BTC Correction Daily Short before Bullish 7k
Hey guys how are you all doing?
The volatility and price swings have been crazy the past week and this has been a great opportunity for us traders.
In my previous post I was expecting a bounce from 6200 to be followed by a rally to 7k. But alas! Correction went further down, and touched the the Ultimate .50 fib Support at 5880, which was my invalidation price of the bullish rally from 4400 to current price. As always I follow my algo for my TA and this is what it says.
According to my algo D1 is due for a correction with a bearish bias seen for 2 days now in my algo while my W1 is still showing bullish momentum.
Key Indicators :
1. Stoch RSI at H4 is going down to bottom of range. D1 is still near the top range which tells me bullish momentum in higher TF is intact.
2. RVGI at H4 is crossing downwards. D1 is still on top of the range meaning bullish continuation.
3. Volume at H4 and D1 favors the shorts but not much which tells me this will be a small correction.
4. EMA 7 at H4 is the Resistance while EMA 25 is the Support preventing a steep decline of price.
5. Log MACD at H4 shows downward direction but is firmly in the upper range meaning bullish continuation.
6. Chart Pattern: Near the end of an ascending flat top triangle. Bullish bias.
Personal Bias : COVID has been around for some time now and the initial shock it brought with it to the economy is waning, and crypto assets are on the verge of a recovery. I lean on a Bullish Bias for the Midterm to Long term as we inch closer to halving.
Thats it for now. If you like my view even if you dont agree, Please HIT LIKE and FOLLOW me on tradingview :)
Cheers and Safe Trades
The volatility and price swings have been crazy the past week and this has been a great opportunity for us traders.
In my previous post I was expecting a bounce from 6200 to be followed by a rally to 7k. But alas! Correction went further down, and touched the the Ultimate .50 fib Support at 5880, which was my invalidation price of the bullish rally from 4400 to current price. As always I follow my algo for my TA and this is what it says.
According to my algo D1 is due for a correction with a bearish bias seen for 2 days now in my algo while my W1 is still showing bullish momentum.
Key Indicators :
1. Stoch RSI at H4 is going down to bottom of range. D1 is still near the top range which tells me bullish momentum in higher TF is intact.
2. RVGI at H4 is crossing downwards. D1 is still on top of the range meaning bullish continuation.
3. Volume at H4 and D1 favors the shorts but not much which tells me this will be a small correction.
4. EMA 7 at H4 is the Resistance while EMA 25 is the Support preventing a steep decline of price.
5. Log MACD at H4 shows downward direction but is firmly in the upper range meaning bullish continuation.
6. Chart Pattern: Near the end of an ascending flat top triangle. Bullish bias.
Personal Bias : COVID has been around for some time now and the initial shock it brought with it to the economy is waning, and crypto assets are on the verge of a recovery. I lean on a Bullish Bias for the Midterm to Long term as we inch closer to halving.
Thats it for now. If you like my view even if you dont agree, Please HIT LIKE and FOLLOW me on tradingview :)
Cheers and Safe Trades
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