Disclaimer: This is not meant as financial advice and is for entertainment purposes only.
Extra Disclaimer: I just returned from my good friends birthday party and am well above the legal limit.
I have been drinking and my analysis should be taken with a grain of salt. Long story short - resistance at $6,725 has failed to push the price below $6,390 and we are primed for another $750 - $1,000 pump.
Short story long, there is a lot of resistance built up but it isn’t enough at this level. We are too far oversold on the higher time frames to continue dropping further. There is a C-Clamp on the daily and 3 day chart that needs to be rectified and we are too far below the 50 & 200 period MA’s to sustain this drop.
A pump to $7,500 is expected but it is not something to bet on. We are deep in the trenches of a bear market and preparing for a short sale entry should be the priority. As outlined in the last few posts building at short at or above $7,500 is very attractive.
To make up for the short post see my checklist below:
Horizontal support and resistance: S: $6,508 R: $6,620
BTCUSDSHORTS: turning s into r. Still inside triangle.
Funding Rates: 0.01%
EMA’s (12 & 26): 1d: posturing for bullish cross 4h: crossed at $6K , flattening out and could posture down soon
MA crossovers: bearish
Candlestick analysis: tweezer bottom on daily, and higher lows. Looks like it is cupping around bearish spinning top .
Chart Patterns: head and shoulders could be forming
Ichimoku Cloud: tenkan resistance on 4h. At cloud resistance on 12h. C clamps on daily and 3d.
TD Sequential: 3d: Green 2 1d: Green 1
Visible Range: Mad resistance and unfilled gap at $5,000
50 & 200 MA’s: below 50 & 200 and both are posturing down
BTC Price Spreadsheet:
Bollinger Bands: 1d: consolidating above MA 3d: bouncing off bottom band 1w: bouncing off bottom band
Trendline: waiting slightly under $5k
Fractals: up: $6,800 down: $5,819
On Balance Volume: bear divs w lower high and lower low vs tweezer . Bouncing on weekly
Buy/Sell Sentiment on Trading View: RSI < 50 Stoch overbought
Yesterday’s analysis: TD 8, weekly dragonfly, bitfinex channel, visible range
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Yesterday's Post - Day 131
Trading Challenge - Day 117
Weekly Gold Update - Week 15
School - Options 101: Limited Risk with Unlimited Reward | Intermediate Trading Strategy | White Paper Cliff Notes: AION | Intro to Indicators: Stochastic | Bitcoin Market Cycle
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