XBTUSD.P
BTCUSD
BTC Daily Thoughts
1W. We start the week with green candle but momentum seems to be weak for now. Price has difficulty breaking the RED resistance trend line and this is even before we got to strategy's 48 EMA (red dotted line). As I said before I expect a "bull" entry for the start of week but Bears are strong and pull the price down.
1D. after we get a LONG signal there is a slight move up but resistance is met on the RED line and now I watch the daily volume because it is key if we want to go more up.
12H. a clearer view of daily volume as we can see it is decreased from last 12h so if no new "buy" volume enters price will not sustain. worrth to mention that it works both ways for manipulation to kick in the volume in many cases is low making it easier to move price either way by large BUY/SELL MARKET orders. :eyes: on macd for as long as it stays in negative hist price will not go up.
6h. after LONG signal we get heikin ashi double edged candle which may suggest correction. look at indicators as well as they seem to start curve down. BUT BUT BUT also price is above Strategy EMA so indicates support.
3h. slight correction on the red candle and continue move up. seems to me like bull trap already. NO ADVICE.
2H. seems like support on both strategy EMA ans RED resistance line I follow. Notice how Stoch RSI is curving down but RSI and MACD are kind of showing already UP. this is because of the way the indicators are calculated. Because of how they work they always actually lag a little bit. sometimes there is a clearer view on this like here imo, where more weight I give to macd and stoch as they are harder to "paint" because of their calculation. hope it makes sense to you.
1H. looks bullish by all indicators on chart. BUT what about volume? low volume = easy for manipulation
30min. fight for Bulls. PA wants to get above strategy EMA, indicators support bullish move for now.
15min. LONG signal, but also green double edged heikin ashi candle with low volume. very dangerous as might pump as well as easily dump. my guess DUMP. no advice.
5min. short scalp TF seems to be support on strategy ema. must follow to see how plays out.
Please comment what you think and thank you for reading.
