Hi everyone, what do you think of this idea?
Sorry everyone. I've closed my long, I'm now short. I missed the big picture staring me in my face. A clear as day double top. My indicators are saying short now too on the shorter timeframes. Hate this market :)
Weekly: Bullish candle - strong volume Daily: Slightly bullish candle but shows retracement at top showing resistance. Low volume. H3: Price not doing a lot. Volume not doing a lot. Summary: Wait for volume.
Weekly: Bullish: Price action remains above MAs and trend line. Losing momentum. Volume is falling. Daily: bullish overall, honoring support level, bearish candle and declining volume H3: bullish honoring support, bullish volume Summary - Bullish - worth holding at this point. Not worth taking new position
Weekly: Bullish candle - strong volume Daily: Bearish candle, declining volume. Looks like price is hitting strong resistance H3: Looks like we have hit a turning point. Candle looks like an upside down hammer. I expect price to fall from here. Summary: Short term bearish from 12550 down to about 10500
Weekly: Bearish - transitioning to bullish - sell off candle followed by indecisive candle with small body in middle, final candle is body looking tentatively bullish . Strong Volume declining. Daily: Bullish candle, bearish structure, price about to meet strong resistance at 12,000. Declining Volume . H3: bullish price action with low commitment, low volume...
Weekly: Potentially bullish. Might have found support at 0.00003236. Volume falling. Price action moving down from upside of short channel. Daily: neutral - declining volume. Somewhat indecisive price action. H3: Holding a horizontal channel. Not exciting. Volume decreasing. Summary: Still bullish but if price doesn't close above 3.88 soon it might be time to move on.
Weekly: Potentially bullish. Might have found support at 0.00003365. Looks like price has found a long term low and it is holding. Volume is declining Daily: neutral, honoring support level, declining volume. Nothing exciting H3: Bearish price action but honoring support, increasing volume. Summary - Possible bottom. Could take position here with tight stop...
Weekly: Bearish - transitioning to bullish - sell off candle followed by indecisive candle with small body in middle, final candle is body looking tentatively bullish. Strong Volume declining. Daily: Bullish candle, bearish structure, price about to meet strong resistance at 12,000. Declining Volume. H3: bullish price action with low commitment, low volume....
Weekly: Potentially bullish. Might have found support at 0.00003236. Volume OK but not increasing, Daily: neutral -strong resistance holding at 3.88, if this holds for much longer it could be bearish. H3: Established a horizontal channel. Not exciting. Volume increasing but nothing amazing. Summary: Still bullish but if price doesn't close above 3.88 soon it...
Weekly: Potentially bullish. Might have found support at 0.00003236. Looks like price has found a long term low and it is holding. Daily: bullish, honoring support level, declining volume H3: bullish honoring support, declining volume Summary - Possible bottom. Could take position here with tight stop with good upside potential.
Seeing bearish structure and price action with low volume. Not taking any trade here...
Since bitcoin has decided to be indecisive I've decided to look at the ALTS. I hate to say it but XRP - which I really really don't like has a chart that looks interesting, so I have baught what looks to be a reversal.
Since I am now not sure what to expect next from BTC I have set up a straddle as below: Conditional Buy at 11313 Conditional Sell at 21940
BTCUSD Strong reversal pattern LONG