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Good morning.
This thread will review BTCUSD from the Weekly chart to the H4. The emphasis is on assessment of trend conditions to inform longer term/position traders. The analysis is not aimed at scalpers/very short term swing traders. Terms below.
This thread will review BTCUSD from the Weekly chart to the H4. The emphasis is on assessment of trend conditions to inform longer term/position traders. The analysis is not aimed at scalpers/very short term swing traders. Terms below.
W1 Resolute Bear
The weekly chart is resoundingly Bearish. Chikou below price, price below Tenken-sen, Tenken-sen below Kijun-sen and all below a thick red Kumo). However, price is clearly extended (40% below Kijun-sen) and is attempting a recovery.
The weekly chart is resoundingly Bearish. Chikou below price, price below Tenken-sen, Tenken-sen below Kijun-sen and all below a thick red Kumo). However, price is clearly extended (40% below Kijun-sen) and is attempting a recovery.
D1 - Bullish bear
Price has rallied this week and has breached and retested the Kijun-sen. I will be anticipating a TK cross and price testing the flat Senkou-span B. Given the weekly outlook it is proper to look for shorts on weakness at resistance.
Price has rallied this week and has breached and retested the Kijun-sen. I will be anticipating a TK cross and price testing the flat Senkou-span B. Given the weekly outlook it is proper to look for shorts on weakness at resistance.
H4 - Counter-trend Bull
The H4 chart is in a clear uptrend showing respect for the Kijun-sen. I note that there are some early signs that momentum is diminishing, however these do not warrant specific action at this point. This move is counter to the Daily and Weekly charts.
The H4 chart is in a clear uptrend showing respect for the Kijun-sen. I note that there are some early signs that momentum is diminishing, however these do not warrant specific action at this point. This move is counter to the Daily and Weekly charts.
How do we trade this?
Until the daily chart is in full bullish territory, I will be locking in profits where appropriate and looking for high probability Short entries on exhaustion. We have seen some strong rallies in alt coins, most notably XRP and TRX are currently D1 bulls.
Until the daily chart is in full bullish territory, I will be locking in profits where appropriate and looking for high probability Short entries on exhaustion. We have seen some strong rallies in alt coins, most notably XRP and TRX are currently D1 bulls.
