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XBT/USD Bitmex daily price update - 12 March 2018
Discliamer - Not financial advise but thoughts and learning which you can learn from
First things first. I was wrong in yesterday's analysis. My thought was that price might bounce from $9400 and retrace till $8900 but did not happen.
I was also sitting on a short from $9200 to $8900 which did not happen, and I liquidated today in the morning.
Today I am planning to go long till $10.2 K and then evaluate post that. Why I am doing this?
Because the XBT price line -
1. Clearly cut through the resistance at $9400 to reach a high of $9780
2. Formed a bull flag in the $9200 zone, went up forming one again around $9500
3. If it stays above $9400 it is great news and a positive sign for this week
4. Final target is 10.6K, may retrace from around 10K to 9.2K before the final push up
Confluence points using bollinger and -
1. Price moving across upper Bollinger on a 4H chart
2. Price moving towards middle Bollinger on 1D chart which is around 10.2K
3. RSI above 50
Let me know what you guys think about this.
Regards
Aditya Ahluwalia
First things first. I was wrong in yesterday's analysis. My thought was that price might bounce from $9400 and retrace till $8900 but did not happen.
I was also sitting on a short from $9200 to $8900 which did not happen, and I liquidated today in the morning.
Today I am planning to go long till $10.2 K and then evaluate post that. Why I am doing this?
Because the XBT price line -
1. Clearly cut through the resistance at $9400 to reach a high of $9780
2. Formed a bull flag in the $9200 zone, went up forming one again around $9500
3. If it stays above $9400 it is great news and a positive sign for this week
4. Final target is 10.6K, may retrace from around 10K to 9.2K before the final push up
Confluence points using bollinger and -
1. Price moving across upper Bollinger on a 4H chart
2. Price moving towards middle Bollinger on 1D chart which is around 10.2K
3. RSI above 50
Let me know what you guys think about this.
Regards
Aditya Ahluwalia
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