weblyish

weblyish Updated 

Sooooo bored watching the wedge play out over the past 8 Months I don't even put diagonals on charts but this one is just too obvious and has been boucing BTC off its lines all year The good thing about it is it's gotta end soon since my meaningless lines will touch in a couple of weeks On the 1w timeframe I quite like this set up and will play it leveraged...

weblyish Updated 

This wedge has guided my trades for months now even though i didn't see it until later and it looks beautiful in hindsight but how much longer can we keep this track? The range keeps tightening and the support keeps getting tested. Like a ball bouncing we keep coming up lower each time A breakout would be good; something above 6.8k tomorrow with conviction But:...

weblyish

I'm still watching the downtrend slope which has guided most of my trades since May In hindsight it looks too easy: long the chop zone with low leverage and ride the uptrend Sell to fiat as soon as you break the 20-day SMA down rinse and repeat but the retroscope is always 20/20 vision I'm expecting a bounce out of this zone and back up to 7k, the question is,...

weblyish

Everyone seems so very bullish on $BTC right now and with good reason; huge amount of leveraged shorters selling BTC into a large cash buyer - only one of those sides can stand a shakeout and if the shorters have to cover it'll get ugly for them Buuuut. When you zoom out, we're still ranging around under the downtrend, I'm waiting for a pop above this line, ...

weblyish

The BTC chart over the past few weeks has ranged around inside a fairly tight range (tight for BTC that is) and the pattern emerging is a fairly clear period of chop within a tight range (<4%) followed by a large swing one way or another (>4% in a single candle). unless you actually like going full degen on bitmex and using 100X to trade $100 moves this is a...

weblyish Updated 

Very happy to see BTC bounce around briefly between the S/R lines around 7.7k - 8K and take a decisive step out to the 8.1k line I'd expect a bit of chop between 8-8.1 today but by the end of day I'm looking for a step to the 8.6k range and have my long set up for that and an exit just before that line. I'm not going to get caught again in the chop so have plenty...

weblyish

The BTC candle today was the largest green candle on the 1h and 4h since Mid-Jan when we were up in $11k territory, the volume was also insane, with the largest 1h volume on combined exchanged i could find. a strong candle up with good volume is exactly the sort of sign we need to signal a definite move into higher territory. So all looking good for BTC for a...

weblyish Updated 

Recently we've seen a few similar small leaps from $BTC, and they all end badly Nice quick upswing, bit of ranging, second pump then a painful drop I'm holding a few shorts, mostly a little underwater now but I'm expecting a quick reversion back into the 7.7-8.5k range which has bounded the price recently

weblyish

RSI for the 4h on BTC is very oversold right now, usually a great sign of a bounce incoming but BTC being BTC often fakes out the other way. since the high last year the RSI has hit similar levels 4 times before Gains following this have been around 25% - 30% in the 2 days after each time but its a bumpy path, As you can see in the february dip (blue arrow)...

weblyish Updated 

BTC was firmly rejected off the long term S/R line and is heading back to the downtrend line from ATH. it'll likely hit this and the S/R line at 10.8K Both of these lines have been strong resistance in the past but following a solid breakout yesterday i'm expecting it to be good support this time round I'm set up for longs to kick in from 10.8k and will take...

weblyish

If BTC doesn't bounce off this long term support line around 10.8, then we're likely to see a retrace down to 10.6k or 10.3. But given the strong break of long term downtrend from All Time High yesterday I'd expect a decent bounce here. That downtrend had bounced us back twice before so having got through it I'd expect decent support this time round (Resistance...

weblyish

BTC solidly broke through the downtrend from 20k which rejected twice before, The 100/200 EMA has crossed back on the 4h timeframe and below so it's all looking like rockets are fuelled for take off, ~BUT The next step is the long term S/R line around 11.8k which has been showing up since the December bull run. We're edging closer but bumping along under it...