$BTC long time frame analysis
Updated
Beyond the current support we have bounced from and this being the bottom of the cloud, I am not seeing many reasons to be bullish on BTC at the moment. The one hour chart is showing bullish regular divergence on the RSI as well as a inverse hammer reversal, so a short term consolidation/bounce is expected. I am looking at the bullish order block and weekly resistance level below. This will give the opportunity to create bullish divergences on the higher time frame charts and continue a healthy up trend. This would also fill out the right shoulder of an IHS on the daily chart.
The weekly CMF shows a bullish order block where I would look for long bets if the above plan fails. I believe this candle close will give us bullish hidden divergence on the weekly CMF for BTC as another factor in a continued uptrend.
With consensus coming up, my view on the market is still bullish. Going into a low volume weekend before the start of the event leads me to believe this is a highly likely analysis. Giving institutional money more time to load up on long positions.
The weekly CMF shows a bullish order block where I would look for long bets if the above plan fails. I believe this candle close will give us bullish hidden divergence on the weekly CMF for BTC as another factor in a continued uptrend.
With consensus coming up, my view on the market is still bullish. Going into a low volume weekend before the start of the event leads me to believe this is a highly likely analysis. Giving institutional money more time to load up on long positions.
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No likes on this analysis?? I still stand by it. Hope you held your shorts! :)
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Expecting this to dip into the orderblock for a long positions. If this candle holds as a retest of resistance as support it would be bullish, but I’m not expecting it to.
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BTC rejected at slow MAs and Daily S/R. Still following this trade.Trade active
BTC heavy rejection on an attempt for a bullish breakout. Whole market has been looking bad the last day or two. Ready for low entries across the whole market. Will try to share some charts with potential entries soon.
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Many reasons to be bearish on BTC in the short term. I am not trading alts at the moment and am waiting on btc volatility to decline. Risk Management is key in this market. Bearish Ascending Broadening wedge still in play, target leads directly to prior targets. I have refined the prior targets based on the four hour chart and new price action. Current swing high noted on the chart.
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Note
Red dashed line was the ascending broadening wedge target, green dashed was strongest local resistance.Trade closed: target reached
This trade played out perfectly. All short positions were exited, and I hit all but 1 long entry that was left for a lower bullish OB. Will be updating BTC on a new idea shortly.
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