Hello everyone;
Today 15 June 2020,
Firstly, I would like to Thank TradingView team for featuring my last TA post in the weekly digest. I have put the link to that post below if you guys want to check it out.
To explain that post in brief, I had mentioned that CME have support at 9560 which bulls should hold. If this support fails then we could see the SR flip and down ward continuation. I was leaning towards the break below as we also had very nice *Shepherd* sell signal on Daily TF. Based on this simple TA, I and some on my discord members managed to short 9485 level and we are still holding that short.
Now to start with the TA, First I would like to clear my Daily bias; which is Neutral/Bearish.
My reasons are;
1) BTC broke below Daily 21EMA (yellow line): On BTC spot price we now have 3 consecutive Daily candles open and close below, this is a clear bearish sign. This 21EMA acted as support for very long time and now it is been used as a resistance.
2) The reason why I am still not fully bearish is, on the Daily TF BTC still have nice HL structure intact and as long as it holds above 8627 level I will keep my bearish bias reserved.
3) CME: The CME Daily chart is also keeping me from turning full bear just yet. We saw CME broke below the 21EMA on 11 June but on next day 12 June it climbed back above it and closed above. Today’s daily did open below this key MA but for confirmation I would like to see it close below. Once we have this confirmation I will change my bias to short-term bear.
**What are the targets I am watching? **
As I mentioned above once I see CME confirmation I become short-term bearish, this is due to the fact that BTC have plenty of support below. On the CME chart we can see clear support levels @8825 and @8600 both this levels also line up perfectly with 55EMA and 89EMA respectively. We also still have the Daily EMA Golden cross in full swing providing good entries for bulls.
On the weekly RSI, we did saw RSI (Aqua line) getting rejection from the trend line (yellow line) I had mentioned in my last update. And now we see RSI approaching the EMA (white line), which can provide support and possible bounce. However, if we see RSI break below this EMA then BTC might see some lower numbers such as lower range from 8000-7500.
I hope you find this info useful.
Happy and safe trading…
Chao…
Today 15 June 2020,
Firstly, I would like to Thank TradingView team for featuring my last TA post in the weekly digest. I have put the link to that post below if you guys want to check it out.
To explain that post in brief, I had mentioned that CME have support at 9560 which bulls should hold. If this support fails then we could see the SR flip and down ward continuation. I was leaning towards the break below as we also had very nice *Shepherd* sell signal on Daily TF. Based on this simple TA, I and some on my discord members managed to short 9485 level and we are still holding that short.
Now to start with the TA, First I would like to clear my Daily bias; which is Neutral/Bearish.
My reasons are;
1) BTC broke below Daily 21EMA (yellow line): On BTC spot price we now have 3 consecutive Daily candles open and close below, this is a clear bearish sign. This 21EMA acted as support for very long time and now it is been used as a resistance.
2) The reason why I am still not fully bearish is, on the Daily TF BTC still have nice HL structure intact and as long as it holds above 8627 level I will keep my bearish bias reserved.
3) CME: The CME Daily chart is also keeping me from turning full bear just yet. We saw CME broke below the 21EMA on 11 June but on next day 12 June it climbed back above it and closed above. Today’s daily did open below this key MA but for confirmation I would like to see it close below. Once we have this confirmation I will change my bias to short-term bear.
**What are the targets I am watching? **
As I mentioned above once I see CME confirmation I become short-term bearish, this is due to the fact that BTC have plenty of support below. On the CME chart we can see clear support levels @8825 and @8600 both this levels also line up perfectly with 55EMA and 89EMA respectively. We also still have the Daily EMA Golden cross in full swing providing good entries for bulls.
On the weekly RSI, we did saw RSI (Aqua line) getting rejection from the trend line (yellow line) I had mentioned in my last update. And now we see RSI approaching the EMA (white line), which can provide support and possible bounce. However, if we see RSI break below this EMA then BTC might see some lower numbers such as lower range from 8000-7500.
I hope you find this info useful.
Happy and safe trading…
Chao…
