There are gap down which need to be filled, one of them is at 11940 USD and at 12090 USD. These gaps tend to fill somehow. However, right now we have gaps below, at 11450, 10255, 9955, 9215 and 8840 USD. Time will tell if these gaps will get filled. Right now, we are having some dumps in the price which may finally lead us to those prices.
https://www.tradingview.com/x/gqsn26TL/
This is my entry for the 100DAYSOFTA challenge, Friday 7th August 2020.
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I am joining a challenge by a group of traders. The challenge is #100DAYSOFTA. Some of the people in this group have posted on $Youtube, $Twitter but I will be posting mine on Hive.
The convener of this challenge is https://twitter.com/CryptoluXP
However, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:
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4 hr
The time frame at which the tide will change momentarily is the 4hrs. If we get something negating the long or the invalidation point reached, then we will have some nice dumps, probably to fill the CME gaps at 9600 USD region. Right now the support is at 10633 USD. This means a close of BTC below that price will invalidate the long. Right now, Willy is now correcting. This is a good thing and it will be helpful in the long term price action. We can see the trend has not changed in the long term. Therefore looking at the chart, buying dumps seems great.
https://www.tradingview.com/x/zfRPbdsp/
1h
The Support of the ST at 1hr TF has been tested severally and it has served as a good support. This shows we are definitely closer to either an upward move again or a change of trend on the hourly TF. The support needs to hold so well to allow price to recovery and continue the upward move. Willy has been correcting little by little and it may get to the oversold prices. This is good and helpful. We can have the oversold price, which will then give us the divergence to continue price recovery.
https://www.tradingview.com/x/HCLtk2tq/
30 mins
On the 30 mins TF, we now have change of trend, although this needs to be confirmed before we can be sure. However, a close below 11508 means the trend has changed and we may likely see the price moving in that trend. Willy is not yet fully reset, but we may have some dump action to reset Willy and then price might continue to move in that direction. We can not take a trade based solely on the 30 mins TF, we need to look at other TF before we can have any trade.
https://www.tradingview.com/x/Aca8ZyrD/
Extras
15mins and 5 mins charts respectively.
https://www.tradingview.com/x/jTA4oGtV/
https://www.tradingview.com/x/DdGHYTvx/
Summary:
4hrs ST is long
1hr ST is long
30 mins ST is short
My Position
The best position is now to dollar cost average. One thing is that we should now be targeting buying at the support of the TF, especially 1 hr and 4 hr, probably 30 mins TF too. This will improve our portfolio management.