BTCUSD position Day 39 of 100DAYSOFTA

in Technical Analysis2 months ago

There is nothing new yet on the BTCUSD chart since the market is closed on the weekends. So the gaps yesterday is still present and that can only mean that we have to wait till Sunday evening before any new thing. I wrote this yesterday.

The gap at 9120 USD has been filled. This now technically leaves us with a gap at 8840 and 9600. This means BTC fireworks is around the corner.

image.png

https://www.tradingview.com/x/Fd46J1Yn/

This is my entry for the 100DAYSOFTA challenge, Saturday 18th 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
What I can see on this chat is that we may pump surprisingly and then we would be in awe of how the ST predicts up movement well. I am seeing an opportunity for ST to yield good result with this long. Willy has been grinding upwards and it has been good. ST long has bee flat. Although prices can still drop to this low, but we should probably bounce around the 8960 USD that has served as resistance this long time. I will be glad to see a dump before the pump.
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https://www.tradingview.com/x/j26nyfuv/
1h
Hmmm, this ST resistance has been hugging the price to a larger extent. This is so dicey and we may just short with a stop-loss above that resistance, if we are following the ST on a 1hr TF. We also have the WIlly trending downwards, showing we may either grind sideways of dump. The 1h TF is more direction for the past days.
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https://www.tradingview.com/x/2u9yZ1lA/
30 mins
Almost thesame thing on the 1hr is seen here. We basically had a double top here and a rejection from the resistance at 9210. This foretells that breaking that resistance and flipping long will turn to a good support for the price. This has been a good support before now. Willy has been trending downwards and, there is room for more dump. THis can be a sharp dump or a slow one.
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https://www.tradingview.com/x/pvJWzjLG/
Extras
15mins and 5 mins charts respectively.
15 minutes is bullish. Nice one
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https://www.tradingview.com/x/9Sz0g7vq/

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

Summary:

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

  • My Position

One of my new buy order has been triggered. This is what I wrote yesterday

I exited my position yesterday since I am not too confident in Thursday price action. Now, I will re-assess the charts to choose another entry.

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

Those are my new entry and plan. I hope it works out well. It may not all fill, since I am more conservative in this trade.

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

Enjoy your weekend