Visible on multiple timeframes, we can see a higher low and a candle formation that makes us think W , not very well defined but still there. The price action has barely pushed through the local fib pivot on the 6h timeframe, located at around the $50k area. We are now opened above this level but the level is low, partially due to the week end type of activity.
SECTORS!
Sectors on this chart are drawn with descending and ascending trendlines. Sectors give us time awareness as well as price awareness. As you can see, the price action has respected these sectors well enough to be taken into consideration. We are now in a sector that has passes just below the parabolic guide line we have had for the last months. We absolutely need to close above this line and the confluence area formed with the 0.38 fib level in order to consider opening longs with more confidence.
Other possible views on the Bitcoin on multiple timeframes:
Bullish - Slightly ascending channel 4h chart:
Bullish - Ascending channel on the daily chart -
Bearish - Price action closed below ascending channel on the daily chart -
Neutral - 3 day ascending channel, price action in the lower mid section -
Lower timeframes are zig-zaggy and uncertain, for this reason we advise :
- Stand your ground, watch the price action and don't make big investments(including alts)
- Use the scalping channel but with caution and make sure you respect the posted stop losses.
Will update after we get a feel for the type of volume the next week brings us.
Sublime Traders, over and out!
SECTORS!
Sectors on this chart are drawn with descending and ascending trendlines. Sectors give us time awareness as well as price awareness. As you can see, the price action has respected these sectors well enough to be taken into consideration. We are now in a sector that has passes just below the parabolic guide line we have had for the last months. We absolutely need to close above this line and the confluence area formed with the 0.38 fib level in order to consider opening longs with more confidence.
Other possible views on the Bitcoin on multiple timeframes:
Bullish - Slightly ascending channel 4h chart:
Lower timeframes are zig-zaggy and uncertain, for this reason we advise :
- Stand your ground, watch the price action and don't make big investments(including alts)
- Use the scalping channel but with caution and make sure you respect the posted stop losses.
Will update after we get a feel for the type of volume the next week brings us.
Sublime Traders, over and out!
Join our free telegram community here: t.me/sublimetraders
Our website: sublimetraders.com/
Proudly listed on binance-futures-signals.com/
Our website: sublimetraders.com/
Proudly listed on binance-futures-signals.com/