Hello guys, long time no see! In this post I will expose some interesting points that perhaps you didn't realize yet.
Today we gonna talk about Bitcoin. We bottomed at the range of 3100 on December 2018, then we started to make higher lows. Up to a point where on March 2019 we have made a ascending triangle on weekly chart. Also, price touched the downtrend resistance line (pink line), which i've circled in blue. As Dow's theory said, "Price needs to be confirmed by volume". So it is. The candle after this touch had a volume that outperformed the past weeks candles. The short term targets are the ones that I've showed on the yellow Fibbo, originated from the triangle breakout. But, don't get me wrong. I think that in fact we need to be careful, since we came of a bear market that showed us that not everything that shines is indeed gold. Until now, besides the breakout candle, we didn't saw volume expansion on a chart of any particular exchange. If you search on coinmarketcap for example, that counts the volume on a pair as a whole, even after they took off some data from some "obscure exchanges" (that couldn't prove their data), we could have seen this volume expansion that we're looking for (a thing that I've called hidden volume expansion). However, MACD is showing us only a sell exhaustion on the weekly chart (remember that MACD is one of the most delayed indicators), but is willing to turn into a buy signal if Bitcoin countinues to grow in price. Personally, I think that the graph right now is too much streched for it to happen, but we need to be aware of this.
Fear and Greed Index also showing us Extreme Greed signal. One more reason for us to be careful and not FOMO.
In the moment, Im trying to make leveraged reversal intraday operations until price reaches ma20 or closer (supported by bearish div. on 4H), as I think that we should see a bigger corrective movement on daily chart, at least. But I know that it's too risky, because until today, people are not willing to sell too much, they're buying the dip. Also because of that, I'm not going to post any long/short ideas until market show us more convergent signs, not this mess that we're seeing right now.
Bitcoin's Dominance is at 60%, and alts are taking a hit. Again, this could lead us to believe that a correction would be coming due to people start to buy alts against btc.
Other point that is correlated with the "hidden volume expansion" that I've been talked about, is the volume on the TotalMarketCap chart, which went ATH on the breakout of the ascendent triangle, and now is holding above his ma20 (ascendent ma).
Always take this in mind:
- Focus on watch you will/are doing, not the market. We can only be sure about ourselves!
- Follow your trading plan and your own risk management, don't let any other external factor influence your decisions
- Sometimes, doing nothing is to be in profit. Know when is time to buy, to sell, as well as to go fishing!
Stay safe my friends, I think that's it! If you liked or want to ask any questions, feel free to comment here! Don't forget to hit the thumbs up!
Today we gonna talk about Bitcoin. We bottomed at the range of 3100 on December 2018, then we started to make higher lows. Up to a point where on March 2019 we have made a ascending triangle on weekly chart. Also, price touched the downtrend resistance line (pink line), which i've circled in blue. As Dow's theory said, "Price needs to be confirmed by volume". So it is. The candle after this touch had a volume that outperformed the past weeks candles. The short term targets are the ones that I've showed on the yellow Fibbo, originated from the triangle breakout. But, don't get me wrong. I think that in fact we need to be careful, since we came of a bear market that showed us that not everything that shines is indeed gold. Until now, besides the breakout candle, we didn't saw volume expansion on a chart of any particular exchange. If you search on coinmarketcap for example, that counts the volume on a pair as a whole, even after they took off some data from some "obscure exchanges" (that couldn't prove their data), we could have seen this volume expansion that we're looking for (a thing that I've called hidden volume expansion). However, MACD is showing us only a sell exhaustion on the weekly chart (remember that MACD is one of the most delayed indicators), but is willing to turn into a buy signal if Bitcoin countinues to grow in price. Personally, I think that the graph right now is too much streched for it to happen, but we need to be aware of this.
Fear and Greed Index also showing us Extreme Greed signal. One more reason for us to be careful and not FOMO.
In the moment, Im trying to make leveraged reversal intraday operations until price reaches ma20 or closer (supported by bearish div. on 4H), as I think that we should see a bigger corrective movement on daily chart, at least. But I know that it's too risky, because until today, people are not willing to sell too much, they're buying the dip. Also because of that, I'm not going to post any long/short ideas until market show us more convergent signs, not this mess that we're seeing right now.
Bitcoin's Dominance is at 60%, and alts are taking a hit. Again, this could lead us to believe that a correction would be coming due to people start to buy alts against btc.
Other point that is correlated with the "hidden volume expansion" that I've been talked about, is the volume on the TotalMarketCap chart, which went ATH on the breakout of the ascendent triangle, and now is holding above his ma20 (ascendent ma).
Always take this in mind:
- Focus on watch you will/are doing, not the market. We can only be sure about ourselves!
- Follow your trading plan and your own risk management, don't let any other external factor influence your decisions
- Sometimes, doing nothing is to be in profit. Know when is time to buy, to sell, as well as to go fishing!
Stay safe my friends, I think that's it! If you liked or want to ask any questions, feel free to comment here! Don't forget to hit the thumbs up!
Comment:
So we just achieve 7700 and kept going on til 7900. Maybe we gonna see some sideways movement. Lets see!