Welcome! I've been learning/praciting technical analysis for awhile now and have recently learned a lot about price action. I plan to publish my thoughts at least once a week. My goal is to practice, improve, learn and hopefully share some knowledge with the community. Please feel free to challenge and question me (respectfully). This is also not financial advice in anyway and is meant for entertainment. PSA: Don't look for advice from random people online- learn and create your own ideas for trades!
1W:
BTC closed the week above the 1W bullish block EQ from June and has not swept June lows yet. If the market forms a new low here BTC may see a test of the 6800-7100 range. At this point I'll be looking for shorts there but price action may change my mind as it plays out.
3D:
Right now BTC has some overhead supply in the 6500-6700 level that has been brutal resistance. Notice the wicks into the area and how the 3D closes are getting closer to this resistance aea.
1D:
There appears to be some decent support around the 6200-6300 area. A similarity so far with last week is we dipped below the weekly open at first and then rallied through the week some. You can see that has occured this week so far and I'll be watching how it plays out for the opportunity to long a pullback.
4H:
BTC has made a series of higher lows but unfortunately there were a series of lower highs throughout last week too. If we get a similar trend as last week BTC could pull back to the 6100-6200 range. If it finds support I will most likely look for a long trade.
1H:
You can see the higher lows play out more clearly on the 1H chart here. I also noticed a bullish breaker that failed as support on a retest. It looks like this could become short term resistance and perhaps lead to the pullback I am looking for.
Trade Idea 1:
Trade Idea 2:
Trade Idea 3:
1W:
BTC closed the week above the 1W bullish block EQ from June and has not swept June lows yet. If the market forms a new low here BTC may see a test of the 6800-7100 range. At this point I'll be looking for shorts there but price action may change my mind as it plays out.
3D:
Right now BTC has some overhead supply in the 6500-6700 level that has been brutal resistance. Notice the wicks into the area and how the 3D closes are getting closer to this resistance aea.
1D:
There appears to be some decent support around the 6200-6300 area. A similarity so far with last week is we dipped below the weekly open at first and then rallied through the week some. You can see that has occured this week so far and I'll be watching how it plays out for the opportunity to long a pullback.
4H:
BTC has made a series of higher lows but unfortunately there were a series of lower highs throughout last week too. If we get a similar trend as last week BTC could pull back to the 6100-6200 range. If it finds support I will most likely look for a long trade.
1H:
You can see the higher lows play out more clearly on the 1H chart here. I also noticed a bullish breaker that failed as support on a retest. It looks like this could become short term resistance and perhaps lead to the pullback I am looking for.
Trade Idea 1:
Trade Idea 2:
Trade Idea 3:
Comment:
Long from 6262.
Comment:
Closed. May look for a long entry lower.
Comment:
Hope everyone didn't get caught up in that BitMex mess. I'm looking at a long here:
I like the RRR even with a modest profit target.
I like the RRR even with a modest profit target.