BTC Monday Morning Analysis - 08/08/2022
Updated
Good morning TradingView!
I've decided that my goal this week is to take a step back and look at the bigger picture instead of scalping the 5 min.
From now on I'm going to aim to do a bi-weekly Bitcoin analysis.
With the red lines representing the daily and orange the 4hr.
What I'll be looking for in terms of trades (still, I trade the low time frame so possibly/probably different to what your setups should be)
1. A rejection of the horizontal resistance (scalp down)
2. A break of the daily local support (dashed line break. scalp down)
3. A break and a retest of horizontal resistance (scalp up)
I've decided that my goal this week is to take a step back and look at the bigger picture instead of scalping the 5 min.
From now on I'm going to aim to do a bi-weekly Bitcoin analysis.
With the red lines representing the daily and orange the 4hr.
- We are clearly in upwards channel (possible bear flag)
- We have just broken the sloping resistance to the upside on the 4 hour.
- We have sufficient sloping support below us to.
- We are however in a channel of vertical resistance/support (orange boxes)
What I'll be looking for in terms of trades (still, I trade the low time frame so possibly/probably different to what your setups should be)
1. A rejection of the horizontal resistance (scalp down)
2. A break of the daily local support (dashed line break. scalp down)
3. A break and a retest of horizontal resistance (scalp up)
Note
Rejected as expected took trade idea 1
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