BTC - Buy the dip!
Updated
Good morning traders,
What a day!
I apologize for the 'cleanliness' of the chart, it's a bit of a rush job.
We're currently looking at a retrace from the 0.618 of the last bearish impulse, I opened a short at this level and I'm expecting a retest lower over the coming hours.
Key notes:
1) Look for buy opportunities labeled at the 0.382(10282) and possibly the 0.5 (10107) of the latest bullish impulse fib levels. There is also a chance that the 0.236 (10,500) is the buy zone, it would be much healthier to correct to the 0.382 level however, so I have not labeled that price, it is however, a possibility of the low.
2) If these zones break down further we must be cautious, BTC needs to close above the daily 50/100 emas ~10500 zone.
3) I would then expect the next impulse upwards to test $11,242 zone (0.786 bearish retracement) -- this will be the level that decides whether it continues to a new ATH, or breaks down further.
As always, if you find this information useful please support me by hitting the like and follow button, upon 30 likes I'll continue updating this chart.
What a day!
I apologize for the 'cleanliness' of the chart, it's a bit of a rush job.
We're currently looking at a retrace from the 0.618 of the last bearish impulse, I opened a short at this level and I'm expecting a retest lower over the coming hours.
Key notes:
1) Look for buy opportunities labeled at the 0.382(10282) and possibly the 0.5 (10107) of the latest bullish impulse fib levels. There is also a chance that the 0.236 (10,500) is the buy zone, it would be much healthier to correct to the 0.382 level however, so I have not labeled that price, it is however, a possibility of the low.
2) If these zones break down further we must be cautious, BTC needs to close above the daily 50/100 emas ~10500 zone.
3) I would then expect the next impulse upwards to test $11,242 zone (0.786 bearish retracement) -- this will be the level that decides whether it continues to a new ATH, or breaks down further.
As always, if you find this information useful please support me by hitting the like and follow button, upon 30 likes I'll continue updating this chart.
Note
I'm long until $11,242 (of it we triple top @ 10876)Note
Mighta called that one too early, exited.Note
This thing is about to boom, so make sure your on the right side of whichever way it goes, it will most likely be a bullish impulse but momentum is slowing down on the lower time frames, so you must be careful if your inNote
Sorry about all that confusion, I had a mixup of DMI on the tine frames, (I'm trading off the 4hr which is rising, and I was viewing the 1hr waiting for confirmation of a rise to trigger my buy signal and turns out I was looking at the wrong time frame!)Luckily, I got out in time. Trade safe in this zone, we have a potential drop incoming
Note
And theres our boom, watch for an immediate retrace in the next hour and if it doesnt happen its smooth sailing to 11200Note
Looks like we corrected immediately after that up, at this point the 4 hour 50/200 EMA is the play. This will either be the bottom for longs, alternatively, if we get an hour close below the 4hr 200ema you can go short as we should see a daily pinbar form from that action and this would show rejection of the long term downtrend line, at which point we go lower.Note
I bought in at the 4hr 200 EMA however I'll be looking to exit roughly about 10450-10500, but at this point the daily close is abysmal and I anticipate a test back into the 9's over the coming days.Trade closed: target reached
Long reachedTrade active
Short going to 9600-10,100Trade closed: stop reached
Stopped out of shortNote
Looking for a retrace to 0.5 fib, then the boom upTrade active
Short is open, I'm still looking for that test downwards, although the dynamics have changed, the $10,500 zone will be a key area if this re-trace happens.I'm also open to the possibility that we end up booming up from here, however, I am skeptical of the trading environment currently, I'll be posting a new chart today or tomorrow.
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Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
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