A couple of thoughts on BTCUSD
Updated
I have a couple of thoughts about Bitcoin price for the near future. It will be interesting to see how it plays out. I'm not going to go too deep into this as there is loads of good information available on BTC if you're following the right people. I apologise in advance for the state of my chart, I need to do some house keeping but I am pressed for time right now.
My first thought is the obvious ABC correction. This would be good for those looking to trade BTCUSD Long as it will present good buy opportunities as it retraces. I like the 50% level here because of the recent price action at this level, the psychological factor of 50%, and also that yellow dotted line on my chart. That is the bottom of a previous weekly candle and there has been a lot of price action within the limits of that candle. I'll be watching that level closely if we get back there. If you're holding alts, a retrace this deep could be bad short term for your holdings. If it turns out to be, don't panic, stick to your strategy. You're only restricted by the time limits you place on yourself.
My first thought is the obvious ABC correction. This would be good for those looking to trade BTCUSD Long as it will present good buy opportunities as it retraces. I like the 50% level here because of the recent price action at this level, the psychological factor of 50%, and also that yellow dotted line on my chart. That is the bottom of a previous weekly candle and there has been a lot of price action within the limits of that candle. I'll be watching that level closely if we get back there. If you're holding alts, a retrace this deep could be bad short term for your holdings. If it turns out to be, don't panic, stick to your strategy. You're only restricted by the time limits you place on yourself.
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Another possibility is a triangle or flag continuation pattern develops. I would consider this very bullish. It seemed an unlikely scenario but price is trying to get back above the 9050.00 support. It's a bad place to be entering longs with such strong overhead resistance but I will be inclined to follow the pattern.These are just my thoughts, not a trade suggestion. I'd love to hear yours. Happy trading.
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Massive price manipulation by the big players. What are they doing here? Taking out stop losses intentionally? Testing market sentiment by pushing a price in one direction, not getting any follow through then driving price the other way? Both possibly. If there is a large number of stops for shorts in a narrow price range and it would cost them less to move price there than they would make by selling into those stops why wouldn't they do it?Let me know your thoughts.
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Massive price manipulation in a short time frame (I forgot to post the chart image).Note
It looks like we are forming another rising flag continuation pattern that seems to have become common in BTCUSD. It's similar to an ABCDE triangle but wave B is too short to make the pattern true. These are continuation patterns and have been breaking to the upside but it could easily be a double top bull-trap. Still no trade to make here.Note
Strong bullish divergence on the 4hr RSI indicates we may have found a bottom or are very near it. MACD looks like it's ready to cross. I have taken this as a signal to go long in some alts and Litecoin as the % margins are higher.
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