Managed to scalp the BTC price development last night when the double bottom formed at the 0.5 level of the Fib Chart based on the 30min timeframe. There were also multiple entry points such as the breakthrough around 0.318 level (8750) and the retracement on Point 5 (EWT) when the upward momentum come to a halt for a short retracement.
On the 4 hour timeframe, we can observe that BTC price is undergoing a big consolidation, at the same time forming an equilateral triangle with equal chances of a breakthrough. The gradual reduction in volume indicates that the triangle is ‘healthy’. We can dispel the double bottom formation on the 4-hour timeframe because it gives no significance being formed on top. The position of the breakthrough relative to the length of the triangle is relatively important. If the breakthrough happens 1/2 - 3/4 of the triangle length, we can assume that the onward development of the trend to be relatively strong. Hence, looking to long/short if there’s a speedy and volume breakthrough in either directions.
On the 1 day chart however, the price movement is still on the upper end of the Fib Retracement chart. The D+ and ADX value are well above 20 with a positive gradient, indicating the current trend to be upwards after yesterdays short reversal. Will require further confirmation on this.
On the 4 hour timeframe, we can observe that BTC price is undergoing a big consolidation, at the same time forming an equilateral triangle with equal chances of a breakthrough. The gradual reduction in volume indicates that the triangle is ‘healthy’. We can dispel the double bottom formation on the 4-hour timeframe because it gives no significance being formed on top. The position of the breakthrough relative to the length of the triangle is relatively important. If the breakthrough happens 1/2 - 3/4 of the triangle length, we can assume that the onward development of the trend to be relatively strong. Hence, looking to long/short if there’s a speedy and volume breakthrough in either directions.
On the 1 day chart however, the price movement is still on the upper end of the Fib Retracement chart. The D+ and ADX value are well above 20 with a positive gradient, indicating the current trend to be upwards after yesterdays short reversal. Will require further confirmation on this.
Comment:
BTC price forming a bearing channel, looking to short if it breaks 8799.
Comment:
Bearish*