Bitcoin // CME open window // Possible double bottom
Hello,
Looking at the daily chart for BTC, the price has broken below 10k. In my previous analysis, I had $10220 - $10000 as a short term buy day trading range, which was a nice couple of days of trading up to 11k. Now that we have broken below it, we can begin looking at the ranges for a nice Long position.
On July 2nd, 2019 Bitcoin printed a bullish hammer near $9700. I doubt we will bounce off this price if we continue dipping, but I am keeping it in mind in any case. The next important price I am looking at is $9000. On June 18th, 2019 Bitcoin bounced from $9000 to $13800-ish. It is here that we also see a similar bounce on July 17th, 2019.
Many are speculating that we must close an open window (close the gap) in the CME Futures chart. That window is between $8985 & $8515. However, the prices on CME trade at a higher/lower premium more often than not. So finding a good spot price on the exchange you use is important.
Which brings me to the point of this idea. For the next couple of days, the bottom of the bull flag we are currently in is nearly exact to the bounce on June 18th & July 17th. If we are to dip near this range, we will be printing a bullish double bottom, in a bullish flag, near the upward trendline, near the open CME window. It is my belief, through TA, that a good spot price is at $8985 - $9100. Even IF we dip to $8515 as a spot, it is still a fairly good & safe entry point because nonetheless, we are going to the moon.
Please comment and like, thank you. May the force be with you.
- B
Looking at the daily chart for BTC, the price has broken below 10k. In my previous analysis, I had $10220 - $10000 as a short term buy day trading range, which was a nice couple of days of trading up to 11k. Now that we have broken below it, we can begin looking at the ranges for a nice Long position.
On July 2nd, 2019 Bitcoin printed a bullish hammer near $9700. I doubt we will bounce off this price if we continue dipping, but I am keeping it in mind in any case. The next important price I am looking at is $9000. On June 18th, 2019 Bitcoin bounced from $9000 to $13800-ish. It is here that we also see a similar bounce on July 17th, 2019.
Many are speculating that we must close an open window (close the gap) in the CME Futures chart. That window is between $8985 & $8515. However, the prices on CME trade at a higher/lower premium more often than not. So finding a good spot price on the exchange you use is important.
Which brings me to the point of this idea. For the next couple of days, the bottom of the bull flag we are currently in is nearly exact to the bounce on June 18th & July 17th. If we are to dip near this range, we will be printing a bullish double bottom, in a bullish flag, near the upward trendline, near the open CME window. It is my belief, through TA, that a good spot price is at $8985 - $9100. Even IF we dip to $8515 as a spot, it is still a fairly good & safe entry point because nonetheless, we are going to the moon.
Please comment and like, thank you. May the force be with you.
- B
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