Bitcoin day trading setup, Back to Basics :)

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I am giving you here my day trading setup for today, with some clear support and resistance levels. The blue and red line are the most likely scenarios to work out because Bitcoin has started to show some weakness the past 12 hours. It's nothing to be scared about, as long as we stay above the green area around 7500/7600 the bullish scenario is still in play. I have mentioned in my previous analysis that if prices would just go up it would not be sustainable for long. Meaning price could be making nasty drops because there is no real support below it. That's why it's better that Bitcoin starts to make a higher low in the 7K area. To have a more solid foundation to go higher in the coming week.

I think the picture speaks for it self. We have 2 different H&S in the making and both are showing the same target. In an update i will show both of them. I had them in this chart, but it became to unclear with all the other information.

For more information read my previous analysis and maybe even a few older ones as well, so you can see what my bigger game plan is. I am happy to say that i posted 6 Alt coin trades a week ago at the lows and all of them have reached their targets and some even went passed them. I have closed all of the trades, because greed is a loosing strategy on the long term.

While i was making this analysis price dropped through it's first support level, now we have to see if the purple line will hold.

If you like what i am doing here, than keep the likes coming guys. put me back on top again :)

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I see now that the purple line was broken already, so things are looking bearish for the short term

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Update of my previous analysis:

Bulls are trying to fight this. That green level is an important support now,could also be the neckline of an H&S. So if we drop below it i think we can see 7700 very soon. If bulls can show some force now and break that small neck line of the inverse H&S it still has to fight that red resistance area. So we could say we are in a channel now, and hopefully we will see some direction soon.

Slowly dropping, could accelerate if we drop below the 8000

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These are the 2 H&S patterns i am talking about. On Gdax we can see price is still above the purple support line. That's why it's important to look at the different exchanges. We could be seeing price go up from here to form a bigger right shoulder, but we already have a small one, so it could just keep on dropping from here

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We could also be in this phase right now (orange area)

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I see a first target of 7800/7850

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I have to go for a few hours, yes i try to have a social life as well a few hours a week. Many friends and family don't like TV because i am to busy with it.

If something special happens i will try to keep you posted with my mobile, otherwise you will see updates later today. Good luck trading

My motivation is the like's guys, if you think i deserve it, keep m coming and put me back on top again :)

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Bulls are fighting back now. Looks like we will make that right shoulder of that bigger h&s. But price should stay below the 8200/8250 than. This could take all day, thats what bitcoin does best lately, go sideways

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Some mixed signals now, but see some resistance here. At Bitfinex we are below the purple support line and have just tested it. On Gdax we have bounced from that line and are still above it. If price is able to get above the 8100, than a first step is made to get out of this short term bearish momentum, but 8200ish is the bigger challange.

I am out again guys, sorry :)

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If they can get it above 8080, than i think bulls might be up to something. A break of 7900 will probably bring us to 7650. Hopefully it won't take a half day :)

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I think we are on a small crossroad now, i think we will get the answer within 2 hours to which direction the market will take for the rest of the day, when i look at some alts they give the appearance that they are ready to go up again. But the leader Bitcoin looks more confused than it's little brothers.

It's been moving in a triangle for half a day now and there is not much room left. Now it can break both ways, but my guess is we go down, but it's more like a 65/35 chance. My gut feeling is not telling me anything. Also because i was not at home watching the price action and getting some clues out of it

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Think these are the levels to watch

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It broke out but so far no follow through, could still come but chances have increased it's a small bear flag. This sideways action is difficult to trade and quite boring :)

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I forgot to say why i think that, because usually with a small triangle like this you see immediate follow through, since we have not seen that, probably wasn't a triangle to begin with. Just having an objective view

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This chart has no real value to just trade on it blindly. But it's to show a realistic possibility. This sideways action Bitcoin has been doing always confuses everyone. But this is a likely option though because it will keep on confusing bears and bulls for another day or 2 :)

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When we look at this picture it's a 50/50 to what we will do on this time frame. We are clearly in a small resistance zone now and the possible H&S i have been showing you guys would suggest we should turn down slowly towards the purple support line. There it could still find support again and just go up, but than the chances are 75% we drop. All this is just not really tradable with a good % of success. I am not looking for a long position until i see a good correction towards the 7800/7500. And shorting it here for 100/300 points is also not without risk. Just have to show patience and wait for better opportunity. As long as we don't break the 7500ish level my med term view is still up, still need to shake out some bears

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Looks like a small bull flag now, bulls are not yet giving up.

It's no real use updating, no valuable info i can give, nothing tradable on the short time frame and at the 50 yard line still in the med term direction. The sun is shining today here, i am going to enjoy a day off i think. Good luck trading :)

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I don’t know if it’s the market lately or the whales who have destroyed the volatility, but it’s just not normal anymore. The whole charm of this market is almost gone. Only action left are those spikes up and down, in tradeble unless your in it before it happens

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Not at home so I can’t really judge what is going on, but remember this market is to confuse everyone. So it COULD make that move like in the chart above, with the colours. Meaning we could start the purple area now or soon. The h&s says we drop some more, but it’s an ugly h&s so not 100% reliable. I will try make a new analysis later tonight

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So price did follow that blue line but more importantly it stayed below that red resistance line. So that is a level to remember. Looks like it's making a bear flag now suggesting we could drop more from here. But these flags are becoming to big lately and less reliable.The purple support line and possible neck line of that H&S i posted a few days back has been broken, we could see s retest of that level as well.

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Like i said, those flags are becoming less reliable. These are controlled moves the whole day long. Anyway, looks like it is follow the path of that fractal chart