BTC - Breakout, but showing signs of weakness
Updated
Good morning traders,
Looks like we broke that $11,256 zone - but will it last?
Key notes:
1)We had a higher low, which I mentioned as a possibility in my last chart, that seems to be driving this breakout.
2)Look at the yellow circle to see the last breakout we had, and how it ended up being a failed breakout.
3)We want to observe volume closely over the next couple of hours, I have not bought in yet.
4) Observe the $11,256 zone, this needs to act as support, if it does, this rally can be sustained and price movements can go higher
5) TTM Squeeze is already firing off warning shots, look for the area's I've highlighted, this can change on a dime, so take it with a grain of salt.
All in all, the next couple hours will be critical, if volume can pick up we could see a run up to $11,800 or $12,400
As always, if you find this chart useful, please support me by hitting the like and follow button, I'll update it throughout the day.
Looks like we broke that $11,256 zone - but will it last?
Key notes:
1)We had a higher low, which I mentioned as a possibility in my last chart, that seems to be driving this breakout.
2)Look at the yellow circle to see the last breakout we had, and how it ended up being a failed breakout.
3)We want to observe volume closely over the next couple of hours, I have not bought in yet.
4) Observe the $11,256 zone, this needs to act as support, if it does, this rally can be sustained and price movements can go higher
5) TTM Squeeze is already firing off warning shots, look for the area's I've highlighted, this can change on a dime, so take it with a grain of salt.
All in all, the next couple hours will be critical, if volume can pick up we could see a run up to $11,800 or $12,400
As always, if you find this chart useful, please support me by hitting the like and follow button, I'll update it throughout the day.
Trade active
Bought in @ 11, this is an aggressive buy, and I want to see one more thing on the 15 minute chart, but it's looking good.Note
Just for clarification this is an aggressive entry, I'm not as comfortable as I'd like to be with it so I don't know how long I'll be sticking in this. We shall see!Trade closed manually
Still needs more time, exited the trade.Note
Something big is brewing, that's all I got for ya!I'll update when it becomes more clear, short term we may see another surge upwards *but* I'm not sold on it. I just really don't like this trading zone.
Nothing time won't clear up, until then, trade safe, trade wise, and remember, we're in a corrective market. Now is not the time to take risks.
Note
Streaming live in 20 minutes @ twitch.tv/cryptocrew the situation - ETA 20Note
As discussed last night on stream, I put a low % buy @ the $11,256 zone, and it looks like this has already broken down. Still in wait and see mode, we're in the midst of the selloff I was looking for, and where we land here will be revealing.I'm about 10% in the market after that buy, and will continue to hold until I see further confirmation of what's going on in the coming hours.
Trade active
I'm going to throw this out there, and this might be one of those eat my words posts, everyone right now is calling down, and going against the trend isn't wise by any sort of degree, but I just don't see the sell pressure, granted, I don't see the buy pressure either, but I got a feeling in my gut that we're going to be going up again.Everyones calling down, and futures are tomorrow, let's see what happens. With that in mind I have bought in more, but this is incredibly risky - don't do it on your end, but I'm going to trust my instincts.
I'll be exiting if I see a further breakdown below 11k zone (depending on the market conditions) and eating that as a loss.
I'll either be getting some mad props, or some serious crow off this one, honestly, don't do it on your end until there's confirmations.
Note
*Whistles* I've got a feeling...woooohooo, that tonight's gonna be a good night.Area's of interest, but uh....we're going up boyos, no crow for me today.
Note
Streaming the situation live as it unfolds @ twitch.tv/cryptocrewTrade closed: stop reached
STOPPED OUTNote
Trade Active, re-bought, and got a little more for my money ;) will monitor closelyTrade active
Note
I'll be making a new chart shortly, however, I mentioned yesterday the importance of $11,256 holding as support - it failed. This is the result of that situation, the upper buy zone of the original optimal zone to buy, immediately held, signalling buyers are ready.Additionally, if you were going to short, you'd be long from $11,600 -- would you then open a short at a potential support zone between $11-$11,200?
I wouldn't.
As a result, I think alot of new shorts opened at $10,800-$11,000, and those shorts are currently in jeopardy, I'd imagine alot of liquidation to happen around $11,200 if people didn't close their shorts, also, seeing the support that was found right away, we should see an easing of the sell pressure.
I wouldn't be surprised if on the next push we goto $11,000, with a possible short squeeze @ $11,200.
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Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
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