XBT Weekly Analysis 8/13/2018
Updated
Welcome! I've been learning/praciting technical analysis for awhile now and have recently learned a lot about price action. I plan to publish my thoughts at least once a week. My goal is to practice, improve, learn and hopefully share some knowledge with the community. Please feel free to challenge and question me (respectfully). This is also not financial advice in anyway and is meant for entertainment. PSA: Don't look for advice from random people online- learn and create your own ideas for trades!
Daily:
BTC is sitting right above a significant weekly support level that has been tested at least twice so far(depends how you count on the chart) . The first test off this level led to the rally up to 8k+ and so far this current test has faced heavy selling pressure and has not broken any real significant swing highs. We have had several daily closes below the June close recently(6363.5) but there seems to be some support from a 1W bullish block EQ around $6296.5.
4H:
There is still some significant resistance overhead and a lot of people are looking to short 6800. There is a good possibility we either a) don't get back that high so soon or b) blow right through that area. I think we are more likely to see resistance around 6700 and head back down. I plan to short there on a retest if possible. This area has only been tested once and you can see it was quickly rejected.
1H:
Not much to add on this chart. We have made some short term higher lows but until the swing high on the right(red curve) is taken out I think it is hard to consider any type of strong bull scenario.
Trade 1:
I'm hoping this trade leads to a much larger leg down and potentially sets up a big short squeeze for trade 2.
Trade 2:
Pretty risky but I could see a nice bounce happening here.
Daily:
BTC is sitting right above a significant weekly support level that has been tested at least twice so far(depends how you count on the chart) . The first test off this level led to the rally up to 8k+ and so far this current test has faced heavy selling pressure and has not broken any real significant swing highs. We have had several daily closes below the June close recently(6363.5) but there seems to be some support from a 1W bullish block EQ around $6296.5.
4H:
There is still some significant resistance overhead and a lot of people are looking to short 6800. There is a good possibility we either a) don't get back that high so soon or b) blow right through that area. I think we are more likely to see resistance around 6700 and head back down. I plan to short there on a retest if possible. This area has only been tested once and you can see it was quickly rejected.
1H:
Not much to add on this chart. We have made some short term higher lows but until the swing high on the right(red curve) is taken out I think it is hard to consider any type of strong bull scenario.
Trade 1:
I'm hoping this trade leads to a much larger leg down and potentially sets up a big short squeeze for trade 2.
Trade 2:
Pretty risky but I could see a nice bounce happening here.
Comment
Just longed 6060. Resistance may have become support. Shorts are stacked up and looking for a big short squeeze. Comment
Still long but may take some profit soon. Looking for support at prior resistance to confirm more low time frame bullishness: Comment
Still long with most of my position: Hoping for a short squeeze. 6400 area has been tough resistance for a bit now so not usre how much supply is left up there. I like this action a lot as long as we stay above the prior week's close /weekly open around 6300.
Comment
Just to add to my last update. Look how many times this area has been tested: 
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