BTCUSD on the daily
Updated
the markets printed us a nice big bullish engulfing on the daily almost hitting our final target for this 3 wave push of 4200.
still not over yet so we may get there over the next day or so, how ever our algo is spitting out some take profits now.
depending where you draw your fibs from the 38 could be a solid rejection around 4400 which lines up with a strong rejection from a month or so ago.
right now we are sitting on our hands and waiting for a rejection around 4200 area.
daily volume still steadily climbing but cci getting higher and higher with out a solid swing low on the daily so expecting this uptrend to either come to an end or atleast have a heavy pull back soon.
that daily reversal signal is where we will flip our bags and turn back into the big old bad bear ggrrrrrr
still not over yet so we may get there over the next day or so, how ever our algo is spitting out some take profits now.
depending where you draw your fibs from the 38 could be a solid rejection around 4400 which lines up with a strong rejection from a month or so ago.
right now we are sitting on our hands and waiting for a rejection around 4200 area.
daily volume still steadily climbing but cci getting higher and higher with out a solid swing low on the daily so expecting this uptrend to either come to an end or atleast have a heavy pull back soon.
that daily reversal signal is where we will flip our bags and turn back into the big old bad bear ggrrrrrr
Trade closed manually
WOW that was near on perfect, $8 off our overall target at 4200 but closed early sunday anyway for another 53% in the bag.Didnt catch the drop as i was asleep but woke to my alerts going off hahaha by then a bit to later so didnt manage to flip short, but thats ok you cant catch them all.
alot of people still claiming we are still bullish but that sort of sell off and how easy that red candle ate through the books just confirms my thoughts that there still just isnt the buying volume in the books we need to sustain these moves.
Unfortunately i think its back down we go most likely in a short term ABC correction now so will be looking to enter a bear flag with laddered short orders incase we wick up.
in the short im thinking 3500 should be an easy target to reach, but i still have my long term low targets with fiat buys at 2800-3000 with a lucky dip at 1800.
I will not be leveraging my trades at those levels though as the price action will be brutal to catch right imo.
Note
wrong chart sorryNote
always keep an eye on long and short orders on the bitfinex charts, can give you an overall market sentiment on btc and who the leverage traders are backing.
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