Bitcoin Daily - Lazy Bears
Updated
Hello all,
Using indicators only doesn't give you clear judgement by themselves, but still it lights your way around the darkness. Here I would like to share a similarity within past two months.
I think 6th of each month theory is just coincidence, but it may even work out this time as well. The reversal of the trend is at our doorsteps and yesterday was the candle of hope.
I do believe we will visit the downside once more, but after that the way is upwards for the coming month. As you look at the circles, that indicator in daily time frame gives nice signal when the trend is going to change.
For today:
I don't think we will be able to pass through 7550-7600 before a drop today. The ichimoku cloud in 3 hour frame is just too thick, and 4 hour time frame does give us 7650-7700 as strong resistance.
I am in no trade zone, if you are mad enough and like some adventure, go short with tight stop losses. Your target can be 7350-7400.
Still, the risk/reward is very low, I wouldn't trade it. Sometimes doing nothing and waiting patiently is the best thing to do.
Cheers.
ALPER
Using indicators only doesn't give you clear judgement by themselves, but still it lights your way around the darkness. Here I would like to share a similarity within past two months.
I think 6th of each month theory is just coincidence, but it may even work out this time as well. The reversal of the trend is at our doorsteps and yesterday was the candle of hope.
I do believe we will visit the downside once more, but after that the way is upwards for the coming month. As you look at the circles, that indicator in daily time frame gives nice signal when the trend is going to change.
For today:
I don't think we will be able to pass through 7550-7600 before a drop today. The ichimoku cloud in 3 hour frame is just too thick, and 4 hour time frame does give us 7650-7700 as strong resistance.
I am in no trade zone, if you are mad enough and like some adventure, go short with tight stop losses. Your target can be 7350-7400.
Still, the risk/reward is very low, I wouldn't trade it. Sometimes doing nothing and waiting patiently is the best thing to do.
Cheers.
ALPER
Note
This is what I have in mind for the coming days. The arrows are just random, not Elliot or sth. If the price breakthrough 7800 in coming days, that would surprise me a lot!
What are your thoughts?
Note
It seems to me that a decision point is coming, could be both ways.RSI seems to be declining, even though the price is rising. We may see a drop within 2 hours.
I am still a shy cookie to open short position from here, because MACD is not supporting my idea.
Let's see...
Note
The idea worked out in the end, but my time prediction was a bit off. The descending triangle took too much to make its decision.So what now? The daily close should be above 7200, then I will evaluate the general situation and slowly start to build up long position if everything is according to my strategy.
I may even enter 10% of my btc to long around 7300ish. My target is 7600.
Cheers
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