Dear reader,
I will use the opportunity that my baby is sleeping to write my current thoughts regarding Bitcoin. I see much more, especially in the traditional markets, where I am more interested right now since it is less tedious on the higher time frames. Also, time is minimal now - I have a startup, a running business, and a 2-week baby to take care of.
After making a double bottom with bullish divergence on the daily chart, BTC formed a trendline, from which it made a bounce. This bounce also had a confluence with the value area low of the current range.
The intraday (15 min) price is currently consolidating between a pivot point and the daily POC. A pullback towards the VWAP (yellow line) followed by a bounce could offer us a long entry.
If the price manages to close at a daily level above 35907 (this can be the long target), I see the next resistance level around 36780 -> Range POC + .618 Retracement.
The daily RSI got rejected twice from the bullish control zone; it is possible that a 3rd rejection can take place. If there is an acceptance above the 50 levels, the price must reach 40k before the 53 levels (or stay below it) to escape a nasty bearish reset.
Moving averages on the daily still look like momentum is totally towards the downside. Price currently facing the 21 EMA with a downward slope, even if it goes above it, then the 34 EMA with the confluence with the 35.9k level will offer a tough challenge.
The current price action offers an easy way to manage risk: using a channel - A basic but powerful technique.
The intraday chart might look good for a short-term bounce, but it is all difficult to say at the bigger picture. I have the feeling that after each small attempt of recovery, the Chinarmaggedon is triggered again and again. So, all trades now should be only Daytrade or scalp. It is impossible to play the swing hero at the moment.
If you are a trader, scalping /day trading in a range environment is probably your strategy. Otherwise, don't try to guess where BTC is heading; buy every dip - especially if the dip is a retest of the yearly open (28.9k) or a brutal capitulation wick to mid-low 20K.
I will use the opportunity that my baby is sleeping to write my current thoughts regarding Bitcoin. I see much more, especially in the traditional markets, where I am more interested right now since it is less tedious on the higher time frames. Also, time is minimal now - I have a startup, a running business, and a 2-week baby to take care of.
After making a double bottom with bullish divergence on the daily chart, BTC formed a trendline, from which it made a bounce. This bounce also had a confluence with the value area low of the current range.
The intraday (15 min) price is currently consolidating between a pivot point and the daily POC. A pullback towards the VWAP (yellow line) followed by a bounce could offer us a long entry.
If the price manages to close at a daily level above 35907 (this can be the long target), I see the next resistance level around 36780 -> Range POC + .618 Retracement.
The daily RSI got rejected twice from the bullish control zone; it is possible that a 3rd rejection can take place. If there is an acceptance above the 50 levels, the price must reach 40k before the 53 levels (or stay below it) to escape a nasty bearish reset.
Moving averages on the daily still look like momentum is totally towards the downside. Price currently facing the 21 EMA with a downward slope, even if it goes above it, then the 34 EMA with the confluence with the 35.9k level will offer a tough challenge.
The current price action offers an easy way to manage risk: using a channel - A basic but powerful technique.
The intraday chart might look good for a short-term bounce, but it is all difficult to say at the bigger picture. I have the feeling that after each small attempt of recovery, the Chinarmaggedon is triggered again and again. So, all trades now should be only Daytrade or scalp. It is impossible to play the swing hero at the moment.
If you are a trader, scalping /day trading in a range environment is probably your strategy. Otherwise, don't try to guess where BTC is heading; buy every dip - especially if the dip is a retest of the yearly open (28.9k) or a brutal capitulation wick to mid-low 20K.