Bitcoin has had an amazing recovery.
62% up from the rejection point, what a ride.
Up to the 3 hours most indicators (Market Sniper Trading suite) are pointing to a pump. The divergences also point towards continuation, and we are forming a symmetrical triangle.
Now, enough of BullHopium! Reality is the larger timeframes set the trend and trading is about reacting not predicting.
The higher timeframes show a completly different story:
1) We are, in all metrics, in a bear market.
2) The strongest trend defining metric is pointing towards a drop.
3) Daily - 4H is showing alot of bearish divergence and over other 5 indicators ate pointing towards the same. but let us not forget the lower timeframes point, not only that we have a pump incoming but also that the trend is strengthening to the upside.
4) Flipped my long at the 4H 200 EMA (6900$) and will hold said short untill:
A) We break the triangle formation to the upside and hold a 2H candle above it
B) we break the formation downward in wich I will look to increase the position.
Let me be clear, we are showing quite alot of signs of a possible pump. but, again, higher timeframes set the trend and until they change I don't.
62% up from the rejection point, what a ride.
Up to the 3 hours most indicators (Market Sniper Trading suite) are pointing to a pump. The divergences also point towards continuation, and we are forming a symmetrical triangle.
Now, enough of BullHopium! Reality is the larger timeframes set the trend and trading is about reacting not predicting.
The higher timeframes show a completly different story:
1) We are, in all metrics, in a bear market.
2) The strongest trend defining metric is pointing towards a drop.
3) Daily - 4H is showing alot of bearish divergence and over other 5 indicators ate pointing towards the same. but let us not forget the lower timeframes point, not only that we have a pump incoming but also that the trend is strengthening to the upside.
4) Flipped my long at the 4H 200 EMA (6900$) and will hold said short untill:
A) We break the triangle formation to the upside and hold a 2H candle above it
B) we break the formation downward in wich I will look to increase the position.
Let me be clear, we are showing quite alot of signs of a possible pump. but, again, higher timeframes set the trend and until they change I don't.
Comment:
Bitcoin is breaking out. tought it seems more like a fakeout to get all algos on buying side will leave a stop buy above previous double top and ladder orders at 7400$ 7650$ and 7800$, with 7800 being a flip into short.
After 3 weeks of 48h days and 12h sleep inbetween I think I will fall asleep at the keyboard. will try to wait for confirmation, but my body is saying i cant handle another 2hs for this.
After 3 weeks of 48h days and 12h sleep inbetween I think I will fall asleep at the keyboard. will try to wait for confirmation, but my body is saying i cant handle another 2hs for this.
Trade closed manually:
we had and retest and bounce in the RSIs EMA as in every pump since the crash.
WIll take this as a sign, buy, leave the laddered sells and short and GO TO BED
Guess the Algo was right once again
we had and retest and bounce in the RSIs EMA as in every pump since the crash.
WIll take this as a sign, buy, leave the laddered sells and short and GO TO BED
Guess the Algo was right once again
Comment:
First target reached
the wicks are rejections of the 2D 21 EMA, which point to the usual bear market Retest and rejection before next dump.
symetrical triangles usually break at the 60-75% completion and we are past that. next big move should unveil in maximum 11h:30 (Never put a timestamp on trades xD)