Hello.
BTC has had a decent rally the last week. A much needed healthy correction is needed. The million dollar question is what comes after.
For me, both scenario's are still open atm. Thier are arguments to make for both sides of the market atm. And it all depends on how deep this correction will go. And if we just do an ABC up or the first leg of a bigger EW cycle.
The ABC scenario would mean we will see further corrections downwards and building more support at lower levels.
The EW is the bullish outcome and would mean we had a 1 leg up and are correcting within the bullish pattern.
I trade the momentum for now and set up intraday trades. If you are more of a holder I would wait for confirmation on the taken direction. The indicated levels and text on the right side of the chart will tell you that we have hit some interesting levels. And that there are interesting levels below and above us. Goodluck
BTC has had a decent rally the last week. A much needed healthy correction is needed. The million dollar question is what comes after.
For me, both scenario's are still open atm. Thier are arguments to make for both sides of the market atm. And it all depends on how deep this correction will go. And if we just do an ABC up or the first leg of a bigger EW cycle.
The ABC scenario would mean we will see further corrections downwards and building more support at lower levels.
The EW is the bullish outcome and would mean we had a 1 leg up and are correcting within the bullish pattern.
I trade the momentum for now and set up intraday trades. If you are more of a holder I would wait for confirmation on the taken direction. The indicated levels and text on the right side of the chart will tell you that we have hit some interesting levels. And that there are interesting levels below and above us. Goodluck
Trade active
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Pay attention to the larger view and the volume profile and see where the POC in red is. And where the developing VA is on the daily chartNote
The fight is close:)Note
It came to my attention that it seems that 16.000BTC from MT GOX are on the move. Be awareNote
cryptoground.com/mtgox-cold-wallet-monitor/ seems thruNote
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tradingview.com/x/fvthPKiV/first minor resistance brokenNote
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On the 4hr chart, you can see that the DMI is bearish. Hence there are mixed signals. Only one thing to remember for now is. Bears aren't capitalizing on their momentum for now.Note
The target of the symmetrical triangle posted last night achieved at $9350 area congratz to all you that took the trade... Likes and comments are always welcomeNote
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We broke thru the important resistance and double top potential at $9750. And touched the minor area at fib level $9860. It seems that bulls are confirming their intentions and we can expected more upsideNote
Tomorrow ill post a new chart with some info and explain my ideas. And what where some of the hidden signs already mentioned in this post a couple of timesDisclaimer
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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.