Been trading for a few months. First publish, just getting a feel for how awesome TV is to use. Any useful feedback is welcome.
The 850 EMA on the four hour is holding horizontal and is riding just above the 200 EMA on the daily which has followed a very similar path over the history of BTC. These seem to have been significant support in the past and have not been violated until these first two weeks in Feb. This violation was to be expected after a ridiculously rapid rise and a healthy correction from that ridiculousness with some panic and fear in the middle. We now have the 50, 100, 200, and 850 underneath us. Higher lows should continue short term but breaks below these or ultimately the bottom fan trendline would induce a little scare in those with healing wounds and a return towards $10,4 or even the descending teal line from ATH.
An Inv H&S pattern is welcoming as we have spent a couple weeks in choppy waters to form each shoulder and see the market finding firmer ground. This choppy right shoulder has made buying the dips or increasing a position more palatable than when we were on the left as bullish speculation and plenty of encouraging news has circulated in the last two weeks. I am looking forward to the G20 finance meeting March 20th, as the news from the CFTC in the states was a big boost for the market.
Moving forward I see BTC chopping through Fib retracement levels along the lower green and purple fans towards $12,559, but news from the G20 could disrupt everything (ascending broadening wedges = good). That level looks to be significant resistance likely pushing us down into another choppy sideways period. I will feel much better about the market short term above that level as that allows room to shoot for the Inv H&S and another key Fib near $16,700. Even with a lot of support directly underneath I have not seen volume build. This increases the likeliness of chopping between the $12,5 target and current levels ($11,3). This is uphill sledding for choppy short term trading and will require some intuition, volume and momentum watching, and faith. I am long term bullish, so I have faith.
Plan a trade, trade a plan, be flexible based on the info the charts provide. Stay open-minded. Om, Bodhicitta Utpadayami.
~free of thoughts
The 850 EMA on the four hour is holding horizontal and is riding just above the 200 EMA on the daily which has followed a very similar path over the history of BTC. These seem to have been significant support in the past and have not been violated until these first two weeks in Feb. This violation was to be expected after a ridiculously rapid rise and a healthy correction from that ridiculousness with some panic and fear in the middle. We now have the 50, 100, 200, and 850 underneath us. Higher lows should continue short term but breaks below these or ultimately the bottom fan trendline would induce a little scare in those with healing wounds and a return towards $10,4 or even the descending teal line from ATH.
An Inv H&S pattern is welcoming as we have spent a couple weeks in choppy waters to form each shoulder and see the market finding firmer ground. This choppy right shoulder has made buying the dips or increasing a position more palatable than when we were on the left as bullish speculation and plenty of encouraging news has circulated in the last two weeks. I am looking forward to the G20 finance meeting March 20th, as the news from the CFTC in the states was a big boost for the market.
Moving forward I see BTC chopping through Fib retracement levels along the lower green and purple fans towards $12,559, but news from the G20 could disrupt everything (ascending broadening wedges = good). That level looks to be significant resistance likely pushing us down into another choppy sideways period. I will feel much better about the market short term above that level as that allows room to shoot for the Inv H&S and another key Fib near $16,700. Even with a lot of support directly underneath I have not seen volume build. This increases the likeliness of chopping between the $12,5 target and current levels ($11,3). This is uphill sledding for choppy short term trading and will require some intuition, volume and momentum watching, and faith. I am long term bullish, so I have faith.
Plan a trade, trade a plan, be flexible based on the info the charts provide. Stay open-minded. Om, Bodhicitta Utpadayami.
~free of thoughts