BITCOIN: Does the downward bias persist?
Let's keep it as simple as possible.
- Trading plan:
- XbtUsd gave us a beautiful candle at the opening of the week. But please, stay careful, depending on the daily closing of the day, this candle could have "picked up" a lot of liquidity and initiate a movement for the rest of the week. It's a simple logic: Early hours of the week are "the accumulation" stage prior the impulsive move that follow during the week.
- Daily closure >10450 and I think we will quick see 10800 and 11200/11600. Daily closing below 10088 usd, and I think we are retesting 9800 and potentially 8750.
- Short-term bias: Still somewhat . Retest of 10,100 usd bitmex.
- We are still monitoring ALTSBTC pairs because there is some potential for a good bounce. We can already see some strength on some coins, but it seems too early to set a . Many signals have already been shared on our twitter ., be sure to follow there to stay update and in tune with the market.
- It is preferable to avoid intraday due to the lack of directionality.
- For live updates on btc & alts, and for free exchanges, follow us on twitter and youtube (Two channels: English channel with English & French subtitles, and a French channel).
a/ Price structure: Upward structure still intact, but undecided at the moment. We haven't closed below the monthly open and support is holding up, at least for now.
b/ RSI: Reset in progress, still undecided. A close of the weekly candle would generate a signal of a resumption of the weekly trend, which could therefore resume and accelerate after a few confirmation candles.
c/ MACD: Above line 0, and under a crossover. Consolidation still in progress.
->The graph is visible here:
a/ Market structure: Upward structure still intact, but undecided at the moment. We didn't close under the monthly opening and didn't break the support so the idea of the swingshort didn't trigger. Currently, we oscillate in a range between 10400 and 10130usd. A daily closure higher than 10400 and we will touch up the 10800 area very quickly, with a target up probably close to 11200/11600 zone. However, as a reminder, a swing could appear in case of daily close before the end of the month under 10,088 usd bitmex. The weekly open went up very quickly to 10800 on a weekly level. This is not really a good sign that gives me a bias, it requires confirmation.
b/ RSI: Undecided, momentum seems to have found support, however.
c/ MACD: Under line 0, and under crossover.
-> The graph is visible here
a/ Market structure: The impulsive movement has reached a high level of resistance and has found large sellers. Considering the possibility of a retest of 10,100 seems very likely in the short term in the first place. This area is really the key to the future swing trade.
b/ : Momentum is finding resistance.
c/ MACD: crossover, and near the 0 zone without force.
-> The graph is visible here
Considering the number of times the support has been touched and weakened, I still think that this idea of swing can be triggered: