Multi Timeframe Analysis
Hint: Previous Prediction Panned. Expect Further Losses
Ah the markets. One day up, next day down. If you don't plan, you're bummed.
Yesterday's US news crashed the stocks further and with it crypto. My last analysis saw a massive RSI divergence on BTC's 4H chart. With that, BTC staggered down to the low 40 region. As expected
Today, I try something new and overlay harmonics on a renko chart with the brick analysis method of a renowned Indian trader. Prashant Shah introduced renko brick analysis introduced in “Profitable Trading With Renko Chart” Book.
All indications point to further downside as the Brick zone goes further in the red supported with the Brick indicator.
Harmonic analysis looks to 30k as strong floor for BTC to test and go back up. If this floor breaks, Harmonic analysis sees that 7k USD is the lowest BTC will find solid footing on.
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Market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI , MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line
About me
I am not a financial advisor nor a signal provider. These are the opinions of a 20-year private trader in the legal profession as well as a businessman diversified in the tech and hospitality industries. My favored tools of the trade include wave analysis, price action on the 4H to Weekly timeframes and institutional order flow.
Hint: Previous Prediction Panned. Expect Further Losses
Ah the markets. One day up, next day down. If you don't plan, you're bummed.
Yesterday's US news crashed the stocks further and with it crypto. My last analysis saw a massive RSI divergence on BTC's 4H chart. With that, BTC staggered down to the low 40 region. As expected
Today, I try something new and overlay harmonics on a renko chart with the brick analysis method of a renowned Indian trader. Prashant Shah introduced renko brick analysis introduced in “Profitable Trading With Renko Chart” Book.
All indications point to further downside as the Brick zone goes further in the red supported with the Brick indicator.
Harmonic analysis looks to 30k as strong floor for BTC to test and go back up. If this floor breaks, Harmonic analysis sees that 7k USD is the lowest BTC will find solid footing on.
------
Market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI , MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line
About me
I am not a financial advisor nor a signal provider. These are the opinions of a 20-year private trader in the legal profession as well as a businessman diversified in the tech and hospitality industries. My favored tools of the trade include wave analysis, price action on the 4H to Weekly timeframes and institutional order flow.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.