BTCUSD position Day 62 of 100DAYSOFTA

over 3 years ago

The CME market is closed now and we may have the weekend full of different price action. This price action may cause gap in the CME chart on Sunday evening.
12090 USD.- Filled
11655- Filled
11450, Filled
11958-Filled
10255, -Not yet
9955, -Not yet
9215 -Not yet
8840 USD. - Not yet

https://www.tradingview.com/x/HzY4au3O/
The price action has been impressive for the past days since we have been having good support level.

This is my entry for the 100DAYSOFTA challenge, Friday 14th August 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 may see some bullish action in BTCUSD this weekend. This is because we have been bouncing on some support level. This is needed to probably push us to new highs. ALso this will create a gap in the BTC chart nextweek. We have to know when to re-enter the market. This is because entering at higher prices will hunt the good profit we want if it drops.
Now, ST has been eternally long and no hope of stopping soon. The support is around 10600 USD and this means if we drop we will get supported at the level and we can buy or set order at that level. Also, Willy seems to be moving to the oversold region. I cant really say we are at the top now, because Willy can extend in this range for as long as possible.

https://www.tradingview.com/x/W2iI088c/

1h
Here we should be reminded that ST has been a great support for BTC price action in the just concluded trend. RIght now, the trend has flipped short . Although, right now, price is challenging this and it is quite uncertain if we are going to break the resistance or not. 11960USD. If we break it it is going to flip long and we should actively look for long position.
Willy is around the overbought price and it is trying to flip upwards. Although, we might have some rejection at this range. I think it is better to monitor closely what happens at this price action and how Willy responds.

https://www.tradingview.com/x/2XnNfZUq/

30 mins
While trends on this TF are profitable, then tend go give the change in the trend earlier enough. This also means they can give false positive trends(where the trend flips short and after 10 candles it flips long, and vice versa). ST is long now, and we can actively see a good long position being in place under this trend. Willy is however, overbought in the fast moving average, but there is still room for more upside. One thing to note is that BTC can retrace to 11500 and still be in this uptrend, therefore we should keep tab of the price action.