I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business.
My most recent Bitcoin Bubble Comparison led to the following predictions: 1 day - 14 days = < $5,750 | bottom prediction: $2,860 by 10/30 Previous analysis / position: “If the green trendline breaks down, as well as $6,400 support, then it would be time to get positioned. If we rally toward major resistance while being overbought then that would provide an even better opportunity.” / Short BTC:USD from $6,474 and short ETH:USD from $225.20. Patterns: Descending triangle Horizontal support and resistance: S: $6,573 | R: $6,614 BTCUSDSHORTS: Pulling back and testing prior resistance for support Funding Rates: Longs pay shorts 0.0295% 12 & 26 EMA’s (calculate % difference): Trying to breakthough, forming doji right on them 50 & 128 MA’s: 50 is acting as resistance | 128: -2.88% | Finding resistance at 128 MA on 12h chart. Volume: Getting a nice dip in volume as consolidation tightens FIB’s: 0.382: $6,933 | 0.5: $6,776 | 0.618: $6,619 Candlestick analysis: Daily and 12h dojis. Ichimoku Cloud: Top of 4h cloud at $6,609 | 1h flipped bullish TD’ Sequential: Daily R5 | 12h G3 | 4h G2 after 2 candle correction | Visible Range: Remain in highest liquidity zone above point of control BTC’ Price Spreadsheet: 12h: +0.28% | 24h: -0.27% | 1w: -0.6% | 2w: -1.99% | 1m: -10.63% Bollinger Bands: Finding support at MA | Tightest daily bands have been since 2016 Trendline: Holding up as resistance Daily Trend: Chop Fractals: Down: $6,318 | Up: $6,785 On Balance Volume: Has broken down it’s triangle ADX: -DI & +DI converging as ADX is at support Chaikin Money Flow: Pulling back from 0.2 on daily RSI (30 setting): 1d: 48 | 1w: 51 Stoch: Bullish weekly and bearish daily
Summary: These next 1-5 days should define the next 1-12 months. Support continues to move up as we test the top of the descending triangle. The market is primed for a fakeout and I’ve been saying that for weeks. There is so much bullish sentiment that a breakthrough of $6,800 would cause FOMO buyers to jump in with full force. If the supply overwhelms them then it would cause for a sharp reversal.
That is why I am waiting for a breakthrough of the trendline, a higher high on the weekly and a close above the daily cloud before I start looking for longs. Until then I will continue to look for shorting opportunities.
Stop losses have been set at $6,651 and $225.2 on my BTC’ and ETH’ shorts. I will be looking to add if we breakdown $6,475.
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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.