The Weather With Roti | BTC pampage, ETH follows, BNB FOMO'd
Hey everyone, just checking in on BTC, BNB, and ETH against USDT on Binance. Binance is currently my favorite exchange because of those sweet BNB discounts on trading fees.
BNBUSDT saw some price dilution after BTC’s sudden run-up, I think people fomo’d out of it and into the generic 3 (ETH, LTC, BTC, LTC to a lesser extend). We formed a double bottom near the top of the support range I mentioned in a previous idea at 12.86 to 12.625 and we can still see retracement, but with momentum building in the market I’d be cautious as a bear at this point.
BTCUSDT due to a positive media pump and other unknown drivers, BTC saw a significant volume spike, with an inside bar break not seeing much follow-through on the 1h recently. We now have an inside bar setup on the 4h as we’ve been flagging in equilibrium for a while. I’m waiting for the wind to pick up again, and with my finger in the wind I sense more bullish action. Zoom in on the 1h and you’ll see that we have a small bull flag and rising volume after a rough ascending wedge breakout. 8045 must be held for bulls to stay confident, as a break of this level would be a loss of higher lows on higher time frames. It’s also a good fractal area and just by eyeballing it, you can tell this is a good support level due to the congestion of price. The range of 8380 to 8430 will hold bulls back without significant volume, but a break of it will be a break of historical resistance and will be a great win for the bulls if they break above it and hold.
ETHUSDT followed suit with BTC, being one of the big players in the field it tends to at times like this. It’s a good comparison for BNB, as I think BNB lost some action to ETH. ETH saw a slightly symmetrical triangle breakout, we may get some retracement on this one but it is looking quite bullish. If bulls cannot hold the higher low/ fractal support of 483.54 then we will get a 50% or more retracement from the last swing low to the swing high of this recent bull spike.
--
Much love, Roti out.
--
This has been for educational purposes only and is not intended as financial advice.
BNBUSDT saw some price dilution after BTC’s sudden run-up, I think people fomo’d out of it and into the generic 3 (ETH, LTC, BTC, LTC to a lesser extend). We formed a double bottom near the top of the support range I mentioned in a previous idea at 12.86 to 12.625 and we can still see retracement, but with momentum building in the market I’d be cautious as a bear at this point.
BTCUSDT due to a positive media pump and other unknown drivers, BTC saw a significant volume spike, with an inside bar break not seeing much follow-through on the 1h recently. We now have an inside bar setup on the 4h as we’ve been flagging in equilibrium for a while. I’m waiting for the wind to pick up again, and with my finger in the wind I sense more bullish action. Zoom in on the 1h and you’ll see that we have a small bull flag and rising volume after a rough ascending wedge breakout. 8045 must be held for bulls to stay confident, as a break of this level would be a loss of higher lows on higher time frames. It’s also a good fractal area and just by eyeballing it, you can tell this is a good support level due to the congestion of price. The range of 8380 to 8430 will hold bulls back without significant volume, but a break of it will be a break of historical resistance and will be a great win for the bulls if they break above it and hold.
ETHUSDT followed suit with BTC, being one of the big players in the field it tends to at times like this. It’s a good comparison for BNB, as I think BNB lost some action to ETH. ETH saw a slightly symmetrical triangle breakout, we may get some retracement on this one but it is looking quite bullish. If bulls cannot hold the higher low/ fractal support of 483.54 then we will get a 50% or more retracement from the last swing low to the swing high of this recent bull spike.
--
Much love, Roti out.
--
This has been for educational purposes only and is not intended as financial advice.
Trade active:
BTCUSDT 1h double inside bar has broken to the upside, RSI is looking hot, volume looks too low for me to be comfortable as a bull.
4h inside bar is straining to break to the upside, but cannot find enough volume for it. I think now is the time to raise your stops to the area of 8280 to at least partially protect profits. I'm using 15 minute fractals as my levels for setting a stop loss, that method isn't right for everyone.
8045 is still the level for support of 1h higher lows that I'm watching for. If that breaks, a fall to the 50% retracement zone of 7378 will be expected.
BTCUSDT 1h double inside bar has broken to the upside, RSI is looking hot, volume looks too low for me to be comfortable as a bull.
4h inside bar is straining to break to the upside, but cannot find enough volume for it. I think now is the time to raise your stops to the area of 8280 to at least partially protect profits. I'm using 15 minute fractals as my levels for setting a stop loss, that method isn't right for everyone.
8045 is still the level for support of 1h higher lows that I'm watching for. If that breaks, a fall to the 50% retracement zone of 7378 will be expected.
Trade active:
Hey everyone, I wanted to do a video or update all day but I've been insanely busy with tax season coming to an end. Here's a quick update for you. Let's look at BNBUSDT
The bears cut through all of the support areas I listed like butter, it hardly held at all once we got an inside bar bear break on the 61.8% retracement zone. Bulls are now holding support at the 23.6% retracement zone and we're seeing rising bull volume on an inside bar bull break. RSI is hot and favors the bulls now. If bulls cannot hold above 11.51 then things will start to shift in favor of the bears for the longer term.
BTCUSDT just a quick glance tells me we need to hold above 7500 at least for this to remain bullish a bit longer term. If we break below that, there isn't much support for it not to go lower.
ETHUSDT nothing too surprising, it retraced as I mentioned it might, returning to the top of the triangle pattern and it continues to flag, waiting for Bitcoin's next move. Bulls need to hold above 484 to remain in a strong longer term bull trend.
The bears cut through all of the support areas I listed like butter, it hardly held at all once we got an inside bar bear break on the 61.8% retracement zone. Bulls are now holding support at the 23.6% retracement zone and we're seeing rising bull volume on an inside bar bull break. RSI is hot and favors the bulls now. If bulls cannot hold above 11.51 then things will start to shift in favor of the bears for the longer term.
BTCUSDT just a quick glance tells me we need to hold above 7500 at least for this to remain bullish a bit longer term. If we break below that, there isn't much support for it not to go lower.
ETHUSDT nothing too surprising, it retraced as I mentioned it might, returning to the top of the triangle pattern and it continues to flag, waiting for Bitcoin's next move. Bulls need to hold above 484 to remain in a strong longer term bull trend.
