HI all, Crypto Sludge here.
With traditional markets mainly in the US continue to nose dive , BTC as it seems have detached itself from that trend and is holding in my No trade zone 7270$-8750$, (Bottom of the cloud+ TD Make trend line & TD risk lines) following the ichimoku cloud on the 1H chart , however the StochRSI is in the oversold area beginning to tip down - so we might see a dip.
I must however add, that so far I am not seeing any bullish signals on any higher time frames, if anything it seems that we are in a consolidation area unless some news/fud hits. There is however good buying pressure preventing the price to dip to much, it's clearly visible on the candle patterns.
So i still remain cautious, waiting for price action above or bellow my no trade zone , once either sides of it will be breached i will reconsider the movement based on other indicators.
tl;dr : yawn on the btc front :D
p.s : if BTC is indeed consolidating in this channel, we need to keep our eyes open for ALT's price movement, I am looking at it right now and will update if I see any interesting trades.
Stay Strong
Trade ON!
Crypto Sludge.
name of this famous indicator? or you just draw this with own mind and special pattren? @cryptosludge thanks if u dont mind about it
i use couple custom indicators here based on some traditional ones. The full and dotted lines you see, are been drawn by the TD indicator.
TD is Tom Demark's sequential indicator, modified by Ton Vays , and the ichimoku cloud indicator is adjusted for 24/7 btc trading + some custom features done by a very talented professional trader i know.
The currency price at $8264, now what your opinion is will rise or fall?
My sentiment is bearish for now on the medium term, but as i said, as long as the price remains above 7270$ and bellow 8750$ it is unwise to enter any trades in my opinion. My trading style is buying the breakouts and not timing the bottoms.
Thank you very much for your advice.
Good luck@cryptosludge
Thanks for sharing your perspective on this
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