Felix000

#Bitcoin #btcusd waiting for post holiday breakout

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Have updated my 4 hour chart.
Comment: Price got above $7,367.6. There are some tough diagonal resistance lines above on both 4 hour and 2 hour charts. On the two hour chart there has been a string of William Fractal patterns building up creating potential new powerful Fib extension possibilities. The string has completed a five wave up. Will watch how pull back develops.
Comment: Also have yet to see if high of $7,427 signals end of five wave up or ready to smash through those diagonal resistance lines.
Comment: My problem with the 4 hour chart from studying the MACD and Stoch RSI is that we should already be at full throttle on a big wave three. This price push looks weak and there are diagonal resistance lines up ahead. Speed to break out was not that impressive. Move at this stage with high at $7,427 could turn out to be a trap. Need to watch pullback.
Comment: Based on a short trade idea on the weekend using the 2 hour chart where my stop was taken out. Here's an interesting observation. If the market breaks through it again the opportunity to short could be greater. Note also that by observation my short trade idea was also a good opportunity to go long if it did not work out. Check this out by studying the vertical green lines marked out in the chart going back to February I used the bar before the vertical green line to create strategy. I'm going to pick $6,600 for short entry which is below the bar, and also below the retracement levels within the William Fractal patterns of my study. Still have to work out where I'd place my stop should idea go wrong. There have been four more Williams Fractal boxes to construct since I published the chart above. Really weird formation. At least have not seen such since February. For now the market appears cautiously bullish will have to watch as Stoch RSI heads back to oversold whether that initial bullshine disintegrates with it.
Comment: Right now the market for me is a game of chicken. My vertical green line idea on the 2 hour chart was a great one but right now this rally just appears so weak. Maybe its because I'm just studying the 4 and 2 hour charts. Hope I'll discover some other strategic pattern soon. Maybe will get another green vertical.
Comment: Finding it hard to want to get in long on this. It's like you feel good if you got in earlier. This rally has yet to be tested when the Stoch RSI starts to head downwards on the 2 hour chart. That could be triggered by the price hitting the diagonal trend line. Just seen a posting of a rising wedge and a short opportunity. However, my idea at the moment for a short opportunity is a lot further down.
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