BTC Decision time! Heffae Clouds Daily & 3Day meta-analysis
Updated
I believe the time is near for BTC to make a substantial move. The current price level has broken to the underside of longer-timeframe Support & Resistance levels as shown by the Heffae Clouds indicator. The chart you see uses 1Hour candles to show the granular interaction with 1Day and 3Day clouds. There has been a lot of chop in these areas, against the longer term trendlines.
Firstly, a break from inside the cloud body to the underside of the cloud is a bearish signal.
Currently, things are looking like a short on BTC is the play using this logic:
however:
The continued grind against these resistance levels has been going on for what seems like forever (for a crypto market!) and there is the notion that the longer resistance levels are tested, the more likely they are to be broken. What we could be seeing is a massive accumulation play that's had the price pushed lower at every potential break-out level in order to force selling & filing accumulator's bags. Since the volatility is low, and the "triangle" is seen by many traders as a key break-up or break-down level, all it will take is a small push to send it flying in either direction.
Support levels on the 8Hour and 4Hour clouds:
Get ready for 20% days, folks!
I am short on cloud bottom rejections, and long on cloud bottom violation/re-test events. It's a little choppy, but with limits set in either direction, the position will be in the right place prior to said breakout. Cannot go wrong this way, and by looking at the almost magnetic-like grind BTC has at these resistance levels, you can usually limit in and out at a gain if played correctly.
I will try to update this as price action follows! Currently we have fallen out and re-tested Cloud bottom, so that's a short from $6550
Firstly, a break from inside the cloud body to the underside of the cloud is a bearish signal.
Currently, things are looking like a short on BTC is the play using this logic:
however:
The continued grind against these resistance levels has been going on for what seems like forever (for a crypto market!) and there is the notion that the longer resistance levels are tested, the more likely they are to be broken. What we could be seeing is a massive accumulation play that's had the price pushed lower at every potential break-out level in order to force selling & filing accumulator's bags. Since the volatility is low, and the "triangle" is seen by many traders as a key break-up or break-down level, all it will take is a small push to send it flying in either direction.
Support levels on the 8Hour and 4Hour clouds:
Get ready for 20% days, folks!
I am short on cloud bottom rejections, and long on cloud bottom violation/re-test events. It's a little choppy, but with limits set in either direction, the position will be in the right place prior to said breakout. Cannot go wrong this way, and by looking at the almost magnetic-like grind BTC has at these resistance levels, you can usually limit in and out at a gain if played correctly.
I will try to update this as price action follows! Currently we have fallen out and re-tested Cloud bottom, so that's a short from $6550
Note
1Hour, 4Hour, 8Hour all providing a support channel.1Day and 3Day still resistance. Things are very, very tight!
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