Bitcoin (BTC) - My targets remain the same, waiting for Daily
Bitcoin has been fluctuating, likely this is Market makers hunting stops. Regardless, my targets remain the same. Want to see the daily close above 60k. Then I will think about increasing my position on BTC . I got a good jump on this recent rally with my previous post but got stopped out of the trade I opened on BTC at 58k with the dive a few hours ago. The effect the pumping and dumping has had is to bring our volumes back up to (and above) the daily averages. Daily and 4H OBV have (assuming we close green on both) reclaimed key levels, which for me signals a technical return to bullish trend as we reclaim the level at which the previous bullish trend broke. These indicators are to be seen with caution as they can produce anomalies with big buy and sell events like the last couple of hours, but I like what the volume analysis is currently telling me. Volumes have been very weak and these pumps are shifting that, and they are shifting that green on the higher time frames. and we are seeing a good amount of those volumes responding to the pull backs rather than at price peaks. (I also like the divergence on the 4H MACD histogram)
For now I am sitting back and waiting for confirmation of price movements on higher time frames.
I still see the 54k range as a key area of interest and still thinking of this as a likely relief rally, but will think about adding a cautious position size around the 60k range if we hold this level for daily close. Wouldn't be surprised to see wicks down into the upper 50k range after daily close, will be looking at those for buy setups for possible intraday trade.
I've been stopped out twice already at this level (all very modest position sizes, probing for reversals), I have a 3 times rule - if I get stopped out again at this level I will sit back and wait for further price developments.
If we lose the 6000-59500 level on the daily I will also be sitting this out for now. Looking for a high volume bottom in the revisit to 58k, and watching that price develop from there. While keeping an eye on 54k for opportunities to increase position size if we revisit.
(Note, trading view is doing something funny with my price channels lately, offsetting when I post but then correcting later - ignore that price channel if it doesn't run to the ATH price peak)
For now I am sitting back and waiting for confirmation of price movements on higher time frames.
I still see the 54k range as a key area of interest and still thinking of this as a likely relief rally, but will think about adding a cautious position size around the 60k range if we hold this level for daily close. Wouldn't be surprised to see wicks down into the upper 50k range after daily close, will be looking at those for buy setups for possible intraday trade.
I've been stopped out twice already at this level (all very modest position sizes, probing for reversals), I have a 3 times rule - if I get stopped out again at this level I will sit back and wait for further price developments.
If we lose the 6000-59500 level on the daily I will also be sitting this out for now. Looking for a high volume bottom in the revisit to 58k, and watching that price develop from there. While keeping an eye on 54k for opportunities to increase position size if we revisit.
(Note, trading view is doing something funny with my price channels lately, offsetting when I post but then correcting later - ignore that price channel if it doesn't run to the ATH price peak)
This I also like - OBV bounced off the top of previous trend channel that BTC traded within since the drop in May 2021. It is also currently trying to set a higher swing high ahead of price