whalewannabe
Short

Potential BTC short

BITTREX:BTCUSDT   Bitcoin / Tether
As always, there's likely something I've missed so feel free to leave any comments below! Apologies, it's my first video and I ran out of time slightly at the end.

The ending is supposed to mention the lower edge support level which matches up with the previous 8200 support zone . From there we can ride this zone up the pitchfork before re-testing the pitchfork median line and proceeding to the opposite, upper outer edge (if bullish ). OR we fail and drop down to lower levels and test the circa 7000 support.

Thanks!
Trade active: It looks like the C-Clamp move on the 30min/hourly timeframe is currently in progress.

I would expect this to complete and retest the resistance around $11,175 before potentially dipping lower.

Trade active: Potential bounce here, showing strong support at the top of the cloud/Kijun zone.

Trade active: The support at the Kijun/top of cloud finally failed and the move down continues. We're currently holding on to the base of the 4hr cloud.

Trade active:
Trade active: As you can see we've hit the target zone with support from the lower quartile (and previous resistance trendline) pushing price back up the candle wick.


This is a key area to watch and potentially worth taking some profits if you are shorting. If we fail this level of support we will likely drop down to the next level around 7900-8100 - the lower level matches up nicely with the lower edge support trendline of the pitchfork.

If we fail that the next support zones are circa 7k and 6k respectively. If the 7k support zone fails, our current pitchfork will be invalidated.

Trade closed: target reached: As you can see we reached our target of the pitchfork lower quartile before progressing a little further to the long-term daily support trendline and bouncing upwards yesterday.


I decided to run some post analysis on this and we can see there's multiple stacked head and shoulders on the 30min and hourly timeframes around the support trendline, which could help to explain the volume increase today.

30min:

1hr:

Looking at the 4hr chart we've formed a double bottom from the solid support in this zone, our next resistance looks to be the 4hrkijun-sen at around 10k:


This matches up nicely with the Daily Tenkan-sen line. Our next three key areas to watch for are 10k (Daily Tenkan-sen), 1.5k (Daily Kijun-sen) and 11k (Daily lower cloud resistance).

Short term I would expect to see us pierce through the daily Tenkan-sen at 10k and look to challenge the daily Kijun-sen at 11.5k. If this is successful the real challenge is at the base cloud resistance at 11k as this is also where the bearish resistance trendline is.
Comment: Would help if I posted the image!

Comments

Apologies, forgot to copy the second image:
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out