BTC-USD: Bitcoin BTD mode on, bulls take the wheel.
Hello Everyone,
Today I would like to focus on BTC large TF charts as we just got another monthly and weekly CME close.
This is going to be a very bullish post as charts do not show many strong bearish signs for now.
Only one bearish ‘kind of’ sign I see is from the CME chart:
Here we clearly see that CME have now closed the oldest and only Gap down we had since Aug 2019. IMO, this can be considered as a small bearish sign as, we can make an argument that bears allowed BTC to rise so that this gap will be closed and then bears will take over and dump BTC. This argument is also supported by the fact that CME have big gap at around 9600 (Which will be filled eventually).
www.tradingview.com/chart/dE3UJ7iQ/
Now coming to 3 most important bullish signs:
First major sign comes from the July close on BTC: Here we see BTC now have confirmed HH on monthly TF, hence from here onwards BTC is in BTD mode (By The Dip) (at least for me).
In addition to this PA structure we also have Shepherd indicator with confirmed buy/long signals on weekly and monthly TFs (these are very powerful long-term signals).
The BTC 2020 forecast post I published in January has been working perfectly and have called all the important Lows and Highs till now including the low in March drop and current highs. Do check it out below.
If you like to have regular updates on BTC and Alts then do consider joining my free discord channel with link below.
Happy and safe trading…
Chao…
**FYI Note**: Many people are calling for BTC reversal rite now only due to the CME gap at 9600, but it is not necessary to fill the gaps immediately. Gap up simply means the bull trend is strong. You **should not** start shorting any asset just because you see the gaps, that is not the correct way to understand and play the gaps.
Today I would like to focus on BTC large TF charts as we just got another monthly and weekly CME close.
This is going to be a very bullish post as charts do not show many strong bearish signs for now.
Only one bearish ‘kind of’ sign I see is from the CME chart:
Here we clearly see that CME have now closed the oldest and only Gap down we had since Aug 2019. IMO, this can be considered as a small bearish sign as, we can make an argument that bears allowed BTC to rise so that this gap will be closed and then bears will take over and dump BTC. This argument is also supported by the fact that CME have big gap at around 9600 (Which will be filled eventually).
www.tradingview.com/chart/dE3UJ7iQ/
Now coming to 3 most important bullish signs:
First major sign comes from the July close on BTC: Here we see BTC now have confirmed HH on monthly TF, hence from here onwards BTC is in BTD mode (By The Dip) (at least for me).
In addition to this PA structure we also have Shepherd indicator with confirmed buy/long signals on weekly and monthly TFs (these are very powerful long-term signals).
The BTC 2020 forecast post I published in January has been working perfectly and have called all the important Lows and Highs till now including the low in March drop and current highs. Do check it out below.
If you like to have regular updates on BTC and Alts then do consider joining my free discord channel with link below.
Happy and safe trading…
Chao…
**FYI Note**: Many people are calling for BTC reversal rite now only due to the CME gap at 9600, but it is not necessary to fill the gaps immediately. Gap up simply means the bull trend is strong. You **should not** start shorting any asset just because you see the gaps, that is not the correct way to understand and play the gaps.
