Bitcoin Daily Update (day 297)

Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. Please be advised that I trade on high leverage and am comfortable with the risks. What you do with your $ is your business, what I do with my $ is my business.

Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge

*Looking at weekly chart*

Consensio: P > S & bearish M MA. Looks like we barely closed above. L MA is at $5,836 and that will be my target if we can turn up the M MA.

Patterns: Phase 7 of hyperwave
Horizontals: R: $4,060 | S: Will if be able to support $4,000??
Trendline: Bear trendline from May = $5,469
Parabolic SAR: $5,409 and starting to move down rapidly
BTCUSDSHORTS: Has retraced about two thirds of the trading range.
Funding Rates: Longs will pay shorts 0.0044%
Futures Curve: Backwardation
TD’ Sequential: G2 = G1. That A13 sure worked.
Ichimoku Cloud: Thickest weekly cloud I have ever seen on BTC.
Volume Profile: Huge gap from $4,719 - $5,450 is begging to get filled.
Average Directional Index: Super interesting how it is just at the beginning of a new bear trend on the weekly.
Price Action: 24h: +5.8% | 2w: +1.5% | 30d: +14.73%
Bollinger Bands: MA = $5,418
Stochastic Oscillator: That buy signal worked really well.

Summary: There are a lot of bullish indicators that make me feel comfortable about holding my long, but this resistance at $4,000 - $4,200 doesn’t want to let up. If we can't breakthrough that area in the next 24 hours then I am not going to feel good about it at all.

I have adjusted my stop to breakeven and if that triggers then I will be highly inclined to start looking for shorts.

If we can breakthrough $4,200 then my target is in the $5,400 range based on the bear trendline from May, the long MA on Consensio (20), Parabolic SAR and weekly Kijun-Sen.

Also want to note how reliable the 200 week MA has been. Not only in BTC but in the stock market as well!