Bitcoin Price Action Update (day 350)
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Sawcruhteez Strategies: Comprehensive Trading Strategy - Consensio | Comprehensive Trading Process | How to BUY THE DIP | Advanced Dollar Cost Averaging Methods
Consensio: Testing 4h 50 EMA
Horizontals: R: $11,400 & $12,400 | S: $10,500 & $8,900
Trendline: See below
Parabolic SAR: W: $9,395 | D: $13,858
Futures Curve: Contango with 4.3% spread. Great article about this recently from Ugly Old Goat!
Funding Rates: Longs pay 0.3159%, has been persisting over 0.1% over the last couple days
BTCUSDSHORTS: Long short ratio doesn’t look bad but I trust the funding rate
TD’ Sequential: Daily G8 | Weekly G3
Ichimoku Cloud: Weekly recently turned bullish and is acting as support
Average Directional Index: Looks ready to roll over soon on the daily:
Price Action: 24h: -13.18% | 1w: +10.67% | 1m: +31.95%
Summary: This market was overdue for a correction at $5,800. Even moreso at $7,500 - $8,000. Now it looks like it will finally happen. I have exited my margin longs and will be looking to sell spot on this bounce.
A 15m falling wedge with a $12,400 target recently confirmed. I do not usually pay attention to patterns on lower TF’s but will when the market is really moving.
If that target is reached I will be watching for ABC correction on 4h:
That is the most likely outcome in my opinion, but we will have to wait and see what happens. I am very intrigued by how this trendline has held as support:
That is intriguing but I do not expect it to hold. I recently posted an update with buy signals from the Ichimoku Cloud and TD Sequential. If that entry was taken I would be looking to fully exit, or set a breakeven stop at a minimum.
Right now it is time to control risk and / or hedge. Take some profit while it is still on the table and then keep a significant amount of exposure. Taking profit will improve the cost basis and will protect from the downside. If it continues taking off then great! If not then you will be ready to buy the dip.
I outlined my major areas of support where I will be planning to buy the dip in today’s podcast on Youtube so give that watch if you want to know where I’m looking!
Sawcruhteez Strategies: Comprehensive Trading Strategy - Consensio | Comprehensive Trading Process | How to BUY THE DIP | Advanced Dollar Cost Averaging Methods
Consensio: Testing 4h 50 EMA
Horizontals: R: $11,400 & $12,400 | S: $10,500 & $8,900
Trendline: See below
Parabolic SAR: W: $9,395 | D: $13,858
Futures Curve: Contango with 4.3% spread. Great article about this recently from Ugly Old Goat!
Funding Rates: Longs pay 0.3159%, has been persisting over 0.1% over the last couple days
BTCUSDSHORTS: Long short ratio doesn’t look bad but I trust the funding rate
TD’ Sequential: Daily G8 | Weekly G3
Ichimoku Cloud: Weekly recently turned bullish and is acting as support
Average Directional Index: Looks ready to roll over soon on the daily:
Price Action: 24h: -13.18% | 1w: +10.67% | 1m: +31.95%
Summary: This market was overdue for a correction at $5,800. Even moreso at $7,500 - $8,000. Now it looks like it will finally happen. I have exited my margin longs and will be looking to sell spot on this bounce.
A 15m falling wedge with a $12,400 target recently confirmed. I do not usually pay attention to patterns on lower TF’s but will when the market is really moving.
If that target is reached I will be watching for ABC correction on 4h:
That is the most likely outcome in my opinion, but we will have to wait and see what happens. I am very intrigued by how this trendline has held as support:
That is intriguing but I do not expect it to hold. I recently posted an update with buy signals from the Ichimoku Cloud and TD Sequential. If that entry was taken I would be looking to fully exit, or set a breakeven stop at a minimum.
Right now it is time to control risk and / or hedge. Take some profit while it is still on the table and then keep a significant amount of exposure. Taking profit will improve the cost basis and will protect from the downside. If it continues taking off then great! If not then you will be ready to buy the dip.
I outlined my major areas of support where I will be planning to buy the dip in today’s podcast on Youtube so give that watch if you want to know where I’m looking!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
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