The odds of getting to 7300 has reduced
As some might have read, my TA for bitcoin, I follow the trend. And the trend on the larger tf holds more significance than the odd on the lower timeframe. Lets look at the timeframes
5 min
Bitstamp, Heiken Ashi candles
https://www.tradingview.com/x/WHREmZUn/
The ST is short right now, but if we look at the Willy, it shows oversold. This means we might have some reversal soon and the price climbing up again.
15 min
Interesting chart here, the ST is long, and the Willy looks like it wants to drop. This shows that we should expect some couple of dollars drop in price and the reverse.
https://www.tradingview.com/x/UnagMaso/
30 mins
In my experience this timeframe is a also important. We can see the ST is short, but the Willy is not too decisive. This means we can either go up or down.
https://www.tradingview.com/x/aV1xG4uA/
1 hr time frame
On this TF, the ST is also short, but the Willy is in an uptrend. However, we have to note that the ST is getting closer to the price. This is expected whenever the price is ready to make a change in trend.
https://www.tradingview.com/x/Mfj7ZBaZ/
4 hr Tf
This TF has been bearish all along, even when 60,30, 15 mins Tf were bullish. However, I think now the bearish trend might be coming to an end.
Also, the Willy is now also trending upward
https://www.tradingview.com/x/D8cwseWg/
1D TF
The clue is actually here. The trend on Daily TF is actually bullish. Although many people are calling for 7500, 7300. Well, with the ST on Daily TF, those values might not come in this trend.
With the ST the invalidation is at 8113 USD, as at right now. This shows that any drop in btc will not close below 8113 USD, as this will immediately invalidate the long on Daily TF so fast. In history, the daily TF do play out its trend to some extent before the trend changes.
This gives me the confidence that BTC might not go to those 4000, 5000 and 7000 in this current daily trend. But if we do have a drop, 8582 USD might be a best opportunity for long.
https://www.tradingview.com/x/mWzKh2RC/
Summary
Kindly look for a long trade now, and probably not too much of a short trade.
Buy levels are from 9200 - 8500-8300
Stop loss at 8017
Take profit: any comfortable range
This is not for leverage, but for spot and majorly dollar cost average spot.
Best wishes in your trade.
I will share my STEEM/BTC chart next post. Interesting trade :)