BTC - One more level down, or some range trading!
Updated
Good morning traders,
Wow, what a day we had huh?
Luckily, if you were following me you'd be prepared for a sell off. Unfortunately, my support levels didn't hold at $11,193-$11,600. I've been self analyzing as to why, this support level was different than the previous ones, and the only thing I can think of is the futures closing today, I believe a lot of people began shorting the hell out of BTC -14.37% yesterday and today.
Regardless, I got in my entries in the mid 1100's, so it could be alot worst, and I'm thankful for that!
I've been observing BTC -14.37% this morning and I feel that we're very close to another temporary bottom.
Key Notes:
1) We want to see some range trading in this range, I'm not expecting BTC -14.37% to blast off to the stratosphere anytime soon, there are still too many negative indicators. Once we do find the *real* bottom, we should be expecting to see a strong bounce.
2) $7000-$8600 are in play right now. If you can grab a buy there - DO IT!
2) $12,400 - observe it closely. It was the number to look at yesterday, today it's further off, but still a key area.
Lastly, I've been getting quite a few pm's about whether I offer services, social media, or website etc. I'm looking into it, however I really want to focus on growing my presence on tradingview and build from there. I want to earn trust from you, the traders first.
As always if you find this information useful, please support me by hitting the like button, and by throwing me a follow. I'll continue to update this as the day unfolds, and hopefully we can get some trading levels established down here!
Wow, what a day we had huh?
Luckily, if you were following me you'd be prepared for a sell off. Unfortunately, my support levels didn't hold at $11,193-$11,600. I've been self analyzing as to why, this support level was different than the previous ones, and the only thing I can think of is the futures closing today, I believe a lot of people began shorting the hell out of BTC -14.37% yesterday and today.
Regardless, I got in my entries in the mid 1100's, so it could be alot worst, and I'm thankful for that!
I've been observing BTC -14.37% this morning and I feel that we're very close to another temporary bottom.
Key Notes:
1) We want to see some range trading in this range, I'm not expecting BTC -14.37% to blast off to the stratosphere anytime soon, there are still too many negative indicators. Once we do find the *real* bottom, we should be expecting to see a strong bounce.
2) $7000-$8600 are in play right now. If you can grab a buy there - DO IT!
2) $12,400 - observe it closely. It was the number to look at yesterday, today it's further off, but still a key area.
Lastly, I've been getting quite a few pm's about whether I offer services, social media, or website etc. I'm looking into it, however I really want to focus on growing my presence on tradingview and build from there. I want to earn trust from you, the traders first.
As always if you find this information useful, please support me by hitting the like button, and by throwing me a follow. I'll continue to update this as the day unfolds, and hopefully we can get some trading levels established down here!
Note
1) Confirm a breakout of the downtrend channel2) Watch how it reacts off the 20 day MA (if step 1 completes)
3) If we break past 20 day MA, good sign, I would expect a test towards $11,800 and I would anticipate this would begin to act as a new support.
Note
I misspoke and sayd 20 DAY MA, it's the unit of whatever your looking at, so in this case the hourly.Note
Let's see if we can break that 20 MA, additionally, futures expire shortly, let's see what happens!Note
That support line is looking preeeeety good so far, and futures just ended. I think we'll get back up into the 11's here shortly, but once again, we're going to want to pay special attention to that 11,800 range.Note
Cohosting live with another friend of mine @ twitch.tv/cryptoshill talking live analysis about BTC and what's happening.Note
Calling it a night,If your trading tonight, look for the moving averages to hold as support, with a large buy volume coming in behind it. That should be your signal that a bottom has been found. Good luck and I'll update tomorrow!
Note
Good morning traders,Looks like we had our range trading I was looking for!
Last night I mentioned the necessity for buy volume to pick up, and for moving averages to be respected as support. So far both things have happened, now I want to make it clear, we haven't had a real downward pressure sell off at these levels yet, so what could happen, is a push to higher zones with a sharp sell off being triggered.
That's what I'm looking for, a real test of these temporary supports we've found.
Meanwhile, if this keeps up I'm expecting to see a test of the $12,400 zone, and depending on the sell off pressure there, should be a solid indicator based on where (and if) we catch support that we may have found a bottom.
Note
I wanted to point out, in case I wasn't clear, that if and when a sell off happens ( I anticipate one) if the moving averages don't catch, we're right back in hot water and looking at sub 10k BTC.Note
Additionally, full disclosure, between yesterday and today I have closed out positions that I made a small % on, roughly 45% I will either rebuy the upcoming dip, or, if we have confirmations of a breakout, will buy into that.Either way, I'll let you know!
Note
We are beginning to see divergence from the price, volume, and money flow indicator, I would anticipate a sell off soon, if the bears can't get the volume back.Note
Note
Additionally, while I'm not perfectly news driven, the south korean government stated they will decide on whether or not the korean exchanges will be closed today (thursday, its already friday there) so no release has been made.With that in mind, and the negative indicators I'm seeing above in terms of lack of momentum, I've closed out all my positions and I'm in a stand by and observe mode.
Good luck all, and trade safely!
Trade closed manually
I'll post a new chart when I decide to enter back into the market.
If you find my information helpful, please return the favor and hit the like and follow button, it's very encouraging and keeps me motivated!
Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
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