BTC DAILY UPDATE (day 166)
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Previous analysis/position: “Feels like we are hanging on by a thread and the last remaining bulls are getting exhausted” / Short ETH:USD | ETH:BTC | BCH:BTC & ADA:BTC
Patterns: bear channel and descending triangle
Horizontal support and resistance: Resistance forming at $6,340 - very important for bears to hold in order to stay inside channel.
BTCUSDSHORTS: Pulling back from 30,000 resistance | 52% long : 48% short
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12 = -6.18% | 26 = -9.75%
50 & 128 MA’s: 50 = -8.81% | 128 = -16.52%
FIB’s: 0.236 = $5,920 | 0.382 = $8,496
Candlestick analysis: bullish spinning top, at support.
Ichimoku Cloud: Price below bearish cloud. Still waiting on bearish TK’ cross
TD’ Sequential: Will get a price flip if today closes > $6,274
Visible Range: Point of control over last 24 hours = $6,120. Low volume nodes filled | POC over last 5 days = $6,461 with HVN’s from $6,300 - $6,500
BTC’ Price Spreadsheet: 12h = +1% | 1d = +3.27% | 1w = -9.97% | 2w = -22.82% | 1m = +/- 0
Bollinger Bands: Bouncing off bottom band, MA is at $7,200 | Still room to fall on 3d and weekly.
Trendline: Connect 7/31 to 8/7
Daily Trend: Green candle, but starting to trend downward
Fractals: Down = $6,127 | Up = $8,324
On Balance Volume: Creating higher lows and higher highs on daily. Coming down with price on weekly.
ADX: Just crossed below 25 on daily. Starting to form higher lows and higher highs on weekly.
Chaikin Money Flow: Bear div on the daily and back below -0.01. Weekly is finding resistance at 0.05
RSI (30 setting): Weekly = 48.48 | Daily = 42.63
Stoch: Seeing a slight amount of divergence after bearish re cross.
Summary: Watching the 1 hour chart closely for continued lower highs after yesterday’s spike off $6,050 support. As long as the resistance keeps moving down that indicates bears being in control and yesterday being a simple short squeeze.
If bulls can breakthrough $6,500 resistance then I will be starting to sweat my positions a little bit. With how far we remain from the 12 EMA that is still a strong possibility. Now that I am fully positioned it is time for the hardest part: waiting and doing nothing.
Time to stick to my guns and let the cookie crumble as it may.
Previous analysis/position: “Feels like we are hanging on by a thread and the last remaining bulls are getting exhausted” / Short ETH:USD | ETH:BTC | BCH:BTC & ADA:BTC
Patterns: bear channel and descending triangle
Horizontal support and resistance: Resistance forming at $6,340 - very important for bears to hold in order to stay inside channel.
BTCUSDSHORTS: Pulling back from 30,000 resistance | 52% long : 48% short
Funding Rates: Longs pay shorts 0.01%
12 & 26 EMA’s (calculate % difference): 12 = -6.18% | 26 = -9.75%
50 & 128 MA’s: 50 = -8.81% | 128 = -16.52%
FIB’s: 0.236 = $5,920 | 0.382 = $8,496
Candlestick analysis: bullish spinning top, at support.
Ichimoku Cloud: Price below bearish cloud. Still waiting on bearish TK’ cross
TD’ Sequential: Will get a price flip if today closes > $6,274
Visible Range: Point of control over last 24 hours = $6,120. Low volume nodes filled | POC over last 5 days = $6,461 with HVN’s from $6,300 - $6,500
BTC’ Price Spreadsheet: 12h = +1% | 1d = +3.27% | 1w = -9.97% | 2w = -22.82% | 1m = +/- 0
Bollinger Bands: Bouncing off bottom band, MA is at $7,200 | Still room to fall on 3d and weekly.
Trendline: Connect 7/31 to 8/7
Daily Trend: Green candle, but starting to trend downward
Fractals: Down = $6,127 | Up = $8,324
On Balance Volume: Creating higher lows and higher highs on daily. Coming down with price on weekly.
ADX: Just crossed below 25 on daily. Starting to form higher lows and higher highs on weekly.
Chaikin Money Flow: Bear div on the daily and back below -0.01. Weekly is finding resistance at 0.05
RSI (30 setting): Weekly = 48.48 | Daily = 42.63
Stoch: Seeing a slight amount of divergence after bearish re cross.
Summary: Watching the 1 hour chart closely for continued lower highs after yesterday’s spike off $6,050 support. As long as the resistance keeps moving down that indicates bears being in control and yesterday being a simple short squeeze.
If bulls can breakthrough $6,500 resistance then I will be starting to sweat my positions a little bit. With how far we remain from the 12 EMA that is still a strong possibility. Now that I am fully positioned it is time for the hardest part: waiting and doing nothing.
Time to stick to my guns and let the cookie crumble as it may.
ملاحظة
Interested to see how the price responds to this 4 hour hanging manملاحظة
Most alts are currently getting rejected from their ice lines after breaking down last night. Probably going to be the best chance to open a leveraged short or convert back to BTC.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.