This post is a just quick update on Bitcoin as I am travelling overseas in the next 4 weeks which means I will have limited access to internet during this time. I will try to give you update in my group only when necessary. You should all be aware by now that I don't give updates just for the sake of updates.
On the weekly time frame, Bitcoin has found support right at the $7750 support that I told you back on the 27th August. Not only that, it coincides with the weekly 50EMA support that I showed you in my last TradingView post. This means that as long as $7750 holds as support, there is no reason to be too bearish.
On the daily time frame, Bitcoin is still below daily 200EMA resistance as well as the $8500-$8600 resistance range in which I have advised you to take some profits last week. Then, last week there was a bullish Bat pattern that I told you could be a good time to buy. One thing to note on the daily time frame is the downtrend line which still acts as a resistance. Please don't guess the direction and wait for market to show you direction.
To conclude, if you are trading the weekly context, $7750 could be a good buy as long as it holds.
But if you are trading the daily context, it's better to wait for daily candle close above daily 200EMA (in red). Keep in mind tho that there are many resistances right above it which means the risk reward ratio may not be ideal to take the trade.
Personally I am patiently waiting for the time to add back my long term positions from the profits I took previously. I will let you know in the group when it's time to get in. Stay tuned and see you in a month!
Taiwan Bear
On the weekly time frame, Bitcoin has found support right at the $7750 support that I told you back on the 27th August. Not only that, it coincides with the weekly 50EMA support that I showed you in my last TradingView post. This means that as long as $7750 holds as support, there is no reason to be too bearish.
On the daily time frame, Bitcoin is still below daily 200EMA resistance as well as the $8500-$8600 resistance range in which I have advised you to take some profits last week. Then, last week there was a bullish Bat pattern that I told you could be a good time to buy. One thing to note on the daily time frame is the downtrend line which still acts as a resistance. Please don't guess the direction and wait for market to show you direction.
To conclude, if you are trading the weekly context, $7750 could be a good buy as long as it holds.
But if you are trading the daily context, it's better to wait for daily candle close above daily 200EMA (in red). Keep in mind tho that there are many resistances right above it which means the risk reward ratio may not be ideal to take the trade.
Personally I am patiently waiting for the time to add back my long term positions from the profits I took previously. I will let you know in the group when it's time to get in. Stay tuned and see you in a month!
Taiwan Bear
Note
Just finished my trip to Japan. Hope everyone is doing well. I am going around Taiwan in the next few days. BTC is going quite nicely as planned. Let’s recap what I said:
1. The low in early June 2019 is mostly like to be broken (to hit retail traders’ stop loss. And it did)
2. My buy limit is spread across $6800-7300 ($7300 was filled)
3. There is no reason to be ‘too’ bearish (someone laughed about it, I hope he didn’t short into support)
The pump yesterday was a short squeeze. It’s still too early to tell whether it’s the start of the new bull market.
Please, if you are a new trader, don’t use high leverage and don’t short this market. Again and again I emphasise how important it is not to trade both direction but many still think they can catch every market movement.
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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.
Related publications
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.