This is my first chart here to summarize what I have witness this morning about bitcoin.
I was having my breakfast and sipping my Turkish coffee, looking on the price action on Bitmex with no position opened. Suddenly 11M sell order appeared at 7430 dolars. The price at the moment was 7420 and it stayed like that around 15-20 mins. (You can check price history before breakout) I was expecting a serious dumping, but something smelled fishy since the price was just stable. Then I realized it might be accummulation process and BAM!
The 11M sell order just vanished and price pumped till 7650. I usually don't give too much importance to the orderbook, but this was just too much. So, now what?
I am no expert as the top TA's here on TV, but here is my opinion. The price can rise in short term till 7600s, but it can reach out at most 7650-7670 then fall out. The ichimoku cloud in the 2h time frame is just to thick in the coming frames. Thus, I don't expect the price to breakthrough unless a group of whales manipulates the market.
I will be shorting from here with 10% of my budget. This sideway movement seems to be go on for a while since the volume is low on weekend. Still if something comes up, I will give an update.
I will use this platform to share my opinion while I train myself about technical analysis even more. So it will also be kind of diary for me to see back.
Still, I appreciate your comments and evaluation on the market. Well supported comments are always welcome.
Cheers!
Alper
I was having my breakfast and sipping my Turkish coffee, looking on the price action on Bitmex with no position opened. Suddenly 11M sell order appeared at 7430 dolars. The price at the moment was 7420 and it stayed like that around 15-20 mins. (You can check price history before breakout) I was expecting a serious dumping, but something smelled fishy since the price was just stable. Then I realized it might be accummulation process and BAM!
The 11M sell order just vanished and price pumped till 7650. I usually don't give too much importance to the orderbook, but this was just too much. So, now what?
I am no expert as the top TA's here on TV, but here is my opinion. The price can rise in short term till 7600s, but it can reach out at most 7650-7670 then fall out. The ichimoku cloud in the 2h time frame is just to thick in the coming frames. Thus, I don't expect the price to breakthrough unless a group of whales manipulates the market.
I will be shorting from here with 10% of my budget. This sideway movement seems to be go on for a while since the volume is low on weekend. Still if something comes up, I will give an update.
I will use this platform to share my opinion while I train myself about technical analysis even more. So it will also be kind of diary for me to see back.
Still, I appreciate your comments and evaluation on the market. Well supported comments are always welcome.
Cheers!
Alper
Comment:
So it was a bounceback at the bollinger bottom line. EMA50 in 1 hour time frame act as a support for now. Seems to be the sideway action will go on for a while.
I have placed a small amount of short order at 7625 just in case and leaving the house, fingers crossed! :)
I have placed a small amount of short order at 7625 just in case and leaving the house, fingers crossed! :)
Comment:
Here I am back at home, seeing that my short order from 7625 worked. Well, what else a guy asks more after a fun night with friends :)
I will just take some profit from this situation and create another view tomorrow.
I am still bearish and now that the ichimoku cloud is getting a lot thicker, our resistance line will be 7550. (where I have placed short order before I go to bed)
Cheers!
I will just take some profit from this situation and create another view tomorrow.
I am still bearish and now that the ichimoku cloud is getting a lot thicker, our resistance line will be 7550. (where I have placed short order before I go to bed)
Cheers!
On 15 mins time frame, MACD looks bearish and RSI is below 45. The price is now touching the lower boundry of bollinger band, indicating whether a fallout or bounceback in 15-30 minutes.
Honestly, the sideway actions are way longer than the past behaviour of bitcoin. Let's see how it will shape up.