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Consensio: Bullish. 50 EMA posturing for golden cross with 200 EMA.
Patterns: Phase 7 Hyperwave | 4h ascending triangle
Horizontals: R: $5,341 | S: 5,150
Trendline: 1h channel
Parabolic SAR: $4,800 and accelerating fast
Futures Curve: Contango
Funding Rates: Longs pay shorts 0.01%
BTCUSDSHORTS: Looks like an A&E bottom, starting to build significantly over the past few hours
TD’ Sequential: Daily G4 | Weekly just closed a perfected G9
Ichimoku Cloud: Fully bullish
Relative Strength Index: Testing all time highs
Average Directional Index: Weekly still trending down. Daily is very bullish
Price Action: 24h: +6.05% | 2w: +38% | 1m: +39.08%
Bollinger Bands: Hugging the top band
Stochastic Oscillator: Weekly entering overbought territory
Summary: It has been a very long time since we have seen a weekly candle like this!
Markets are moving and it is time to pay close attention but we do not want to get ahead of ourselves. The weekly just closed a perfected green 9 and there is major resistance overhead. It starts getting heavy around $5,600 and it will become much bigger at $5,800.
If prices get to that area while being this overbought then it will be the best selling opportunity of the year. That being said I did enter a small long this afternoon at $5,190 when the price confirmed the ascending triangle. The target from the triangle is $5,669 which is right in line with where horizontal resistance is marked.
If we reach that target then I will be taking full profit and looking to go short. Despite entering long I have market this update as neutral because I wasn’t to post it in time. At $5,190 the risk:reward was slightly less than 1:2 and now the price is testing $5,300. That makes it far less attractive.
If you missed out on this current pump then make up for it by preparing to sell very soon. If we rally to $5,600 - $5,800 then I do not expect those prices to last for long. The market will be extremely overbought at major resistance and that usually results in a strong / fast reaction. The risk:reward of opening a short in that area will be at least 1:5.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: Bullish. 50 EMA posturing for golden cross with 200 EMA.
Patterns: Phase 7 Hyperwave | 4h ascending triangle
Horizontals: R: $5,341 | S: 5,150
Trendline: 1h channel
Futures Curve: Contango
Funding Rates: Longs pay shorts 0.01%
BTCUSDSHORTS: Looks like an A&E bottom, starting to build significantly over the past few hours
TD’ Sequential: Daily G4 | Weekly just closed a perfected G9
Ichimoku Cloud: Fully bullish
Relative Strength Index: Testing all time highs
Average Directional Index: Weekly still trending down. Daily is very bullish
Price Action: 24h: +6.05% | 2w: +38% | 1m: +39.08%
Bollinger Bands: Hugging the top band
Stochastic Oscillator: Weekly entering overbought territory
Summary: It has been a very long time since we have seen a weekly candle like this!
Markets are moving and it is time to pay close attention but we do not want to get ahead of ourselves. The weekly just closed a perfected green 9 and there is major resistance overhead. It starts getting heavy around $5,600 and it will become much bigger at $5,800.
If prices get to that area while being this overbought then it will be the best selling opportunity of the year. That being said I did enter a small long this afternoon at $5,190 when the price confirmed the ascending triangle. The target from the triangle is $5,669 which is right in line with where horizontal resistance is marked.
If we reach that target then I will be taking full profit and looking to go short. Despite entering long I have market this update as neutral because I wasn’t to post it in time. At $5,190 the risk:reward was slightly less than 1:2 and now the price is testing $5,300. That makes it far less attractive.
If you missed out on this current pump then make up for it by preparing to sell very soon. If we rally to $5,600 - $5,800 then I do not expect those prices to last for long. The market will be extremely overbought at major resistance and that usually results in a strong / fast reaction. The risk:reward of opening a short in that area will be at least 1:5.
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