Last analysis was quite important but unfortunately it was banned. Anyway, let's do a quick recap.
In the last update I talked about Bitcoin is still bullish on the weekly timeframe. Two reasons in particular that confirm the bullish bias are:
1. The drop in March has flushed out most retail traders
2. The months of consolidation (May 20 - Jul 20) BELOW resistance
Then, I talked about that on the daily timeframe the resistance was at $11,100 (as at 17th Sept). We can only determine the trend and find a potential trade setup after the market has tested the $11,100 resistance. That's exactly what the market did.
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What about now?
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Again, we need to analyse the market from the weekly timeframe in which gives us a much clearer picture. From the chart below we can see the market has created a bullish N formation (higher high and higher low). This means there are 2x areas of interest (around $8700 & $10,000) that we can look for a trade setup (as shown in the chart below)
We then lower the timeframe to Daily (the main chart). A potential double bottom occurred at one of the area of interest (ie. $10,000). This means we can buy on the 0.618 pullback ($10,547), with SL set below the double bottom. target 2:1 rr ratio or higher.
If this trade fails, then the next area of interest would be around $8,700.
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Some changes going forward
~~~~~~~~~~~~~~~~~~~~~~~~~~~
I have been giving out a lot of profitable trades on TradingView since 2018. I prefer to provide my followers with consistent and quality updates, rather than frequent up or down or both up/down daily updates for the sole purpose of promoting any kind of paid service. Unfortunately, it seems to me that most people prefer frequent updates even if the updates are pointless.
As you wish, I will give more frequent updates/trades from now on, but I think I have to warn you that this will also mean the win rate will most likely drop. Please don't blame me if you lose money because of this change. What I can make sure is that the quality of the posts remain the same standard/quality.
Thanks for your support & understanding
In the last update I talked about Bitcoin is still bullish on the weekly timeframe. Two reasons in particular that confirm the bullish bias are:
1. The drop in March has flushed out most retail traders
2. The months of consolidation (May 20 - Jul 20) BELOW resistance
Then, I talked about that on the daily timeframe the resistance was at $11,100 (as at 17th Sept). We can only determine the trend and find a potential trade setup after the market has tested the $11,100 resistance. That's exactly what the market did.
~~~~~~~~~~~~~~~
What about now?
~~~~~~~~~~~~~~~
Again, we need to analyse the market from the weekly timeframe in which gives us a much clearer picture. From the chart below we can see the market has created a bullish N formation (higher high and higher low). This means there are 2x areas of interest (around $8700 & $10,000) that we can look for a trade setup (as shown in the chart below)
We then lower the timeframe to Daily (the main chart). A potential double bottom occurred at one of the area of interest (ie. $10,000). This means we can buy on the 0.618 pullback ($10,547), with SL set below the double bottom. target 2:1 rr ratio or higher.
If this trade fails, then the next area of interest would be around $8,700.
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Some changes going forward
~~~~~~~~~~~~~~~~~~~~~~~~~~~
I have been giving out a lot of profitable trades on TradingView since 2018. I prefer to provide my followers with consistent and quality updates, rather than frequent up or down or both up/down daily updates for the sole purpose of promoting any kind of paid service. Unfortunately, it seems to me that most people prefer frequent updates even if the updates are pointless.
As you wish, I will give more frequent updates/trades from now on, but I think I have to warn you that this will also mean the win rate will most likely drop. Please don't blame me if you lose money because of this change. What I can make sure is that the quality of the posts remain the same standard/quality.
Thanks for your support & understanding
Trade closed: target reached:
Time to close some investment positions. Will give a more detailed update tomorrow
There are some resistances around $15900 - $16100.
Time to close some investment positions. Will give a more detailed update tomorrow
There are some resistances around $15900 - $16100.