You had the right call with the distribution, we moved up. It touched the touch of one of the trendlines and reversed. As per the book, there are ONLY 2 leading indicators, price action and volume.
I don't think the volume was enough to break thru on this tap, but maybe in the next distribution you point out.
-Volume- Aggregated spot volume indicator made by Allanster- give him a thumbs up
-Supertrend - resting at 7750 for bigger breakout
Key things to note- 7700 is the previous support which is likely now resistance. We bounced of 7695.
I haven't seen enough bears liquidated. It will pump surely once the cascade starts. Keep keen eyes. Watch the volume- main...
I think we are bullish in the longer time frames (4 hours, etc) . We are underwater with our shorts. But we may get a chance to close if this 15 min runs out of steam, declining volume, wavetrend, etc.
We are overbought in the 1 hour chart for both rsi and stoch. On flipside, we past a resistance zone outlined in the red box. The EMA ribbons have been crossed, it may be unwise to short scalp against the trend.
This is not a swing analysis, merely a scalp analysis. If you are scalping, scalp longs. take it from someone who is currently in an underwater short.
I outlined the very recently formed support at around 8293-8226. We had two bounces off there. I don't see it dropping below this region and closing. The resistance is as outlined, 8429-8462. We need volume to break it. Volume is on its wayinvalidate the support/resistance. down as you can see. Play these zones with caution. Think about stop loss...
Rectangle is the short term support. Eye will be on the horizontal resistance. If we can close above that, and get above the EMA lines, then we are set for a long. Keep your eyes open for trading opportunities. Long/Short these zones.
Just a quick review of the bigger picture. 9474 is the range for a support, if broken and closed on, free fall downwards. I expect us to continue trading in this triangle until BAKKT launches on Monday Sept 23, and CME expires until Sept 27th. Keep an eye out. Buy the dip at 9474, but keep a stop loss.
Depends on the triangle.
I assume the biggest moves will wait till BAKKT launches. All the articles have been saying that the breakout "eerily" coincides with BAKKT's launch. That is when things get spicy, but just looking on the daily, hard to say. It's a descending triangle, so my guess would be down.
BAKKT have been accumulating since before the pump. I...
I think BTC may be primed for a leg up.
1) WaveTrend_Momentum Indicator. Look back in the last few days. Each time the wavetrend indicator displayed a similar value, btc eventually went up in the following 4-6 candles.
2) Keltner and EMA. Breaking above into the upper channels of the Keltner will serve to be bullish.
3) Potential Trend Line. It has two...
Lets see how it goes, I outlined the next resistance, the zone is kinda big. Ideally, to make scalp profits, I should be laddering shorts in that area. And put a stop loss somewhere there. That zone is just too big tho so idk. Lets see. Babypips was kind of vague when it came to teaching how to draw support/resistance