Hello Lads and Ladies,
Welcome back to TJ's TA sessions.- The Daily BTC Update
What happened in the last 24h?
As we have mentioned last update, we have not seen any bullish action today. We saw bearish signs yesterday, filled our shorts at 3580 and went all the way down to 3355. An interesting event happened when we had the quick dip below 3400. We saw an immediate spike to 3562$ which was basically a 200$ increase within few seconds, actually filling up our re-fuels for the short. This confused a lot of traders and they fomo closed their shorts before waiting for a confirmation, which kept us for around 30 minutes around the 3500 line. Nevertheless, I did not see any bullish confirmation, waited for the 4h candle to close which was a red inverted hammer with a lot of volume behind it, which then gave me more confidence for the short. We saw other altcoins bleeding and even some more altcoins actually dying out and going completely to 0. This is once again giving BTC more confidence and stabilising the area above 2.9k, where I see us consolidating. We are keeping the short position open after taking out 50% profits. The chance of another red day with a new low is simply too high at the moment, as well as the funding rate is not really paying anything at the moment, which is not incentivising for a long position.
Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3820 3950 4077 4123 4169 4382 4658
Gained lost %?
Since the opening of the new daily, we wicked down -5.2%, but gained 1.91%
MarketCap?
Total MarektCap is 110 Billion - lost 4 -
Of which BTC is 61 Billion - lost 1 -
With a Dominance of 55.0%
- Lost a good chunk, yet not so much on BTC, Altcoins had a dead cat bounce. -
Volatility?
The 30d avg Volatility is 5.73%
- +0.1 -
Shorts/Longs?
Shorts - 36.0k (SUPER-danger-zone)
Longs - 26.0k (solid)
- S -1.6 / L -1.0 -
Funding?
The last 3 funding rates added -> -0.115%
- +0.08 -> gained a small amount -
Momentum?
The TJ-Momentum is finally blue and indicating us a bullish signal that the bearish momentum has lost steam and we are, as mentioned yesterday, due for a small relief rally.
Volume?
Todays Volume is bigger than yesterdays, which is complimenting the decreasing direction.
TJ-MF/StochRSI levels?
TJ-MoneyFlow -We are still below the 0 line. Yet, we are seeing a nice spike today, obviously we need too see if we can keep this steep increase.
StochRSI
K(blue) - 75
D(orange) - 73
Divergences?
Right now the biggest divergence that I am seeing is in volume and the price. Bearish.
Market Structure?
We are still inside the falling wedge. The candle itself can be seen as a bearish engulfing after the previous days. We saw in smaller timeframes many inverted hammers as well.
Overall?
We are still seeing shorts decreasing, as well as longs decreasing, this seems to me like we are approaching another small impulse move down. The spot-pump today of 200$ seemed to me again rather more like a closing fo shorts than actually longs being opened. Thinking that shorts are closing right now have been opened above 5k, makes it a very clear and good profit to book in. Overall still bearish but getting a little more movement around this 3.4k line, most volume today was also around 3.4k line. Which seems to be establishing at least as a new intermediate support, which we will see in further moves as an important point.
What do we want?
We want to see a close below 3434$, which will most likely happen right now. This will get us back inside the falling wedge and keep the bearishness inside.
Position?
A very simple and low risk short. The SL would be at 3720-3800 depending on leverage. OR a close outside the falling wedge in 24h. Today as well, keeping the same short, tomorrow a green candle close above 3500 would not be favourable for our short, but lets see what happens.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
Welcome back to TJ's TA sessions.- The Daily BTC Update
What happened in the last 24h?
As we have mentioned last update, we have not seen any bullish action today. We saw bearish signs yesterday, filled our shorts at 3580 and went all the way down to 3355. An interesting event happened when we had the quick dip below 3400. We saw an immediate spike to 3562$ which was basically a 200$ increase within few seconds, actually filling up our re-fuels for the short. This confused a lot of traders and they fomo closed their shorts before waiting for a confirmation, which kept us for around 30 minutes around the 3500 line. Nevertheless, I did not see any bullish confirmation, waited for the 4h candle to close which was a red inverted hammer with a lot of volume behind it, which then gave me more confidence for the short. We saw other altcoins bleeding and even some more altcoins actually dying out and going completely to 0. This is once again giving BTC more confidence and stabilising the area above 2.9k, where I see us consolidating. We are keeping the short position open after taking out 50% profits. The chance of another red day with a new low is simply too high at the moment, as well as the funding rate is not really paying anything at the moment, which is not incentivising for a long position.
Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3820 3950 4077 4123 4169 4382 4658
Gained lost %?
Since the opening of the new daily, we wicked down -5.2%, but gained 1.91%
MarketCap?
Total MarektCap is 110 Billion - lost 4 -
Of which BTC is 61 Billion - lost 1 -
With a Dominance of 55.0%
- Lost a good chunk, yet not so much on BTC, Altcoins had a dead cat bounce. -
Volatility?
The 30d avg Volatility is 5.73%
- +0.1 -
Shorts/Longs?
Shorts - 36.0k (SUPER-danger-zone)
Longs - 26.0k (solid)
- S -1.6 / L -1.0 -
Funding?
The last 3 funding rates added -> -0.115%
- +0.08 -> gained a small amount -
Momentum?
The TJ-Momentum is finally blue and indicating us a bullish signal that the bearish momentum has lost steam and we are, as mentioned yesterday, due for a small relief rally.
Volume?
Todays Volume is bigger than yesterdays, which is complimenting the decreasing direction.
TJ-MF/StochRSI levels?
TJ-MoneyFlow -We are still below the 0 line. Yet, we are seeing a nice spike today, obviously we need too see if we can keep this steep increase.
StochRSI
K(blue) - 75
D(orange) - 73
Divergences?
Right now the biggest divergence that I am seeing is in volume and the price. Bearish.
Market Structure?
We are still inside the falling wedge. The candle itself can be seen as a bearish engulfing after the previous days. We saw in smaller timeframes many inverted hammers as well.
Overall?
We are still seeing shorts decreasing, as well as longs decreasing, this seems to me like we are approaching another small impulse move down. The spot-pump today of 200$ seemed to me again rather more like a closing fo shorts than actually longs being opened. Thinking that shorts are closing right now have been opened above 5k, makes it a very clear and good profit to book in. Overall still bearish but getting a little more movement around this 3.4k line, most volume today was also around 3.4k line. Which seems to be establishing at least as a new intermediate support, which we will see in further moves as an important point.
What do we want?
We want to see a close below 3434$, which will most likely happen right now. This will get us back inside the falling wedge and keep the bearishness inside.
Position?
A very simple and low risk short. The SL would be at 3720-3800 depending on leverage. OR a close outside the falling wedge in 24h. Today as well, keeping the same short, tomorrow a green candle close above 3500 would not be favourable for our short, but lets see what happens.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
Get access to the MyAlgo Indicator:
mkast.io/pricing
Join our Discord under
discord.gg/9gNwXHd
Follow me on Twitter under
twitter.com/KongBTC
mkast.io/pricing
Join our Discord under
discord.gg/9gNwXHd
Follow me on Twitter under
twitter.com/KongBTC
Related Ideas
