CRYPTO of the week BTCUSD under pressure but ...
BTCUSD 4H UPDATE - 18/05/2018
Bitcoin is still correcting cycle from 6,427.16 low in a double correction from 9,948.98 high. From current levels, equal leg area projects 7,160.73-6,750.05 with possible extension to 6,085.30 which violates our invalidation level in the 1h and will directly challenge 5,920.72.
So, I don't like selling here or higher and I would rather focus on other crypto when it comes to buying. Check the alternatives in youtube video.
Invalidation level to the downside is 9,948.98
Invalidation to the upside is 5,920.72
I mentioned several times in the comments and videos that bitcoin going below 5,920.72 is a possibility (not the preferred view but it is possible), so easy on the position size and manage your risk properly/
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Bitcoin is still correcting cycle from 6,427.16 low in a double correction from 9,948.98 high. From current levels, equal leg area projects 7,160.73-6,750.05 with possible extension to 6,085.30 which violates our invalidation level in the 1h and will directly challenge 5,920.72.
So, I don't like selling here or higher and I would rather focus on other crypto when it comes to buying. Check the alternatives in youtube video.
Invalidation level to the downside is 9,948.98
Invalidation to the upside is 5,920.72
I mentioned several times in the comments and videos that bitcoin going below 5,920.72 is a possibility (not the preferred view but it is possible), so easy on the position size and manage your risk properly/
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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