I'm bullish on bitcoin and looking to buy a swing trade long. I've already added to a long position, but I think we could potentially see another move lower that could be a good buying opportunity.
Nota
This is the yearly cycle I referenced. Around the 300 day mark is common with some short and long ones so the timing is right to get a cycle low.
Nota
(Meant to post that last one in updates. Was too early in the morning I guess)
Well, we got the breakout, which is why I'd rather have A position than not. But as I was looking at my main chart, I just wanted to reiterate a point.
If anyone wonders why I go through the trouble of marketing out levels, then this should be a case study. The answer is that there are traders that take positions at these key levels and we have reactions at these levels. That doesn't tell you whether to go long or short its much better for short term day trading, but it helps to identify areas we could pause or need to clear, etc.
What I mark includes:
Weekly, Monthly and Yearly Opens
Weekly closes only IF we have multiple in the same price
50, 100, 200 Daily SMA and EMA's. )I keep an eye on the 21 DEMA for short term and 55 hourly is often a guide in short term)
All Major Fib levels for the larger moves, not shorter moves.
Any CME gaps.
There's a video I did a few months ago that explains this.
Confluence helps. Right now we are at the 21 EMA, 200 SMA, top of the range and just over a MO. In short term you would normally short this, but I have a strong bullish bias so I'm not messing around with short term trades right now. And the fact that we hit the 200 SMA and holding high is generally bullish. If we would have hit that 200 SMA and started a strong sell off and leaked down then I'd be more cautious.
It is a key resistance area so can cap the high of the day. At the same time, if you get past it, we could easily trigger a short squeeze to low $9ks.
Nota
Trying again.. this time after we hit our green zone. Lets see if we trend bullish and squeeze the sellers at the 200 SMA
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.