Trader_TJ
Short

$BTC - #Bitcoin-Daily-Update #23 - Day Trader Explains

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Hello Lads and Ladies,
Welcome back to TJ's TA sessions.- The Daily BTC Update #23

What happened in the last 24h?
In the last 24 hours we saw quite some movement. Especially after the last few days being very bearish , we saw and see still more downwards movement and expect it to continue. Nevertheless, we saw on altcoins and btc a mini bounce from its daily lows, failing to break important supports, yet turning the previous uptrend into resistance. This is going to be a very important topic today.

Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3812 3929 4077 4123 4169 4382 4658

Gained lost %?
Since the opening of the new daily, we wicked down -2.44%, but gained 0.20%
in $$$
down 84$ but up 7$

MarketCap?
Total MarektCap is 113 Billion - -7 -
Of which BTC is 60 Billion - -3 -
With a Dominance of 53.4%
- +1.2% -

Volatility?
The 30d avg Volatility is 2.77%
- -0.8 -

Shorts/Longs?
Shorts - 25.5k (pretty low)
Longs - 29.8k (high but solid)
- S +1.7k/ L +1.1k -

Funding?
The last 3 funding rates added -> +0,03%
- +0.0840 -

Momentum?
The TJ-Momentum is showing us a red cloud again, which is indicating us a drag and pull down. This might be important for the next days.
-303
- -101 -

Volume?
Today and yesterday we are seeing a beautiful volume . Exceeding the MA and confirming our down-trending direction. Sure, very interesting to get into a short? - BOUNCE!!!

TJ-MF/TJ-Stoch levels?
TJ-MoneyFlow - Today, such as a few days before we are seeing red candles but a green money flow . This is making me wonder why and letting me expect a bounce to confirm previous support as resistance.
TJ-Stoch
K(blue) - 10.3
D(orange) - 21.6

Divergences?
We are seeing an uptrend on the TJ-Moneyflow which is an important divergence against the down trending market structure. The shorts are increasing drastically. While the chart has not seen its full influence yet.

Market Structure?
We are currently in a descending channel . This channel has 3 important lines. Its support, resistance and its middle line. Right now we are moving within the lower half of it, leaving a lot of space uncovered and need to be closed. We are seeing today as well a little red bull-hammer which might be indicating our next wick or move upwards for tomorrow.

Overall?
Overall, we are still bearish . We are still going down and this close below 3434 is really a doom. At least for this week and the next days. Nevertheless, we can't be jumping on the short hype train too fast and shoring BTC to the ground. We have to expect a wick upwards and let it confirm, giving ourselves confirmation, that the previous support of 3550 and 3434 is now resistance. This area that is being opened in the lower half of the descending channel is quite big. Yet, 19 days without confirmation will not create us magically a 500$ candle which then will confirm the resistance. This will have to wait until the MF divergence is done and or we see a double bottom on the low 3k levels.

What do we want?
We want a test of 3333 and then a rejection at below 3.6k bringing us back down to low 3k levels.

Position?
Considering a small short position with staggers to the middle of the descending channel .

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Cheers, TJ
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