BTC Weekly consolidation on its way?
Atualizado
Trading Style: Swing trading 4hr/Daily/Weekly
Observations:
Weekly Chart:
Doji at the top of the trend confirmed, by price trading below $3915 increasing the odds of a period of sideways trading or a market pullback in the following weeks.
BTC last weekly higher low $3337.87, BTC has grind its way all the way to the exponentials without establishing a new weekly higher low, there's a lot of room to work with.(keep an eye on 200SMA to act a a possible support for a new higher low)
Declining bull volume for the past 4 weeks indicating bulls are tired.
Seems like the odds are favoring the bears as of now, a weekly pull back to set a new higher low its clearly on the way. There's a clear shift in momentum in the daily and 4hr time frames that strengthen this point of view in my opinion.
Daily:
Uptrend has been lost currently setting lower highs and lower lows, confirming weekly pullback has begun.
Possible H&S formation taking place neckline around $3771
Very weak bounces after pullbacks, bulls not buying the dips aggressively, opening the door for bear flags in the Daily & 4hr time frames, keeping in mind that most likely the EMA12 & 26 will act as resistance if playing this type of bounces, I'll be taking profit as soon as price reaches them. (not currently interested in playing 4hr bear flags)
Possible Play:
The only trade I am currently interested is the possible H&S pattern on the daily chart, neckline around the $3770 area which also in previous scenarios has played as a clear support/resistance in the 4hr time frame.
I'll be looking to scale in my position during 1hr or 4hr oversold RSI levels (around the green box) with a tight stop loss below the neckline, looking to play a quick 2 or 3 day swing.
Please keep in mind that H&S like any other pattern don't always break to the downside but rather ''most likely" break to the downside, but unless volume and the charts tell me otherwise I'll keep this as my only clear play at the moment.
Disclosure:
I am in no way shape of form qualified to give any financial advise, this are simply my ideas and my personal observations. I believe that the best way to learn is to put your thoughts out there and hopefully learn from those that have been doing this for a long time, having said that please feel free and call me out in any mistakes, or things that I am overlooking.. Constructive criticism is very much welcomed, no better way than learning as a community.
Happy trading everyone!!
Observations:
Weekly Chart:
Doji at the top of the trend confirmed, by price trading below $3915 increasing the odds of a period of sideways trading or a market pullback in the following weeks.
BTC last weekly higher low $3337.87, BTC has grind its way all the way to the exponentials without establishing a new weekly higher low, there's a lot of room to work with.(keep an eye on 200SMA to act a a possible support for a new higher low)
Declining bull volume for the past 4 weeks indicating bulls are tired.
Seems like the odds are favoring the bears as of now, a weekly pull back to set a new higher low its clearly on the way. There's a clear shift in momentum in the daily and 4hr time frames that strengthen this point of view in my opinion.
Daily:
Uptrend has been lost currently setting lower highs and lower lows, confirming weekly pullback has begun.
Possible H&S formation taking place neckline around $3771
Very weak bounces after pullbacks, bulls not buying the dips aggressively, opening the door for bear flags in the Daily & 4hr time frames, keeping in mind that most likely the EMA12 & 26 will act as resistance if playing this type of bounces, I'll be taking profit as soon as price reaches them. (not currently interested in playing 4hr bear flags)
Possible Play:
The only trade I am currently interested is the possible H&S pattern on the daily chart, neckline around the $3770 area which also in previous scenarios has played as a clear support/resistance in the 4hr time frame.
I'll be looking to scale in my position during 1hr or 4hr oversold RSI levels (around the green box) with a tight stop loss below the neckline, looking to play a quick 2 or 3 day swing.
Please keep in mind that H&S like any other pattern don't always break to the downside but rather ''most likely" break to the downside, but unless volume and the charts tell me otherwise I'll keep this as my only clear play at the moment.
Disclosure:
I am in no way shape of form qualified to give any financial advise, this are simply my ideas and my personal observations. I believe that the best way to learn is to put your thoughts out there and hopefully learn from those that have been doing this for a long time, having said that please feel free and call me out in any mistakes, or things that I am overlooking.. Constructive criticism is very much welcomed, no better way than learning as a community.
Happy trading everyone!!
Ordem cancelada
Head and shoulders formation has been invalidated by a break above the head, I still favor the bears over the bulls when I zoom out to the Weekly chart. Note: Keeping eye and waiting to see if BTC can hold above $4050
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.