BITCOIN: What comes after this boring range ?
Let's keep it simple.
In our previous idea, we had considered a retest of the 10100 zone before initiating a move of a higher magnitude. The area acted perfectly as support and we closed this very short term trade with good profits.
Let's proceed together to a new analysis:
- Trading plan:
- Daily close >10400 and I think we will see 10800 and 11400 quickly.
- Daily close below 10088 usd, and I think we see a retest of 9800 and potentially 8750. A StopRun is also possible, showing a halt in the decline towards the low 9k only. Be careful, the level of 10,088 usd is a monthly level which will therefore have to be redefined with September open level.
- Short-term bias: Neutral waiting for the trading range to break.
- We highly recommend to avoid intraday trades considering this lack of directionality.
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a/ Market structure: Macro structure still intact, but neutral for the moment since the price evolves in a trading range between 10400 and 10.100. We didnot close under the monthly open and didnot break the support, so the idea of a swingshort didnot trigger. A daily close above 10400 and we will touch up the 10800 area very quickly, with a target of probably 11400. However, as a reminder, a swing could appear if there is a daily close before the end of this month under 10,088 usd bitmex.
b/ RSI: Neutral.
c/ MACD: Under line 0, and under crossover. A crossover could happen soon.
- 4 hours:
a/ Market structure: The price also evolves in a range, of smaller amplitude between 10200, and 10100 approximately. A H4 close beyond the mentioned boundaries allows a rapid movement to 10400 or 9900. This would be an intraday opportunity, which could be part of a larger daily movement that can finally trigger. A test of the 10,400 would not be a surprise for me.
b/ : Neutral but found some resistance and brokedown an ascending .
c/ MACD: crossover, and near the 0 zone, all without momentum. Neutral.
Yesterday, we have defined:
1/ A trading range between 10100/10200 on the H4 timeframe
2/ A possible intraday move up to 10400 zone
3/ A possible move of a higher magnitude based on daily price action and a close under 10.088 as trigger.
Today, we can see that price broke above the range on the H4 with a move to 10315 and got rejected very strongly at resistance if you zoom in. Then, a move of higher magnitude triggered, and we saw a strong breakdown on good volume.
I hope you were able to follow this plan that worked very smoothly and allowed you to trade completely stress free.
Also, i would like to invite you to click the play button on the chart on top here, so you are able see that price hit my very first “strong zone” and you should already have banked partial profits at least.
Finally, i am gonna update my other ideas and create a new one to let you know my thoughts on what's coming for BTC and crypto.