XBTUSD Bitmex Chart Analysis December 2th (BitCoinGuide)

Hello,

It’s BitcoinGuide.
I know you’ve been waiting for me.


We newly had a monthly candle.
And I brought a specific strategy for today.

So please “Follow” me and press “Likes”.


Let me begin XBTUSD Bitmex chart analysis for December 2th.

This is 30M chart for last Friday.

The movement was a bit smaller than that of route A,

However, it moved along with route A and gave a chance for the precise entry point and price.

The total movement is about $358 and congratulations for those who earned.


As expected, It ended up with a downtrend after going down below parallel supporting line.

This is monthly chart.

Overall, the converging section is modified as above.

With a broad point of view, we have converging section between the blue daily chart supporting line and purple weekly chart resistance line.
Within the line, there is one more converging section between orange resistance line and blue daily chart supporting line.

In order for uptrend,
We have lots of resistance lines to breakout.

Anyhow, we need to go above $8,500.

This month’s new position is quite tricky.

As I mentioned few times, you can see the red circle which indicates dead cross for MACD.

The new December candle is created, so it would not be invalidated despite huge jump in price.

Then, the current position is very important.
If the price goes above the middle line of Bollinger band and be well supported,
It could be a firm base for switching into uptrend.

On the contrary, price going down the middle line with an additional candle will be considered a negative aspect for mid and long-term point of view. So you should always keep in mind.

Just like 2 years ago, there were lots of people who enjoyed the strategy on the edge of precipice.

If you well control the stop-loss, you will rather be able to make a huge profit here.
So you should focus on this.

Today’s strategy.

This is 30M chart with long position strategy.

To briefly summarize,

1. Please check route A(long position) and B(short position) with entry points and prices

2. In case of route A, check whether the price goes down below the entry point
(If it does, it would follow route B)

3. In case of route B, check whether it goes down below the final long position entry point
/ If it goes down below parallel line with an additional candle, switch into short position

4. Check weekly CME gap (About $330) on the right side,
It’s a variable which happened while CME futures exchange was closed.

This is it for today.

Overall, we are at the beginning of this month.
Looking at the direction, it seems to end up with drifting sideways.
And the direction would possibly have a trend tomorrow afternoon.


Hope you have a restful day.

I will come back to you with FX margin trading analysis in the afternoon.

Thank you.



(Translation help
Jae Ho Shin)

Comment:

Vertical drop.