BTCUSD DAILY UPDATE - 21/06/2018
What makes the daily bullish is the motive 5 waves to 19,666.00 high, because since that level, we see lower highs and lower lows ... So that motive 5 waves does not call the end of the correction. Daily time frame is pretty long term view for an individual trader.
Now, break of 6,427.16 few sessions back was disappointing for immediate bullish view but not really surprising as the daily time frame is not bullish, at best neutral.
The correction that started from 19,666.00 high with a sequence to 22/12/2017 low and a bounce to 06/01/2018 high projects an equal leg area at 8,728.92-3,472.17, so even though 06/02/2018 low is close, there is no reason to sell bitcoin (only gamblers and manipulators would do that), but buying here is painful in lower time frame (4h and 1h) because there is no motivated setup, but daily is a buy (but not with USD100.00 stops...)
So for now, I'll continue to propose a bullish count in the daily but aware of the possibility (dotted lines). However, break of 5,920.72 would delay the resumption of the bullish trend, but I would not sell.
Actually, I suspect that we will see below 5,920.72 for a short lived spike to wipe out all the "small players" with buy orders ready below this level.
If that happens, we should see 4,596.14-3,332.87 for a life time opportunity to go long, but I won't sell to reach those levels.
So as for me, my stops are below 5,920.72 and if triggered, then break even and I will stay on the side line (from a trading point of view).
Don't fight institutions/big players, they have more money than we do.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
What makes the daily bullish is the motive 5 waves to 19,666.00 high, because since that level, we see lower highs and lower lows ... So that motive 5 waves does not call the end of the correction. Daily time frame is pretty long term view for an individual trader.
Now, break of 6,427.16 few sessions back was disappointing for immediate bullish view but not really surprising as the daily time frame is not bullish, at best neutral.
The correction that started from 19,666.00 high with a sequence to 22/12/2017 low and a bounce to 06/01/2018 high projects an equal leg area at 8,728.92-3,472.17, so even though 06/02/2018 low is close, there is no reason to sell bitcoin (only gamblers and manipulators would do that), but buying here is painful in lower time frame (4h and 1h) because there is no motivated setup, but daily is a buy (but not with USD100.00 stops...)
So for now, I'll continue to propose a bullish count in the daily but aware of the possibility (dotted lines). However, break of 5,920.72 would delay the resumption of the bullish trend, but I would not sell.
Actually, I suspect that we will see below 5,920.72 for a short lived spike to wipe out all the "small players" with buy orders ready below this level.
If that happens, we should see 4,596.14-3,332.87 for a life time opportunity to go long, but I won't sell to reach those levels.
So as for me, my stops are below 5,920.72 and if triggered, then break even and I will stay on the side line (from a trading point of view).
Don't fight institutions/big players, they have more money than we do.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
