Finding a path in the noise of BTC!
Updated
BTC/USD chart update.
First and foremost I won't even consider to buy until we break 10.5-10.8K or even the 100 EMA.
BTC has had the 100 EMA as resistance for almost the whole down trend, now this turned to support during our uptrend to the upper part of the down trends channel.
Now the 100 EMA + price action has turned to a smaller falling wedge(1H) making the price break downwards and confirming the 100 EMA as resistance again, which is a strong bearish signal.
My resistance and support levels have been drawn by price action, higher time frame price action and Ichimoku indicator in some cases.
Short version:
- 100 EMA resistance again
- Elliot wave is possible and we might have found the bottom of wave 4 but the price needs to break 200 EMA for that as confirmation signal.
- Bearish cross EMA 50 and 100.
- Price is respecting the down wards trend we have seen since 20K.
- next support is 9.3K-8.8K after that 8K+/-
- Buy signals would be break 100 EMA + bounce
Breaking 10.8K
Shorts become interesting when we break the 9.3K-8.8K level but when such a opportunity presents it self I will post about it.
Enjoy the analysis!
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock/cryptocurrency picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. These are not facts but my personal views and opinions.
I will not and cannot be held liable for any actions you take as a result of anything you read here.
First and foremost I won't even consider to buy until we break 10.5-10.8K or even the 100 EMA.
BTC has had the 100 EMA as resistance for almost the whole down trend, now this turned to support during our uptrend to the upper part of the down trends channel.
Now the 100 EMA + price action has turned to a smaller falling wedge(1H) making the price break downwards and confirming the 100 EMA as resistance again, which is a strong bearish signal.
My resistance and support levels have been drawn by price action, higher time frame price action and Ichimoku indicator in some cases.
Short version:
- 100 EMA resistance again
- Elliot wave is possible and we might have found the bottom of wave 4 but the price needs to break 200 EMA for that as confirmation signal.
- Bearish cross EMA 50 and 100.
- Price is respecting the down wards trend we have seen since 20K.
- next support is 9.3K-8.8K after that 8K+/-
- Buy signals would be break 100 EMA + bounce
Breaking 10.8K
Shorts become interesting when we break the 9.3K-8.8K level but when such a opportunity presents it self I will post about it.
Enjoy the analysis!
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock/cryptocurrency picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. These are not facts but my personal views and opinions.
I will not and cannot be held liable for any actions you take as a result of anything you read here.
Note
Watching 10.4K as first bullish price action signal!Note
Showing the importance of the 10.4K level for a early sign of uptrend confirmation!
Note
Flag is more sloppy and bullish than the previous 2 BUT a downwards movement is possible if it makes a double top
I am more bullish on BTC since it broke 10.4K but I urge you to keep a open mind towards a scenario where we go down. Expect the unexpected and don't get caught off guard, this is the essence of trading.
Note
Divergence with volume and nearing resistance. Keeping it short:
Volume needs to increase in order for the price to keep moving up, if it doesn't expect a break downwards.
Trade active
Divegence played out towards the bearish side ( highlighted the bearish break with a yellow circle)
Besides that the bearish pattern has been completed ( see comments ) and we have formed a bearish flag.
remember what I said:I urge you to keep a open mind towards a scenario where we go down. Expect the unexpected and don't get caught off guard, this is the essence of trading.
Disclaimer
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