$BTC - #Bitcoin-Daily-Update #9 - Day Trader ExplainsHello Lads and Ladies,
Welcome back to TJ's TA sessions.- The Daily BTC Update
What happened in the last 24h?
Once again, the previous daily update has been pretty exact and we made a new low of 3280$. We saw some nice downwards action today, followed by a hammer and a small pump to slightly above 3400 yet this got resolved pretty quickly with a decreasing volume and a followed dump below 3350, where we are right now. I am very excited to look behind the scenes now, since this day seems to be a little harder to take apart. Funding has been paying longs and shorts today, which should show us a similar increase in shorts and longs, since nothing significant has happened.
Longs and shorts have increased pretty much in the same way, which for me indicates an honest dump, yet not much action in the market.
Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3820 3950 4077 4123 4169 4382 4658
Gained lost %?
Since the opening of the new daily, we wicked down -3.6%, but gained 0.51%
MarketCap?
Total MarektCap is 108 Billion - lost 2 -
Of which BTC is 59 Billion - lost 2 -
With a Dominance of 55.0%
- Today Alts seemed to be stagnant and consolidating after the bleeding of last days. -
Volatility?
The 30d avg Volatility is 5.72%
- -0.1 -
Shorts/Longs?
Shorts - 37.5k (SUPER-danger-zone)
Longs - 28.6k (solid)
- S +1.5 / L +2.6 -
Funding?
The last 3 funding rates added -> -0.015%
- -0.10 -> lost a bit -
Momentum?
The TJ-Momentum is finally blue and indicating us a bullish signal that the bearish momentum has lost steam and we are, as mentioned yesterday, due for a small relief rally.
Volume?
Today we have a smaller volume, which is as the scenes show us, not saying much. Longs are not very interested in buying, shorts are being careful not to over leverage themselves again.
TJ-MF/StochRSI levels?
TJ-MoneyFlow -We are still below the 0 line. As we saw today, not much was happening, its getting smaller and flatter not giving us a clear signal.
StochRSI
K(blue) - 77
D(orange) - 75
Divergences?
No divergences at this moment.
Market Structure?
We are still inside the bigger falling wedge. What we are seeing is a time base push out of the smaller wedge, yet its following with its low the previous resistance which is not a bullish sign. Probably all the way down towards support.
Overall?
We saw today a pretty much not exciting day. Sure, the short is going good, filling the TPs, yet I would like to see more bearish signs on the daily basis, so I do not worry about the short.
The missing Volume and Money Flow are still indicating an indecision. Since we are in a pretty strong downtrend it means to me that bulls are not ready to really long yet and bears are letting their shorts "play out", pretty much as we do right now. Shorting is valuable above 3500, but low 3.3k with small wicks below it, are definitely not signs for an obvious short. Should you not be in a position, wait a little bit and watch what is happening. We have still 3250 and 3200 as pretty strong support zones which still have to be tested and pushed through. Should we break 3.2k we will most likely see another increase in shorts and higher volume, until then I suspect a small dipper around 50-150$ per day moving sideways and down until we get to the mentioned supports and see who wins that fight. TAKE PROFITS SLIGHTLY ABOVE THE SUPPORTS 3250 and 3200.
What do we want?
We saw today a close below yesterdays low, which is pretty much the only "obvious sign for keeping the short position and calming us down. We want to test 3250 3200 and 3150, there win the fights agains bulls.
Position?
Keeping the short open, having refuel staggers at 3468 and 3550, taking profits at the supports. Opening new shorts only small amounts right now and max 10% at 3468.
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Cheers, TJ
