Do you trade CRYPTOS ? Bitcoin, new high ? next step 50.000$ !

During the week-end, working on charts I have found a major difference between BTCUSD and BTCUSDT.P (wich I usually use). As the SEC just approoved Bitcoin ETF wich is SPOT maybe it's a good idea to trust the BTCUSD chart. I still see (for now and until proven otherwise) a SELL move on $ index and potantially on some USDXXX pairs. It's not a "rule" but $ can influence Bitcoin.
Plus this potential BUY H4 structure on Bitcoin maybe it's a good idea to find an entry with objective at least break $49.102, and $50.000 to follow ! I can't tell for now but yes it can go above this price, and I will leave 50% of the trade running just in case ^^.
Of course this structure is potentially valid at certain conditions, don't break $40.150 for example...
I will post update tomorrow after market opening, and as soon as I see a proper BUY setup to get in the move.
Traders, I wish you good week-end.

Comment:

On this second DAILY move, price rised fast but volumes (MACD4C) got lower. Analysing FOREX means a convergence, and potentially the end of a structure comming or even a reversal. I'm not saying that's what I'm forecasting here for our Bitcoin friend, especially because cryptos can catch up volumes within a day and be very volatile and agressive. One good thing we are waaaayyyy above DAILY UP TREND so I'm still "bullish" (DAILY/WEEKLY), but being "bullish" does not make me forget that on time to time, we have corrective structures.
All I say is that let's keep in mind, we trade only probabilities and until we don't break $40.150 I will be looking for BUY setup and take trades. If we break this point, then I will wait for a SELL setup and enjoy the ride ANYWAY ^^.

Comment:

And to finish my point, on the BTCUSDT.P chart I was seing the friday drop as the beginning of a new structure and so potentially SELL.

Comment:

Guys still this difference between charts, and I am more today for the btcusdt.p chart wich shows SELL SETUP. I see a potential entry now so I will put an order, we're just on the trend line so it's quite clean for now. To follow...

Comment:

For those who follow this post (not much but still), I still maintain untill we are above the line we go for a buy setup. It gave a pretty sell setup, that I took but just got BE, and didnt go down enough. So we need to wait for an entry, but it can still be long position coming.

Comment:

I'm still going for this structure, we had a sell setup wich I took but we are still above my horizontal line. I would put an buy order sunday evening at market reopening, only if during the week-end Bitcoin keep on showing this buy setup. Next step $50k ?

Comment:

What I can say so far, that kind of strucutre is kinda new for cryptos. We usually have very complex structures in forex, but crypto was really like 1,2,3 BOOM. Now I see more and more complex structures, wich is normal knowing money flow and new financial actors.

Comment:

We are still good for BUY. This morning Bitcoin is (for the moment) giving us a nice BUY SETUP, for this setup to validate we need to stay above this famous white line AND the SETUP not to break $40300. I'm giving it a shot, putting an order.

Comment:

If we break bottom of our BUY SETUP and $40228.3 then we will be looking for a SELL SETUP. That's the thing about analysis, we need to be flexible and understand that we trade ONLY probabilities ! If we go for a SELL then I'll update here. Patience !

Comment:

It could just be the beginning of a bigger BUY SETUP... Just said, "could be", it is early to say, stay focused and linked !

Comment:

Bottom broken, means our structure was finished already and this drop is the beginning of a new structure. Bitcoin a bit cheaper ??? ^^

Comment:

And something for sure, I remember why I usually read BTCUSD.P chart instead of BTCUSD !

Comment:

I'm still very bullish on the big TIME FRAME (daily or more), but for H1/H4 it could be time for a bigger corrective structure. Next step is $50k but before that we can have a structure that last days, weeks, its hard to tell. For now let's be patient and see what we have in the coming days. I would be looking for a SELL SETUP.