I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about the indicators I use below and click here from my comprehensive trading strategy. Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business.
1 - 3 days: < $6,000 | 1 month predictions: < $5,750 by 9/24 | bottom prediction: $3,000 by 10/30
Previous analysis / position: “Am waiting patiently to see if we get one last squeeze to $7,200 which would put us at a major resistance cluster. If that happens then I would expect it to occur in the next 12-24 hours.” / Sidelines, getting orders set to sell breakdown and waiting for final confirmation to start entering.
Patterns: Descending triangle
Horizontal support and resistance: S = $7,025 | R = $7,060 & $7,093
BTCUSDSHORTS: Getting first sign of a reversal (daily hammer forming). On a red 8.
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12 = +2.82% | 26 = +3.91%
50 & 128 MA’s: Price back on top of 50 MA and testing for support | 128 = -3.51%
Volume: Price goes up, volume goes down. Indicates demand becoming exhausted.
FIB’s: 0.5 = 0.618 = $6,804 | $7.092 | 0.382 = $7,380
Candlestick analysis: Doji/spinning top following two hanging men
Ichimoku Cloud: 1d, 12h & 6h cloud acting as strong resistance.
TD’ Sequential: Red 1
Visible Range: 1 month lookback has high volume node at $7,070. The developing volume area (VA) is like a volume weighted bollinger band. We are hugging the top band on the following periods: 1d, 5d, 1m, 3m
BTC’ Price Spreadsheet: 12h = +0.57% | 24h = +1.2% | 1w = +4.75% | 2w = +8.01% | 1m = -8.94%
Bollinger Bands: Pulling back from top band, expect it to retest MA at $6,600
Trendline: Connect Aug 22nd to Aug 26th. Yesterday’s violation could be a simple fakeout.
Daily Trend: Bullish/choppy
Fractals: UP at $7,117 could mark the top of this rally. DOWN = $6,222
On Balance Volume: Bull div’ on weekly
ADX: ADX appears to have found a bottom. Surprised to see -DI and +DI diverging in a bullish manner.
Chaikin Money Flow: Bull div’ on daily shouldn’t last long based on how hard/fast weekly is turning over
RSI (30 setting): W = 50.02 | D = 51.82
Stoch: Trying to re cross > 80 on daily. 3d still has plenty of room to go.
Summary: Believe that this weekend will be the best opportunity to re open shorts. Time to zoom in a little bit for more precise entries. If the price breaks down $7,000 then it should form a double top from the past week and another lower high for 2018. 4h chart is showing hanging men and shooting stars at resistance while the stoch flashes a sell signal.
ETH:USD has remained inside the descending triangle (1h - 4h) / bear flag (1d) and is threatening to breakdown below a bearish cloud on the 4h chart. That could provide a low risk/high reward entry with opportunities to add upon triangle breakdown and breakdown of $267 support (green line).
ETH:BTC looks ready to breakdown 0.04. Last time that happened (Dec 2017) it feel straight to 0.025 in 4 days. I have an order set to open a short at 0.0398. If it continues to bounce to 0.042 then I will start entering due to resistance cluster from: trendline, TDST, established horizontal resistance, daily BB MA.
Thanks for reading!
Allow me to Reintroduce Myself...
Learn How to Trade! [part 1]
Learn How to Trade! [part 2]
Wyckoff Distribution
Bitcoin Daily Update (day 185)
Intresting Post. Keep it up and upvote
day 186! i just stumbled across your page and im shocked that you have been posting your TA daily about it. its awesome, i think we have the same train of thought. people think we are out of the bear market after 2 days of green candles. i think we have some floors to check out big time!
Thanks for your input! It never ceases to amaze me how quickly the general crowd will turn bullish after one or two green candles. That is a big reason why I am still shorting. The end of the bear market will be defined by disbelief. When everyone is calling for a sucker's rally/bull trap I will start buying hand over fist!
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