Bitcoin could be at last key resistance before $11,000
Looking at the fact that Bitcoin has surpassed the downtrend line set by it's high point for late June of 2019 (lower dotted line in green), I set markers 1-3 to pay attention to. The upper green dotted line is the downtrend line from the high of 2018. Currently Bitcoin is pushing up against a resistance line from the middle of June 2019 (circled yellow dotted line), that was tested a few times (referenced by other yellow circles). As it pushes up, I will be looking for it to reach my other targets. 9547.53 was the current price at the time of publish, and it was right at the yellow resistance referenced.
I'm using a mix of HA/Reg candles/HA indicator (HA indicator has purple arrows for short, green for long), with slope trend, and wave trend, to determine direction. So far, they have worked well for day trading, and kept me out of trouble on the 1 min chart all the way up to the 1 Day chart. I prefer shorter time frames, in and out. Setting stop losses back at the 2nd to the last low candle/wick for longs, and at the 2nd to last high for shorts, have made a huge difference. Often times it will test the first low or high, then continue in the same direction I was trading, and I just move my stop loss up as a new low/high are formed.
I generally wait for the slope to trend up or down, the wave to be going from oversold/overbought, and a higher high or lower low candle before placing a trade long or short.
RSI (in orange at the bottom of chart) is already inching to overbought, however, sometimes the last big pushes come as RSI crosses above 80. Keep your eyes open.
Disclaimer: I am not a financial adviser and this is not financial advice or an indication to make a trade.
I'm using a mix of HA/Reg candles/HA indicator (HA indicator has purple arrows for short, green for long), with slope trend, and wave trend, to determine direction. So far, they have worked well for day trading, and kept me out of trouble on the 1 min chart all the way up to the 1 Day chart. I prefer shorter time frames, in and out. Setting stop losses back at the 2nd to the last low candle/wick for longs, and at the 2nd to last high for shorts, have made a huge difference. Often times it will test the first low or high, then continue in the same direction I was trading, and I just move my stop loss up as a new low/high are formed.
I generally wait for the slope to trend up or down, the wave to be going from oversold/overbought, and a higher high or lower low candle before placing a trade long or short.
RSI (in orange at the bottom of chart) is already inching to overbought, however, sometimes the last big pushes come as RSI crosses above 80. Keep your eyes open.
Disclaimer: I am not a financial adviser and this is not financial advice or an indication to make a trade.
Comment:
Bitcoin is at Target 1.
Comment:
Looking overbought, let's see if this bull flag continues up.
Comment:
Comment:
One week TF showing there is still plenty of room to go.