The last huge bitcoin move has left the whole space climbing on rockets again, and usually that indicates that longs will get rekt. Will this time be different?
On the hourly chart (above) you can see price consolidating into the kumo after the last move. If there was enough momentum behind this move to continue the bullish trend I feel the follow through would have happened already: this looks more and more like another bart-move with his right cheek to form anytime now (or perhaps it will take a few days of sideways bleeding). The daily and weekly charts are still in bearish territory, and the hourly is about to move into consolidation territory,
Not very much more useful to say about this, it can go up, but looks more likely to go down. There’s no trade setup for either direction yet.
Price will have to hold the MTFA support at 3520 to remain in a bullish posture, if not I will start looking at short setups on this timeframe.
If you are trading this indicator, the long would be entered at 3425, and you should be out of this trade already.
4HR
The 4HR chart is on bullish setup, but again, my confidence in this setup triggering a trade is not high. If we remain stuck above the MTFA support at 3520 for a long enough time, the bullish setup will become more likely again. But for now I expect the bart-move to complete itself, and a brutal drop down to be the more likely outcome.
Daily
The daily chart puts the upswing in perspective, and shows that all still is bearish. However, there is a bullish case to be made. If we do get a bullish move, and break above the kumo on daily chart, there is a chance we may reach the 5000 level. But lets not get ahead of ourselves here..
Conclusion
If you didn;t get in on the hourly breakout trade, there’s no reason to chase the long at this moment. Wait for price to figure out where it wants to go: if the support breaks, look for 1HR short setups targeting the next MTFA support at 3390, and probably lower.
If the daily territory changes to bullish look for hourly long setups.
If any of those happen, you will hear from me again…
Until then, happy trading, and stay calm!
If you find this useful like and subscribe to get notified of updates and new ideas!
If you want to tryout the indicators and strategy, pm me and I’ll get you set up.
On the hourly chart (above) you can see price consolidating into the kumo after the last move. If there was enough momentum behind this move to continue the bullish trend I feel the follow through would have happened already: this looks more and more like another bart-move with his right cheek to form anytime now (or perhaps it will take a few days of sideways bleeding). The daily and weekly charts are still in bearish territory, and the hourly is about to move into consolidation territory,
Not very much more useful to say about this, it can go up, but looks more likely to go down. There’s no trade setup for either direction yet.
Price will have to hold the MTFA support at 3520 to remain in a bullish posture, if not I will start looking at short setups on this timeframe.
If you are trading this indicator, the long would be entered at 3425, and you should be out of this trade already.
4HR
Daily
Conclusion
If you didn;t get in on the hourly breakout trade, there’s no reason to chase the long at this moment. Wait for price to figure out where it wants to go: if the support breaks, look for 1HR short setups targeting the next MTFA support at 3390, and probably lower.
If the daily territory changes to bullish look for hourly long setups.
If any of those happen, you will hear from me again…
Until then, happy trading, and stay calm!
If you find this useful like and subscribe to get notified of updates and new ideas!
If you want to tryout the indicators and strategy, pm me and I’ll get you set up.
