Bitcoin Analysis
- We are holding the 2h 21 EMA
- Stoch are in bullish controll zone and rejecting coming bellow the neutral zone up to the Weekly period
- RSI is in the bullish control zone and rejecting coming bellow in the 2-4h:
Bitcoin formed a bullish triangle wich we broke out, retested it while remaining above a critical resistance at 11.135$USD and is now above all local control nodes.
The mesh move for the triangle is 11.980$USD which is in confluence with the top of the move at the start of the bear market, where BTC got rejected and never went close to it again. Also, above that exact point there is basically no more resistance.
IMPORTANT:
- This breakout was done in comparatively low volume;
- Bearish Divergence is appearing in higher timeframes;
- Big move is close according to DMI;
- The slopes of the EMAs indicate momentum is fainting;
This means a heafty correction is probably aproaching If we open and close a 1h candle under the red support line (11.140$) I am out an will be looking at the reaction on the next support zone (10.800-10.500$USD)
Trading Bankroll & Trades
Since I couldn't enter a longterm position on BTC I Scalped this consolidation using 3 strategies:
- Horizontal support and resistance
- 5-10min Multi-stochastics
- low timeframe Fibonachi EMAs
I lost abt 0.01BTC because of my stop losses (using retarded margins requires retarded stop-losses) and 2 massive misscliks you'll reallize on the trades bellow
Will update later, out of time.