Day of a Trader - Bitcoin

Today I will be doing many updates so you can follow me a bit better and see how I change my position and determine whether to enter or close a trade. I made the main chart with some important trends and fibs in 6H TF but the updates will be in smaller TF's, it's just to identify where we are in the major trend.

Everybody good luck hope you learn something and enjoy!
-TheTrex

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One of the first things I always do is familiarizing myself with the trading ranges, knowing how the trends play and affect each other in different time-frames is really important. We got the ATH to the current "Min Trading Range" or our lowest low since the decline, making a new lower low is bad and is a sign of further downtrend (we get targets using Fibonacci and looking at long-term trend slopes as support).

Zooming in we look where this "Min Trading Range" went up to Max and then started to reverse, the current trend is now within this range and finds Fibonacci support on levels obtained, here 0 is our local top and 1 is the bottom or "Min Trading Range".

Now zooming even more in we start to look for wave patterns or Elliotwaves within this range. We have seen a i-ii-iii-iv-v upwave with double top and this broke down breaking the iv (bullish support) for further upmovement, followed by a decline to nearly the begin of "Min Trading Range".

Currently we are grinding on this "Important Support Slope" and a big candle close down below this slope would increase the odds of vising 5861 and 5195 significantly.

Now after this i-ii-iv-v wave I see an ABC correction, where we have three waves in each down leg. At C we had a pretty big pump but it retraced since yesterday, which is not that great, however we can still see a harmonic bearish butterfly play our and see the price try to retest the red box after breaking out of the green wedge.
Now in this red box area I would open a short since there is good possibility that this ABC will turn into three down-waves (this would be the begin of the third down leg and then it would break the support slope down and make a deeper dive most probably below 5k range. Ideal buy would be at the "Golden Slope".

The bulls are looking for an outbreak above the "Linear Resistance" downtrend line and we could open a long if we break up on this line with trailing stoploss form entry.

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Now a fractal example of breaking below or bearish continuation could look like this.

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Intraday Levels to Watch

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Small Idea of how we might go up, iv is a point to retest above is slightly bullish and turn into a bearish flag or wedge

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Point A of ABC up is still a important bearish level, this could be the top of a potential right shoulder in the making with C as head and A as left shoulder.

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BTC looking weak again, it didnt manage to break above 6900 or (4) of Downtrend EW

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Lets see if this will turn into a bearish continuation, make a new low under 6555 could be good indication.

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