BTC position Day 50 of 100DAYSOFTA

in Technical Analysis2 months ago

The gap at 11470 has been closed. We have gaps at 10255, 9955, 9215 and 8840 USD. These gaps are not something not difficult to fill in this bull market. We can have a wick to those prices before the continuation or we just drop gradually to fill it. My suggestion is that some of the gaps will be filled.

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https://www.tradingview.com/x/S027e2JT/

This is my entry for the 100DAYSOFTA challenge, Friday 31th July 2020.

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I am joining a challenge by a group of traders. The challenge is #100DAYSOFTA. Some of the people in this group have posted on $Youtube, $Twitter but I will be posting mine on Hive.
The convener of this challenge is https://twitter.com/CryptoluXP
However, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:
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4 hr
We need to stick to the indicator to have the best trades. This will reduce emotions to a larger extent. We are still having thesame scenario in the ST, as long and then the Willy as extended overbought. This doesn't mean we wont rally much higher. We just have to be aware that there is higher risk to dump to some predetermined level.

image.png

https://www.tradingview.com/x/ePWaOGGE/
1h
We also have ST as long here but Willy is correcting. We have been trading in an uptrend for a long while and it is so important that we look at the trends to be sure we are not caught unawares. Willy is showing almost an impending correction, however, we should know that the ST supports may hold.
image.png

https://www.tradingview.com/x/sXyepM5p/
30 mins
Catching price movements in a fast rising market is the greatest task without being a bot. We should always know that support will get tested at some point and we may want to position ourselves at those level. The support of the ST on the 30 mins was test and it held. We now had upward movement following it. Also, Willy is a little not too clear as it is reversing in the mid of the range.
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https://www.tradingview.com/x/gpoEDWZY/
Extras
15mins and 5 mins charts respectively.

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https://www.tradingview.com/x/5QCgr1r1/

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https://www.tradingview.com/x/8ahgj8g7/

Summary:

4hrs ST is long
1hr ST is long
30 mins ST is long

  • My Position

The best way to trade this is to use Willy and the trend at lower TF. I am not sure 4hrs will be appropriate now.

Please note: This is not financial advice. This is rather a way I am seeing the market.

Enjoy a good weekend.