During the week-end, working on charts I have found a major difference between BTCUSD and BTCUSDT.P (wich I usually use). As the SEC just approoved Bitcoin ETF wich is SPOT maybe it's a good idea to trust the BTCUSD chart. I still see (for now and until proven otherwise) a SELL move on $ index and potantially on some USDXXX pairs. It's not a "rule" but $ can influence Bitcoin.
Plus this potential BUY H4 structure on Bitcoin maybe it's a good idea to find an entry with objective at least break $49.102, and $50.000 to follow ! I can't tell for now but yes it can go above this price, and I will leave 50% of the trade running just in case ^^.
Of course this structure is potentially valid at certain conditions, don't break $40.150 for example...
I will post update tomorrow after market opening, and as soon as I see a proper BUY setup to get in the move.
Traders, I wish you good week-end.
Plus this potential BUY H4 structure on Bitcoin maybe it's a good idea to find an entry with objective at least break $49.102, and $50.000 to follow ! I can't tell for now but yes it can go above this price, and I will leave 50% of the trade running just in case ^^.
Of course this structure is potentially valid at certain conditions, don't break $40.150 for example...
I will post update tomorrow after market opening, and as soon as I see a proper BUY setup to get in the move.
Traders, I wish you good week-end.
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On this second DAILY move, price rised fast but volumes (MACD4C) got lower. Analysing FOREX means a convergence, and potentially the end of a structure comming or even a reversal. I'm not saying that's what I'm forecasting here for our Bitcoin friend, especially because cryptos can catch up volumes within a day and be very volatile and agressive. One good thing we are waaaayyyy above DAILY UP TREND so I'm still "bullish" (DAILY/WEEKLY), but being "bullish" does not make me forget that on time to time, we have corrective structures.
All I say is that let's keep in mind, we trade only probabilities and until we don't break $40.150 I will be looking for BUY setup and take trades. If we break this point, then I will wait for a SELL setup and enjoy the ride ANYWAY ^^.
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And to finish my point, on the BTCUSDT.P chart I was seing the friday drop as the beginning of a new structure and so potentially SELL.Note
Guys still this difference between charts, and I am more today for the btcusdt.p chart wich shows SELL SETUP. I see a potential entry now so I will put an order, we're just on the trend line so it's quite clean for now. To follow...Note
For those who follow this post (not much but still), I still maintain untill we are above the line we go for a buy setup. It gave a pretty sell setup, that I took but just got BE, and didnt go down enough. So we need to wait for an entry, but it can still be long position coming.
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What I can say so far, that kind of strucutre is kinda new for cryptos. We usually have very complex structures in forex, but crypto was really like 1,2,3 BOOM. Now I see more and more complex structures, wich is normal knowing money flow and new financial actors.Note
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And something for sure, I remember why I usually read BTCUSD.P chart instead of BTCUSD !Note
I'm still very bullish on the big TIME FRAME (daily or more), but for H1/H4 it could be time for a bigger corrective structure. Next step is $50k but before that we can have a structure that last days, weeks, its hard to tell. For now let's be patient and see what we have in the coming days. I would be looking for a SELL SETUP.
13StarzTrading.ei
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13StarzTrading.ei
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.