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ALL EYES ON BITCOIN - 22/08/2020
What's up traders? Hope you made some profit yesterday. Let's start with today's analysis and next trade alternatives.
INTRODUCTION:
As always, before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at during all the series, those are: 1D, 1H and 15m. I also use MACD and RSI to follow up with the momentum on the market and I have 2 EMAs plotted which are the 50 day EMA & the 200 day EMA that I use to see the trend in each time frame. (We say that when the 50 day EMA it's above the 200 day EMA , we are in an uptrend. (The opposite in reverse) After taking into account the principal things that I use in my trading methodology, let's start!
LAST TRADE UPDATE:
As I told you yesterday I was waiting to see a break of the horizontal channel/range that I have drawn on the chart. Because It broke the bottom part of it (red rectangle), I entered a short position at 11586$ which I closed around 11485$ because I was seeing the price trying to move up and I wanted to close the position to go to sleep lol. Finally, it went down until 11387$ but anyway, WE TOOK SOME NICE PROFITS!
WHAT ABOUT TODAY?
As you can see on the chart price bounced from 11387$ maybe because we had a bullish divergence on the 1H chart as you can see in the MACD, indicator made a double bottom but price made a lower low. Now price it's around the 11600$ level which has been rejected 3 times since the bounce. on the 1H chart. The 11600$ level was before a support that had been rejected many times but in my opinion now it has turned into a resistance. For now my bias is bearish as we are in a short-term down trend and I can't see any divergence in momentum in the high time frames. However, I have not taken any trade yet because I'm waiting for a confirmation. Let's move one to today's trading alternatives.
TODAY'S TRADE ALTERNATIVES:
- I will enter a LONG position if we break the 11650$ level. (I will wait for a little correction and then enter the market)
- I will SHORT if I see price starting to fall from the 11600$ level with strength, for now we can see how candles have been rejecting that level but I can't see strength on the rejection. Also looking at the order books the drop isn't clear for me yet. (I will wait for a little correction and then enter the market)
If I can give you a tip is that whatever happens, alway stay awake and monitor the trade until profit are in your hands. In order to find my exit zones/take profits I will be looking at S/R, momentum divergences and EMAs rejections.
Whatever happens, I'm ready! Thank you for making it here, I hope you can leave some comment, question or tip, I will really appreciate it. See ya on tomorrow's analysis of the market. GOOD LUCK!
INTRODUCTION:
As always, before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at during all the series, those are: 1D, 1H and 15m. I also use MACD and RSI to follow up with the momentum on the market and I have 2 EMAs plotted which are the 50 day EMA & the 200 day EMA that I use to see the trend in each time frame. (We say that when the 50 day EMA it's above the 200 day EMA , we are in an uptrend. (The opposite in reverse) After taking into account the principal things that I use in my trading methodology, let's start!
LAST TRADE UPDATE:
As I told you yesterday I was waiting to see a break of the horizontal channel/range that I have drawn on the chart. Because It broke the bottom part of it (red rectangle), I entered a short position at 11586$ which I closed around 11485$ because I was seeing the price trying to move up and I wanted to close the position to go to sleep lol. Finally, it went down until 11387$ but anyway, WE TOOK SOME NICE PROFITS!
WHAT ABOUT TODAY?
As you can see on the chart price bounced from 11387$ maybe because we had a bullish divergence on the 1H chart as you can see in the MACD, indicator made a double bottom but price made a lower low. Now price it's around the 11600$ level which has been rejected 3 times since the bounce. on the 1H chart. The 11600$ level was before a support that had been rejected many times but in my opinion now it has turned into a resistance. For now my bias is bearish as we are in a short-term down trend and I can't see any divergence in momentum in the high time frames. However, I have not taken any trade yet because I'm waiting for a confirmation. Let's move one to today's trading alternatives.
TODAY'S TRADE ALTERNATIVES:
- I will enter a LONG position if we break the 11650$ level. (I will wait for a little correction and then enter the market)
- I will SHORT if I see price starting to fall from the 11600$ level with strength, for now we can see how candles have been rejecting that level but I can't see strength on the rejection. Also looking at the order books the drop isn't clear for me yet. (I will wait for a little correction and then enter the market)
If I can give you a tip is that whatever happens, alway stay awake and monitor the trade until profit are in your hands. In order to find my exit zones/take profits I will be looking at S/R, momentum divergences and EMAs rejections.
Whatever happens, I'm ready! Thank you for making it here, I hope you can leave some comment, question or tip, I will really appreciate it. See ya on tomorrow's analysis of the market. GOOD LUCK!
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