Bitcoin at 11500 resistance

10 de out. de 2020

BTC reached final target making 3 legs on the way (at smaller timeframes). Elliot would say its enough and retracement targets should be previously broken resistance zones at ~11150 and 11k. But if you look at daily, Bitcoin still gain momentum, so shorting would be a risky action, and shouldn't be taken without SL above HH. I'll take short here with stop loss, as described.



4H TF: EMA21 - 10970 / EMA89 - 10757
Week: EMA8 - 10880 / EMA21 - 10282

🟥 11500 - 11666 - 11900
🟩 11177 - 11024 - 10920

😱 Fear & Greed index: 53 (<= 48 <= 46 <= 43 <= 47)
👑 BTC Dominance: 58.4% (<= 58.4 <= 58.8 <= 58.7)
⚙️ 24h Volume: $91 billion (<= 103 <= 103 <= 111)

10 de out. de 2020

Nota

Another important thing to remember is CME Futures gap that may potentially appear on Monday if price stay here or higher.

12 de out. de 2020

Nota

New CME gap appeared between 11205 and 11510, and it is very appealing for price to pullback and close it. That is a plan for the nearest time. As it often happens pullback can wick lower, but up to 10.9k still considered as bullish bounce zone. At weekly BTC made first strong bullish candle, that was stopped at strong 11.5-11.7k resistance, so if bulls maintain the momemntum, good chances it can grow above previous high at 12500 in 2 weeks (and 13300 / 13900 for higher targets). Bullish plan will be invalidated in case pullback take price down to ~10.5k.

4H TF: EMA21 - 11236 / EMA89 - 10899
Week: EMA8 - 10889 / EMA21 - 10382

16 de out. de 2020

Nota

Bitcoin moves according to plan. Yesterday fake bullish move collected more volume and now falling in drawn direction. I think zone around 10.8k should be a good one for the first bounce. At the same time stocks pulling back from resistance zone they hit yesterday, so both markets move in the same direction.