BTC:USD 4 hour chart DAILY UPDATE (day 84)
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This morning I am happy to say that both of my questions from yesterday have been answered, and I am even happier to say that we got the bullish answers everyone was hoping for!
$8,200 was attempting to turn into resistance and that has failed. We pumped up to $8,400 and then supported $8,200 before created another local high. In the past 48 hours we have established three higher lows as well as three higher highs.
Furthermore we got a much needed bullish crossover on the 12 and 26 day MA’s. That happened at $8,250 and would have provided a very nice entry. However, we were still trading inside the 14 day downtrend at that point and I was keen on waiting for further confirmation.
If you did go long from $8,200 - $8,300 then good for you! However, if you missed that entry then it is too late now and I would advise warming the bench with me. There will be resistance from $8,500 - $8,600 and buying into established resistance is never a good idea.
The final confirmations that I will be watching for are: MA bullish crossovers on higher time frames (6 hours, 12 hours and 1 day) and the daily chart making it outside of the ichimoku cloud. A good strategy can be to divide up your trading roll and make partial entries after each confirmation.
For example: if your trading roll is X then go long with X/4 after the 6 hour MA crossover then add onto the position by X/4 after each additional confirmation.
Comment if you have something to say. Smash the like if you found this helpful and definitely finger that follow!
$8,200 was attempting to turn into resistance and that has failed. We pumped up to $8,400 and then supported $8,200 before created another local high. In the past 48 hours we have established three higher lows as well as three higher highs.
Furthermore we got a much needed bullish crossover on the 12 and 26 day MA’s. That happened at $8,250 and would have provided a very nice entry. However, we were still trading inside the 14 day downtrend at that point and I was keen on waiting for further confirmation.
If you did go long from $8,200 - $8,300 then good for you! However, if you missed that entry then it is too late now and I would advise warming the bench with me. There will be resistance from $8,500 - $8,600 and buying into established resistance is never a good idea.
The final confirmations that I will be watching for are: MA bullish crossovers on higher time frames (6 hours, 12 hours and 1 day) and the daily chart making it outside of the ichimoku cloud. A good strategy can be to divide up your trading roll and make partial entries after each confirmation.
For example: if your trading roll is X then go long with X/4 after the 6 hour MA crossover then add onto the position by X/4 after each additional confirmation.
Comment if you have something to say. Smash the like if you found this helpful and definitely finger that follow!
Ghi chú
Pullback to $8,370 could provide a good entry for a long.
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