The BTC Project 2019, Phase 01, Edition 07

2019년 5월 18일

Observations:
Ø EMAs are conversing below a strong resistance of 7500
Ø A possibility of H & S forming if 7500 is rejected strongly
Ø Gann fan rule states 1/1 is a strong resistance after a sharp fall
Ø RSI and MACD > Divergence observed on the way to the top.
Ø 4 Hrly chart, RSI has room for the downside
Ø Daily chart RSI still has strength for the upside
Ø Slight divergence possibly in play (must wait for confirmation in the Hrly or 4 Hrly chart)
Ø On the Hrly, all EMAs acting as resistance except the 200 EMA as support on the HRLY chart
On the 4 Hrly, 8, 21 EMAs are resistance and 55 EMA as support
Ø A possible downwards wedge in play or a pennant in the hrly or 4 hrly
Ø Shorts are much lower than before and hence much likely a indicator of prices to drop further
Ø Strong support at the 6000 range


1 HRLY Chart:


4 HRLY Chart:

With EMAs


DAILY Chart:
Holistic Overview:


BTCShort Chart:


Conclusion:
Critical barrier of 7500 has to be passed decisively otherwise I see a trend towards the downside with low 6000 being the target.
If 7500 is passed and then followed by an indication of strength or rally by the bulls, then 9K is the target. I don't see much of this at this current stage. However we have seen people ready to buy on the dip, just like the 7000 at binance
so there are many bulls like me waiting for the right signal. Otherwise I don't see much happening but a slow grind to maybe 7700 at most.
This 7500 to 7700 is the critical stage.

Note: 2200 drop at BITSTAMP and the candle wick is to be an indicator as to where this will be going in the longer term.
If H & S form, I see a fast tracked 5700 range as the main target and then a health restore to the uptrend.
What to do?
Wait for the 7500 to be passed, before thinking to enter for short trades.
I have place buys for the possible H&S formation in the low 6000s

2019년 5월 19일

액티브 트레이드

What next to expect (Note: this is not any advice for trading) ?
I see the resistance on the red line which matches Gann Fan 1/1 rule (45 deg) and hence retest the 7500 range before breaking the 1/1 resistance (in a organic environment).



Reference: tradingstrategyguides.com/best-gann-fan-trading-strategy/
Pick a significant High, Draw Gann Fan Angles and Wait For the 1/1 Line to Break to the Upside.
The best Gann fan trading strategy works the same on every time frame. But we recommend not going lower than the 1h chart, as you want to be able to pick significant swing high points.

2019년 5월 19일

액티브 트레이드

On 4 hrly chart,
8K is the resistance

2019년 5월 19일

노트

BTC dominance on the increase

2019년 5월 19일

노트

A slight increase on the BTC shorts, reflecting with the price increase