Hammer Time
Updated
The past 2 days have gave us some glimmer of hope with BTC flirting with 11000 after bouncing from its 9400 level. From my talks with other traders, most are bullish towards the upside range of 12000/13000 but expect some choppiness along the way. Since flirting with 11000, price action has pulled back a bit.
On my previous Idea published, the bounce from 9400 was the 4th times its bounced off that level this summer. And this bounce seemed a bit different. Different in a bullish way with a PT of 12352 that i still hold and eventually reaching to 15000 in the coming months. But for now, as we can see in the split screen view, the 4H time frame still shows BTC holding up well above the ichimoku. But the 1H is painting a slight pullback, possibly bouncing off the .382 fib level (traced from the ~9450 low to the ~10827 high) while cutting into the ichimoku. That 10827 high has also produced a reversal hammer candle. Possibly confirming the pullback down to the .382 level of 10274.
Initiate (near term): Sell 10576 | Buy 10274 (~3%)
OR
Initiate (short term): Buy 10274 | Sell 12352 (~20%)
On my previous Idea published, the bounce from 9400 was the 4th times its bounced off that level this summer. And this bounce seemed a bit different. Different in a bullish way with a PT of 12352 that i still hold and eventually reaching to 15000 in the coming months. But for now, as we can see in the split screen view, the 4H time frame still shows BTC holding up well above the ichimoku. But the 1H is painting a slight pullback, possibly bouncing off the .382 fib level (traced from the ~9450 low to the ~10827 high) while cutting into the ichimoku. That 10827 high has also produced a reversal hammer candle. Possibly confirming the pullback down to the .382 level of 10274.
Initiate (near term): Sell 10576 | Buy 10274 (~3%)
OR
Initiate (short term): Buy 10274 | Sell 12352 (~20%)
Comment
closed.
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