BTC (Y20.P4.E18).When\if there is a pullback?
Updated
Hi All,
Let me start of by saying that I do expect us to see a ranging price for a week or 2 before we get an understanding for what price action is to be.
A pullback is not unusually at this point to occur especially when we hit the monthly resistance level and the top of the channel.
But we cannot assume its worth the sell and buy the dip at this point as we don't have enough data.
What we or I am trying to ascertain is what pullback will give us enough spring up go up higher.
This is the hard to figure out as we need more time, sometimes it takes less of a dip and sustain level support to build the momentum as well as many will hodl.
With this post, I thought I share what I'll be looking for to gauge if or when there is to be a significant pullback like last time.
This is only to take advantage of buying the dips as I am still bullish on the medium macro time frame (weekly chart).
I cannot say what % of the pullback is it likely to be if it does happen. But I do expect it to be within this channel, chart below.
What will I be monitoring:
The 3 day chart to the weekly, and their indicators. Hence I will be looking for the following:
On the weekly chart, as above, I will be using a number of indicators to help me gather the picture of what's going on.
I will use the daily to weekly candle sticks for clarity. Eg shooting star on the daily or 12 hrly, or hanging man, or bearish harami etc
With the indicators on this chart, I like to use 3 in the combination on the bigger time frames. These are :
a) Phoeix as its a early responsive indicator
b) The Wave Trend (WT) and Stochastic (StochX) indicators for confirmation and
c) Looking at the MACD which should also show us a bearish div in play or convergence
With regards to the Phoeix, like the previous dip, I will expect the Grey shadow to hit 50% first along with the Green and Red RSI cross over.
Depending on the candle stick formation and level (support level) will help me determine my bearish stance.
As you can see on previous pullbacks, those black dots start to appear, showing the downward pressure is starting.
At the same time I have the WT and StochX. With each to its own signal, eg black and blue cross over and headed south, crossing over the WT (green and red signals).
Then to seek if they cross over as well with each other. This will give me the sign of confirmation.
Note that the MACD and signal cross over is usually too slow but it too will confirm a bit later.
To get it right earlier than the weekly, to sell and buy the dip, I would need to be looking at the daily and 3 day prior for the above description to happen.
Hence I would use the same method on the 3 day and I would use the daily candle sicks to gauge if it supports it.
The daily chart below gives you a comparison on the indicators, for that potential pullback.
Also look at the 3 day chart below.
The monthly helps find those resistance and support levels. The weekly chart does the same. Hence look for confluence.
Bottom support level is usually the weekly structure and 21 EMA.
Looking at the 12 hlry, it gets the ball rolling. Candle sticks, Phoeix RED RSI above 50%. Support lines are clear.
Daily chart:
3 Day chart: Note how the indicators vary from each pullback. The steeper the decent and if in parallel for the Phoeix green ad red before it gets to 50% the more likely it will be a deeper pullback.
Note also the grey energy and how its below 50%. Similarly note the WT and Stoch lines and their momentum against each other. This combination assists me to feel confident of the pullback magnitude.
There are more examples but these should do it for your understanding.
Monthly chart: For those who don't know this method, use the body of the candle to capture the support and resistance levels. Its a very powerful tool, The more confluence this has with fib and MA's, the more likely it will be.
Weekly chart
Please give me tick or like for this post;
Regards,
S.SAri
My expectation on the 4 hrly, ideal.
Let me start of by saying that I do expect us to see a ranging price for a week or 2 before we get an understanding for what price action is to be.
A pullback is not unusually at this point to occur especially when we hit the monthly resistance level and the top of the channel.
But we cannot assume its worth the sell and buy the dip at this point as we don't have enough data.
What we or I am trying to ascertain is what pullback will give us enough spring up go up higher.
This is the hard to figure out as we need more time, sometimes it takes less of a dip and sustain level support to build the momentum as well as many will hodl.
With this post, I thought I share what I'll be looking for to gauge if or when there is to be a significant pullback like last time.
This is only to take advantage of buying the dips as I am still bullish on the medium macro time frame (weekly chart).
I cannot say what % of the pullback is it likely to be if it does happen. But I do expect it to be within this channel, chart below.
What will I be monitoring:
The 3 day chart to the weekly, and their indicators. Hence I will be looking for the following:
On the weekly chart, as above, I will be using a number of indicators to help me gather the picture of what's going on.
I will use the daily to weekly candle sticks for clarity. Eg shooting star on the daily or 12 hrly, or hanging man, or bearish harami etc
With the indicators on this chart, I like to use 3 in the combination on the bigger time frames. These are :
a) Phoeix as its a early responsive indicator
b) The Wave Trend (WT) and Stochastic (StochX) indicators for confirmation and
c) Looking at the MACD which should also show us a bearish div in play or convergence
With regards to the Phoeix, like the previous dip, I will expect the Grey shadow to hit 50% first along with the Green and Red RSI cross over.
Depending on the candle stick formation and level (support level) will help me determine my bearish stance.
As you can see on previous pullbacks, those black dots start to appear, showing the downward pressure is starting.
At the same time I have the WT and StochX. With each to its own signal, eg black and blue cross over and headed south, crossing over the WT (green and red signals).
Then to seek if they cross over as well with each other. This will give me the sign of confirmation.
Note that the MACD and signal cross over is usually too slow but it too will confirm a bit later.
To get it right earlier than the weekly, to sell and buy the dip, I would need to be looking at the daily and 3 day prior for the above description to happen.
Hence I would use the same method on the 3 day and I would use the daily candle sicks to gauge if it supports it.
The daily chart below gives you a comparison on the indicators, for that potential pullback.
Also look at the 3 day chart below.
The monthly helps find those resistance and support levels. The weekly chart does the same. Hence look for confluence.
Bottom support level is usually the weekly structure and 21 EMA.
Looking at the 12 hlry, it gets the ball rolling. Candle sticks, Phoeix RED RSI above 50%. Support lines are clear.
Daily chart:
3 Day chart: Note how the indicators vary from each pullback. The steeper the decent and if in parallel for the Phoeix green ad red before it gets to 50% the more likely it will be a deeper pullback.
Note also the grey energy and how its below 50%. Similarly note the WT and Stoch lines and their momentum against each other. This combination assists me to feel confident of the pullback magnitude.
There are more examples but these should do it for your understanding.
Monthly chart: For those who don't know this method, use the body of the candle to capture the support and resistance levels. Its a very powerful tool, The more confluence this has with fib and MA's, the more likely it will be.
Weekly chart
Please give me tick or like for this post;
Regards,
S.SAri
My expectation on the 4 hrly, ideal.
Note
Note
3 DAY / Daily / 12 Hrly chart, bearish tone. I'll be looking for the short to make a few extra $$.Note
So far I'm staying bullish based on the past 2 days candles, especially if it closed above 13670, Note
Looking for the pullback. BTC left\SP500 right.
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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