About meI've been trading Bitcoin on the OTC, spot and futures markets for over 7 years. I also have over 20 years experience in developing complex software systems, including software used by derivatives traders and market makers around the world.
For only the second time this cycle, MarketDecryptor A has painted a red triangle (overbought reversal) for the second time this market cycle. It hasn't confirmed yet, but it's not a happy sign for bulls. Currently in no trade, but have long limit orders open below 7800.
The green triangle (MarketDecryptor A) on the weekly has printed for the first time in a year. Last time, it identified the bottom reasonably accurately. Imagine we will start to see a drift towards taking long term swing long positions soon.
Two consecutive bullish divergences on the 1h with MarketDecryptor, but these are good for creating short entries, not for high risk longs.
On the HA candles, we're into our 10th red daily, so don't fight the trend. The first div played out and gave us a really nice short scalp entry. If the second one plays out too, I'll take the short entry again, otherwise I'm...
There is a significant bullish divergence on the 4h and 6h charts. Caught some of the movement to the upside last night, but my trailing take profit took me out with a nice win. The divs are offset with a cautionary view from the daily chart, which still looks bearish. I may ride out the div at spot and possibly short the top, or I might try to get another long...
The pressure seems to have released on the 1D chart. Momentum dropped bearish, and we had a dump of a few hundred dollars. Notably, we bounced exactly off the 50 day MA when we dropped.
The 12h momentum wave is already curling back up, and we may well see a bullish cross when the next 12h candle opens, but that won't confirm for nearly 24 hours.
MarketDecryptor B on the 1h is going a good job of squeezing the most out of these weak moves. Nailing the short/long opportunities. But the ADX is weak, so I'm neutral right now. The 4h would suggest favouring shorts, but again, a none-trending ADX.
MarketDecryptor printed an overbought, bearish reversal (local top / red triangle) on the 1h. In a bull market, that suggests you should at least close your longs and potentially hedge short, which is what I've done. Won't leverage short in this market.
Well, bears have finally brought BTC to this point. I'm still in no trade right now, but I'm going to be enabling my bot to drop short if needed. Should get the death cross at some point in the next 24h unless bulls wake up. I'll remain in no trade until we get some directional indication.
If we drop, we will have to see what the next support is. 7200 would be...
MarketDecryptor's first local bottom signal (green triangle) was invalidated by the Yellow X (strong bearish continuation), the second one has confirmed and looks to be holding. Long at 7961 with a stack of DCA's behind it.
The 3 timeframes on this chart should be read from right to left. The higher TFs first.
The daily has unexpectedly cut bearish again. The 4h too is showing a lot of downward momentum, which should give us a bias towards shorts. MarketDecryptor B gave a clear bearish reversal indication last night on the 1h chart (highlighted), but I wasn't confident and didn't...
The 1h and 2h charts, especially on MarketDecryptor B are showing bullish signs. Coupled with the larger timeframe action the 1D and 2D, it looks like the tide is moving upward.
Long at 8217, low leverage.
A little bit of conflict here. Closed out my long at 8260. MarketDecryptor had printed a red triangle (a local top) and I've entered a short. My only concern is the bullish divergence that's now formed on the 1D. Hopefully, this short will play out before the bull div does.
My bot put me short at 8004 on this "Local Top" indication from MarketDecryptor while I was sleeping. It's nice to wake up in a profitable position. Already closed out and taken profit. In no position.