Bitcoin buffoonery (BTC)
Diupdate
As per the last call - Bitcoin has had its move up. Check the link below.
Here are a few reasons for it to drop - Don't get me wrong, I am still very bullish on this as a whole. But as a trader, we can rise these moves both ways.
COT data still shows a net short position for BTC - making this a possible Bull trap breaking the ATH.
In addition to that - step out to the monthly timeframe;
Filling in the wick is common practice - setting a bull trap at a monthly regression high.
The monthly and weekly have overbought Stochastics.
As well as the weekly hype plateau.
As for the daily timeframe - you can clearly see a regression high touch nearing. We still have a little momentum in the Quadratic curve, as well as the Stochastic levels favoring a little nudge up before its consolidation phase.
On the 4 Hour - we are also agreeing with the points above - nearing the highs on the Regressions and Stochastic areas.
We are also approaching a Mean Reversion level high on the 4 Hourly
Lastly - the Crypto domain is having a nice rally, including altcoins. We can see from the Crypto Strength 2/3 main currencies are still sat in Bullish momentum.
See the previous posts for more details.
Have a great weekend!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Here are a few reasons for it to drop - Don't get me wrong, I am still very bullish on this as a whole. But as a trader, we can rise these moves both ways.
COT data still shows a net short position for BTC - making this a possible Bull trap breaking the ATH.
In addition to that - step out to the monthly timeframe;
Filling in the wick is common practice - setting a bull trap at a monthly regression high.
The monthly and weekly have overbought Stochastics.
As well as the weekly hype plateau.
As for the daily timeframe - you can clearly see a regression high touch nearing. We still have a little momentum in the Quadratic curve, as well as the Stochastic levels favoring a little nudge up before its consolidation phase.
On the 4 Hour - we are also agreeing with the points above - nearing the highs on the Regressions and Stochastic areas.
We are also approaching a Mean Reversion level high on the 4 Hourly
Lastly - the Crypto domain is having a nice rally, including altcoins. We can see from the Crypto Strength 2/3 main currencies are still sat in Bullish momentum.
See the previous posts for more details.
Have a great weekend!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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