$BTC - #Bitcoin-Daily -Update #24 - Day Trader ExplainsHello Lads and Ladies,
Welcome back to TJ's TA sessions.- The Daily BTC Update #24
What happened in the last 24h?
In the last 24h we saw quite some movement in the market as described yesterday. We are surely seeing the scenario of confirming support as resistance but Ripple just shook the whole market and woke people up. Normally this would be a bigger influence on the market, yet we are familiar with ripples quick moves without or against the market sentiment. Nevertheless, we are still analyzing bitcoin and ready to take a look behind the scenes of it today.
Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3812 3929 4077 4123 4169 4382 4658
Gained lost %?
Since the opening of the new daily, we wicked down -0.53%, but gained 2.00%
in $$$
down 18$ but up 70$
MarketCap?
Total MarektCap is 115 Billion - +2 -
Of which BTC is 61 Billion - +1 -
With a Dominance of 52.9%
- -0.5% -
Volatility?
The 30d avg Volatility is 2.77%
- -0.0 -
Shorts/Longs?
Shorts - 27.5k (pretty low)
Longs - 31.0k (high but solid)
- S +1.8k/ L +1.2k -
Funding?
The last 3 funding rates added -> +0,0064%
- +0.0236 -
Momentum?
The TJ-Momentum is showing us a red cloud again, which is indicating us a drag and pull down. This might be important for the next days.
-329
- -26 -
Volume?
We saw today a big volume increase which is most likely due to the fact of a tight order book from the last days. We were expecting a move like that just a little bigger and actually to 3550, which is why we are expecting another move tomorrow, due to our significant volume.
TJ-MF/TJ-Stoch levels?
TJ-MoneyFlow - Today, such as a few days before we are seeing red candles but a green money flow. This is making me wonder why and letting me expect a bounce to confirm previous support as resistance.
TJ-Stoch
K(blue) - 11.7
D(orange) - 19.7
Divergences?
We are seeing an uptrend on the TJ-Moneyflow which is an important divergence against the down trending market structure. The shorts are increasing drastically. While the chart has not seen its full influence yet.
Market Structure?
Right now we are looking at quite an interesting market structure. We are still in the low of making new lows, yet again not at the point where we are really bearish yet because we still need to confirm previous support as resistance.
Overall?
Overall, still bearish and still moving down. We are fighting for 3434 today, which the bears might loose in a few minutes. Nevertheless, we are on the right way of making us new resistance, which we will then later be able to crack down, on an impulsive movement upwards. The shorts and longs are increasing, where as still the shorts are winning this race, because people are more eager to short right now. This movement to me is right now just a retracement and a correction after the four bearish days in a row and true bullishness would only come with a close above 3666 right now.
What do we want?
We want a close at or below 3434.
Position?
Considering a small short position with staggers to the middle of the descending channel. 3460 3481 3518 3550 SL 3575
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Cheers, TJ
