Bitcoin / TetherUSShort
The BTC Project 2019, Phase 01, Edition 04
Updated
As per my last comments in the last section of my previous post, I have accepted that the new target is much higher, 8000 or less.
Observations:
7500 was where many had sell orders and these people obviously thought cash in some or all of their holdings;
The pullback to the 0.318 re-tracement seems to be where some of these people jumped back in and maybe surprised that it didn't go down to the 6K to be tested;
Currently consolidating sideways and I have the feeling its squeezing into another up soon, in the 4 hrly.
It did not touch the 4 hrly 20 EMA which would have been ideal but it did touch the 0.318 fib. Maybe this is good enough. If it had both, my understanding its a perfect combination to jump in.
RSI looks like it went low enough and it gaining momentum
AMX and DSI are not giving much away.
Macd is also indicating more strength downwards, however lower time scales, are different and I don't know what to make out of it.
Still wondering what shape or pattern its taking to feel confident.
The fib pitchfork did well to demonstrate we were over extended (beyong the light blue channel which represents 200%). So the pullback brought it back in. It seems if the price keeps going up, this is extremely bullish... we already know this. Question is for how long?
Conclusion:
If your going for the 7500 to 8000, buying now is good as any as the trend is still bullish with a .318 pullback which is acceptable.
I have #BTC and #BTCHABC and using these at times to flip, depending which I feel is performing better.
Linked to previous hypothesis >
Observations:
7500 was where many had sell orders and these people obviously thought cash in some or all of their holdings;
The pullback to the 0.318 re-tracement seems to be where some of these people jumped back in and maybe surprised that it didn't go down to the 6K to be tested;
Currently consolidating sideways and I have the feeling its squeezing into another up soon, in the 4 hrly.
It did not touch the 4 hrly 20 EMA which would have been ideal but it did touch the 0.318 fib. Maybe this is good enough. If it had both, my understanding its a perfect combination to jump in.
RSI looks like it went low enough and it gaining momentum
AMX and DSI are not giving much away.
Macd is also indicating more strength downwards, however lower time scales, are different and I don't know what to make out of it.
Still wondering what shape or pattern its taking to feel confident.
The fib pitchfork did well to demonstrate we were over extended (beyong the light blue channel which represents 200%). So the pullback brought it back in. It seems if the price keeps going up, this is extremely bullish... we already know this. Question is for how long?
Conclusion:
If your going for the 7500 to 8000, buying now is good as any as the trend is still bullish with a .318 pullback which is acceptable.
I have #BTC and #BTCHABC and using these at times to flip, depending which I feel is performing better.
Linked to previous hypothesis >
Trade active
Critical moment?drop to 6400 before returning to the upside trend?
Note
Potentially the other patternTrade active
Rings of support and resistance:Trade active
Next target, fib circle\ring (green = 7700)
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.