I am not one to claim to know where Bitcoin is going to go because the truth is i have no fucking clue, however consider this setup and play the break out or buy in at the lowest point of the right shoulders if it retraces.
There is alot of good sign that this is a potential market exhaustion and buildup of a reversal.
On this chart you can clearly see that trend has lost momentum for the time being and is ranging in consolidation. During this time i always look for divergence in the RSI to indicate a shift in trend momentum. price has also broken below the 50 EMA and also broke trend. There is also a break in the -120 on the CCI which can be considered a good indication of...
Noticed a reversal pattern forming on the 4 hr. To be completely honest i dont think this will be a long term long term trade. maybe a few days. i have stops in place just below market structure to avoid stop hunts. if the head n shoulders fails, this idea is no longer valid as XRP is currently in a well defined down trend.
Looking for price to hold below the 113.00 psych level. this would also be a pullbback to the 50 EMA as well as the Stationary 50 on the TDI... these are great secondary indicators for good pullback zones. if you want to wait for confirmation i would wait until the CCI breaks below -100. because this is such a black o white trade i would use type stops just above...
Price is obviously weakening creating lower lows and lower highs and in addition has broken key market structure with momentum. if price respects trend im taking it down to the 61.8 and then to the trend line with proper risk and trade management.
Pretty simple setup, perfect trendline test. Looking for price to respect 1 HR EMA and break the 50 EMA as this would confirm market structure for this setup. Identified TPs based off key market structure levels.
So as long as this micro trend line holds i am looking for price to come down to the 4 hr support. however if this trade fails it is just no longer valid and i would be looking for a new setup so keep a tight stop loss. if price can smash through that .45772 support with some confidence then i would start increasing my leverage forsure.
Pretty straightforward, but this would be my opinion regarding movement over the next week or 2. an idea to map out intraday setups. Orange Horizontal Lines are for key market structure levels. and honestly i might try and catch a few sells on the way down to the trendline.
Just as a possible setup for intraday plays, i noticed the 113.00 holds strong. i believe this will be hard for price to break. this would be the completion of the 5 wave and then breaking down into a head n shoulders, ABC wave pattern. like i said just as an idea to watch for as price does its thing. i would play it zone to zone. tight stops of course but be...
Basically took a fib from the swing hi to the swing lo... i like to do this in times when price has anchored and begins to range. this adds a little more vision for key levels mixed with zone to zone support and resistance price action. here is a look at what i will be sitting on. we shall see what happens.
I personally am not much of a swing trader but for those of you who enjoy intra day trading... here is an idea of what i personally think will happen or at least what it will look like. i want to see how price reacts around 113.00 for obvious reasons. price seems to face rejection here. how ever if it clears through and holds i would look to take it long to fill...