Bitcoin Daily Update (day 324)

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. 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


Consensio: P > L MA > S MA > M MA with L MA flattened out

Patterns: Phase 7 hyperwave | Bear Channel | 1h bull flag
Horizontals: S: $3,589 | R: $3,625
Trendline: Bear channel (see yesterday’s post)
Parabolic SAR: $3,336
Futures Curve: Backwardation with 0.82% spread. Appears to be re entering Contango after taking out the 2 week high.
BTCUSDSHORTS: Continuing to pull back from the shooting star.
Funding Rates: Longs pays shorts 0.01%
TD’ Sequential: G2 = G1
Ichimoku Cloud: Thin cloud shows little resistance above if we can take out yesterday’s high
Relative Strength Index: Back above 50
Average Directional Index: Bull trend
Price Action: 24h: +0.2% | 2w: +2.&% | 30d: -8.1%
Bollinger Bands: Showing the first signs of a bull trend (turning MA and top band up)
Stochastic Oscillator: D, 3D and Weekly Cross. Is very / powerful for those to occur at roughly the same time.

Summary: I like to start with a very long term view and then zoom in when the markets start moving. Have been keeping my eye on the 1h chart over the last 24 hours and I like what I am seeing.

Volume declining during consolidation while forming a 1h bull flag. Entering a stop order at $3,640 makes a lot of sense and provides very good risk reward. Could also set a order at $3,716 which would be a daily green 2 above a green 1.