AdityaAhluwalia

Bitmex - Bitcoin Daily price movement - 11 March 2018

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Hey Guys,

Aditya             Ahluwalia this side. This is the first time I am trying my hands at charting on Trading view. I am a mechanical engineer with a sales background so I literally have no idea what I am doing. This is not financial advice. This is entertainment for crypto geeks!

I will be trying and giving daily updates on BTC             price movements based on my learning and understanding. This will be very helpful for traders experimenting with leverage based day trading on Bitcoin             .

The indicators that I have used for this analysis are - Bollinger Bands , Trend lines , Stoch RSI , Price Action and Volume (Tried to keep it as simple as I could)

1. Yesterday the price moved from 8700 to 9400, Bulls looked strong, we felt this could go to $10K.
2. But 9400 was a strong resistance and price was rejected from that point.
3. It moved down to 8400 which is strong support till this morning (IST)
4. Hit a low and started moving up again.
5. Resistance at 8890, 9132 and 9400 (Big one)

If the price gets rejected along any of the above lines then it might slide back to $7900.

The important lines one's to notice are $9132 and $9400

My trading strategy for today is long up till $9100, observe what is happening and then decide to short or go long further.

Thank you for making it so far. I would love it if you have any feedback on how can I get better at this :)

Regards
Happy Trading
Thankyou for sharing your VIEW.
I am also looking at a possible Heads and Shoulders formation. Where indeed the second shoulder could be formed at 9200 en expect down again tot the neckline. If neckline broke...
+1 Balas
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