Bitcoin Daily Update (day 203)

I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about the indicators I use below and click here from my comprehensive trading strategy. Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business.

My most recent Bitcoin Bubble Comparison led to the following predictions: 1 day - 28 days = < $5,750 | bottom prediction: $2,860 by 10/30

Previous analysis (was unable to post on TIMM due to Steem being down) “If you are not in a position then now is not a good time to enter. There was plenty of time to build short positions over the last couple days. If you passed on that opportunity and want to short now then you ought to seriously reconsider your approach.” / / Short ETH:BTC from 0.03143 | Short ETH:USD from $211.96 | Short EOS:ETH from 0.0252326
Patterns: Descending triangle | Inverse h&s
Horizontal support and resistance: S: $6,235 | R: $6,375
BTCUSDSHORTS: Starting to pull back after breaking out of bull flag. Current candle is threatening to retrace the prior bullish marubozu.
Funding Rates: Shorts pay longs 0.0209%
12 & 26 EMA’s (calculate % difference): 12 = -1.55% | 26 = -3.17%
50 & 128 MA’s: 50 = -4.71 % (angling down) | 128 = -8.95%
Volume: Still waiting on volume spike to solidify the next move
FIB’s: 0.786 = $6,377 | 0.886 = $6,248 | 1.618 = $5,330
Candlestick analysis: 1h hanging man has been confirmed
Ichimoku Cloud: Cloud is thinning and indicates a bullish kumo twist is likely. Tenkan-Sen at $6,736 should act as resistance
TD Sequential: Daily on a R2 = R1. 12h on R4 after bouncing from TDST. 4h on G3 > G2.
Visible Range: Currently testing point of control with a 6 month lookback. Area is expecting to becoming very strong resistance.
BTC Price Spreadsheet: 12h = +1.76% | 24h = +1.56% | 1w = +1.35% | 2w = -4.77% | 1m = -2.42%
Bollinger Bands: Expected to retest MA at $6,628 after bouncing from bottom band.
Trendline: Connecting 9/5 to 9/17 could be the top end of the next down trend (red dotted)
Daily Trend: Chop, moving down slightly
Fractals: Up = $6,582 | Down = $6,093
On Balance Volume: Moving with price / no div’s
ADX: No trend present
Chaikin Money Flow: Daily has created a lower low for a bear div
RSI (30 setting): W = 48.95 | D = 45.44 is also consolidating within a triangle
Stoch: Weekly has been consolidating inside a triangle and %K just made a significant move downward.

Summary: This bounce should provide a good opportunity to build a short, if you are not already in one. There is major resistance from $6,375 - $6,667 that is coming from: Visible Range Volume Profile point of control with 1m - 1y lookback, daily Tenken-Sen, Bollinger Band MA, 50 day MA as well as an up fractal.

That is more than enough to provide a high probability short sale entry. Furthermore the risk:reward is very favorable when using at $5,000 target or lower (I am looking at $4,200 - $4,500).

As has been the case for months I am watching BTC and trading alts.

“When long, long the strongest. When short, short the weakest”

ETH:USD is back at my entry price of $211.96 and has it’s own up fractal at $226. I am setting my stop losses slightly above $230 to try and avoid any traps and that provides a very favorable risk reward. My target remains $126. ETH:BTC is also testing major resistance and could be providing an attractive short sale entry as well.

I also have an order set to short EOS:BTC at 0.0007474. Click here to read that analysis.

Thanks for reading!

Allow me to Reintroduce Myself...
Learn How to Trade! [part 1]
Learn How to Trade! [part 2]
Wyckoff Distribution
Bitcoin Bubble Comparison
The Most Overvalued Coin in Crypto: EOS
Bitcoin Daily Update (day 201)