Hello everybody, this is the first TA that I'll be sharing. Today we will be looking at Bitcoin . As usual, I always like to remind myself the principal trends which I divide in two: mid-term trend and long-term trend. As we can see on the chart, we have been in an uptrend since March 13 (mid-term trend) but we are still in a downtrend since the dec 2017 ATH (long-term trend).
Before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at today, those are: 1D, 1H and 15m. After taking into account the principal trends and knowing what time frames I use, let's start with the analysis.
As we can see in the chart, yesterday we broke the 12000 level which it's an important level that had been rejected before in the daily chart . Also looking at the 1H chart we can see that the range that we had also was broken. Those two events should be enough to expect a bullish movement but as we can see, today we are seeing a daily red candle. In my opinion this movement it's a correction because as we can see in the daily MACD there was a bearish divergence showing decreasing momentum but higher price levels. When we see this happening usually we see a mean reversion.
Because of this happening, I will be waiting for the daily close to take a trade.
In my opinion there are two scenarios for today's trade:
1.- I will be LONG if daily candle stops falling and is above the 12000 level and the H1 resistance (approximately 12100) when the daily candle it's closed.
2.- I will be SHORT if daily close it's below 11800 which should mean that the level of 12000 it's invalidated again and also the 1H resistance in broken in the opposite direction.
As always, we'll see! Thank you for making it here, this was my first public TA but im looking forward to upload much more. I would love to read your opinions and tips. See ya!
Before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at today, those are: 1D, 1H and 15m. After taking into account the principal trends and knowing what time frames I use, let's start with the analysis.
As we can see in the chart, yesterday we broke the 12000 level which it's an important level that had been rejected before in the daily chart . Also looking at the 1H chart we can see that the range that we had also was broken. Those two events should be enough to expect a bullish movement but as we can see, today we are seeing a daily red candle. In my opinion this movement it's a correction because as we can see in the daily MACD there was a bearish divergence showing decreasing momentum but higher price levels. When we see this happening usually we see a mean reversion.
Because of this happening, I will be waiting for the daily close to take a trade.
In my opinion there are two scenarios for today's trade:
1.- I will be LONG if daily candle stops falling and is above the 12000 level and the H1 resistance (approximately 12100) when the daily candle it's closed.
2.- I will be SHORT if daily close it's below 11800 which should mean that the level of 12000 it's invalidated again and also the 1H resistance in broken in the opposite direction.
As always, we'll see! Thank you for making it here, this was my first public TA but im looking forward to upload much more. I would love to read your opinions and tips. See ya!