Felix000
Short

Bitcoin 4 hour chart update with potential rising wedge

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Have updated chart. Yellow horizontals indicate 50% not broken yet, and reds are 50% that have been. Have used horizontal rays so that lines only go forward from the Williams Fractal boxes they came from.
Comment: Appears to have touched one of the lower Bollingers on my 2 hour chart which is one of my alerts.
Comment: More magic Williams Fractal boxes. $6,900 could now be the new 50% but still waiting for confirmation of down arrow.
Comment: As per my previous posting "More Big Picture Williams Fractals Mashed Into Daily Bars" price has not held long enough above $7,367.6 and I was expecting price to spend several days below $6,750 or $6533 before either returning back up or heading for a further leg down. Still waiting.
Comment: Don't forget my Bitcoin multiple warning signs posting for the 2 hour chart.
Comment: Gap between my Bollinger Bands is near $300 and there is a trend line just above the lower Bollinger (in fact two). Break out with such a squeeze usually indicates direction. If it heads down it will break the trend lines in the process which should add momentum. Then again although there are multiple warnings out to short the market maybe we'll get a bounce or flash crash.
Comment: The $300 gap is on the 2 hour chart Boll (20, close, 3)
Comment: On 4 hour chart whether price is above or below middle Bollinger (20, close, 3) appears significant at this juncture.
Comment: Was that a dollar bounce from lows on economic stats that just pushed Bitcoin past 50% at $6,900 ?
Comment: When to go long? I've got three choices on the 2 hour chart. They are all points which had great significance in my thinking to go short. Williams Fractals (50% $7,367.6 H =$8,120.2), (50% $7,037.3 H=$7,509.7), (50% $6,991.5 H=$7,189.0). I cancel all my thoughts about shorts with a stop $7,189.0. Review going long. Can always short again later.
Comment: When to go long extra? Those 3 points on the 2 hour chart mentioned above would also apply to the 4 hour. Bollinger Bands also narrowed on 2 hour chart to indicate that a touch of the bands either way would signal direction of market (sometimes can be false and you need a strategy to deal with). It's already done that once on the 2 hour chart indicating a possible break higher. If it did that again or broke beyond the previous touch could use that as a closer stop. The 4 hour chart also has bands close enough that if price touched would indicate where price was heading next.
Comment: See my new post "When to go long or stop shorts?"
Comment: All long for now. Price smashed through Bollinger Band again 2 hour chart.
Comment: I'm now going to switch to monthly and weekly charts. Less work.
Comment: I think I'll take on the daily charts as well but may look more like I'm copying from others.
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