Bitcoin Price Action Update (day 350)
Sawcruhteez Strategies: Comprehensive Trading Strategy - Consensio | Comprehensive Trading Process | How to BUY THE DIP | Advanced Dollar Cost Averaging Methods
Consensio: Testing 4h 50
Horizontals: R: $11,400 & $12,400 | S: $10,500 & $8,900
Trendline: See below
Parabolic SAR: W: $9,395 | D: $13,858
Curve: Contango with 4.3% spread. Great article about this recently from Ugly Old Goat!
Funding Rates: Longs pay 0.3159%, has been persisting over 0.1% over the last couple days
BTCUSDSHORTS: Long short ratio doesn’t look bad but I trust the funding rate
TD’ Sequential: Daily G8 | Weekly G3
Cloud: Weekly recently turned and is acting as support
Average Directional Index: Looks ready to roll over soon on the daily:
Price Action: 24h: -13.18% | 1w: +10.67% | 1m: +31.95%
Summary: This market was overdue for a correction at $5,800. Even moreso at $7,500 - $8,000. Now it looks like it will finally happen. I have exited my margin longs and will be looking to sell spot on this bounce.
A 15m with a $12,400 target recently confirmed. I do not usually pay attention to patterns on lower TF’s but will when the market is really moving.
If that target is reached I will be watching for correction on 4h:
That is the most likely outcome in my opinion, but we will have to wait and see what happens. I am very intrigued by how this has held as support:
That is intriguing but I do not expect it to hold. I recently posted an update with buy signals from the and TD Sequential. If that entry was taken I would be looking to fully exit, or set a breakeven stop at a minimum.
Right now it is time to control risk and / or hedge. Take some profit while it is still on the table and then keep a significant amount of exposure. Taking profit will improve the cost basis and will protect from the downside. If it continues taking off then great! If not then you will be ready to buy the dip.
I outlined my major areas of support where I will be planning to buy the dip in today’s podcast on Youtube so give that watch if you want to know where I’m looking!
We got dump just in time as predicted to support area mentioned
After my last update about btc hit 13400 i told you guys to not get excited especially after we got 1 hr bearish div supported by 1 day and 2 days bearish div
So in few hrs btc hit max fomo at 13900 and dumped hard to 10400 area as i said in some previous ideas that I am expecting rally pause and retrace for a bout a week range to calm down to area between 11200/11400 to 10400/10600 and it should not get broken with daily close for trend continuation and we hit it EXACTLY faster than anyone expected
So let me share my current view which is i see 10400/10600 is very strong and we should reverse from here as its my main condition to resume rally towards previous ATH forming strong wave 3 since from 7800 area
We got a MASSIVE hidden bullish div on 1 hr chart supporting my view and btc should consolidate for a bout a week in this range forming higher lows till it breakout
Warning if 10k broken expect blood and the end of this bull run
Hope this helps
Original updated idea: