothed volume weighted MACD is still a firm downtrend, but that doesn't always mean there won't be some buying on the way down.
Overall the picture is looking weak. I personally don't recommend being in a long position as it's much riskier at this point than a short for now, if for nothing at all but simply the firm rejections price has faced at the inside red resistive trend line.
If you want to wait out a better price to go into a short (unless you already are in one), you might wait for mid-top 8400 price range for an opportunity. Can't guarantee that will come, but just a hunch at this point.
Looking at the price action here, it's trying to defend 8300 heavily, and even though there has been a lot of selling the last two days, we have definitely bounce from a pivot zone and looking to break up a bit.
The technical indicators do look weak, so I don't expect a big rally. If anything, probably some buying to about the 8400-8500 range.
I have some personal indicators that I've been working on, and am using that strategy in tandem with other indicators to see any potential buying or selling using the 4hr window. The algorithm did pop up a buy signal. I'm not going to make too much of it just yet... As I said, all the other market indicators are showing some weakness except for Stoch, which is about to cross into a buy on the 4hr. RSI is mixed but is converging up for a possible cross into a buy signal soon. Smoothed volume weighted MACD is still a firm downtrend, but that doesn't always mean there won't be some buying on the way down.
Overall the picture is looking weak. I personally don't recommend being in a long position as it's much riskier at this point than a short for now, if for nothing at all but simply the firm rejections price has faced at the inside red resistive trend line.
If you want to wait out a better price to go into a short (unless you already are in one), you might wait for mid-top 8400 price range for an opportunity. Can't guarantee that will come, but just a hunch at this point.
Comment:
Extra gap spot in futures that I did not see on my original research for this idea.
This is NOT to say we make it up here. But it IS an infilled gap.
Currently my indicators still showing that it’s not quite time to long yet, but this may change as the Stoch/MACD/RSI indicators line up over time.
IF all indicators converge, additional buying may happen.
I will update here and a new idea if this comes to be the outcome.
This is NOT to say we make it up here. But it IS an infilled gap.
Currently my indicators still showing that it’s not quite time to long yet, but this may change as the Stoch/MACD/RSI indicators line up over time.
IF all indicators converge, additional buying may happen.
I will update here and a new idea if this comes to be the outcome.
Comment:
Updating this idea with a new one. Considering the possibility of a double top right around 8800-8900 price region.
Additional gaping in futures that was not apparent in higher time frames is shed to light on 10 min timeframe.
Also, my indicator algorithm is still indicating a buy. 8300 is being HEAVILY defended right now, the only reason I can see is for another move back up... Most likely to fill the most recent gaps at the 8800 region.
I am waiting for my Chande Trend indicator to cross up, and I will be entering into a long position to scalp the profit.
STILL not selling my short order... Keep in mind, a lot of gaps to still fill at lower prices.
Additional gaping in futures that was not apparent in higher time frames is shed to light on 10 min timeframe.
Also, my indicator algorithm is still indicating a buy. 8300 is being HEAVILY defended right now, the only reason I can see is for another move back up... Most likely to fill the most recent gaps at the 8800 region.
I am waiting for my Chande Trend indicator to cross up, and I will be entering into a long position to scalp the profit.
STILL not selling my short order... Keep in mind, a lot of gaps to still fill at lower prices.
Called this buying before the buying.
Looking at the volume profile, good chance of around 8400-8500, then SHORT... If you're currently long, take profit around that price zone.