BTC still in this channel it has been playing with:
I am expecting a test of the 6hr kumo and rejection there, or at test of resistance area around 6930-7100.
1hr:
4hr:
Some things of note:
Weak bullish TK cross under the red Kumo - with price above cross.
Price action still inside the 4hr kumo, 3 bullish signals would be the TK cross + price above cross + break out of cloud. We have two. Honestly this is the best BTC has looked in a while.
Decent uptrend on RSI, CMF, and MACD - but OBV has not changed much during this little rally. This tells me that while price is rising, buy volume is not increasing significantly. Thus, sellers are absent, and/or waiting for a better price to sell.
The daily Ichi is still strongly bearish, but price can rise significantly on this time scale without that changing. 4hr is still bearish, but potential signs of a reversal, but the last few on this time scale have failed with a sharp decline in price while price action was still inside the cloud. A 4hr candle close above the kumo after this TK cross would be a bullish signal I would buy, but still adding to a short position for now.
Closed a previous long from 6400 area. My short is underwater atm, but I am not concerned about it. I have a Stop Loss in place that will limit my losses, and a Hedge on the UPside (Call) contract currently in profit - filled when someone market dumped it shortly after the contract opened a few days back. The Bitmex Call option is going for 0.00352btc ($24) per 0.1 btc contract. so you can hedge 0.1 btc for only $24 currently and the contract is currently sitting right at the "in the money" level. Your losses on this contract are limited to the purchase value, or 0.00352 per contract currently. These contracts have no liquidation price and expire on June 22nd.
Note
Short position was closed in profit as shown in the following next BTC post
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.