BTCUSD - Technical Analysis November 13, 2017 - Current Price $6669

satchmo (64)in #bitcoin • 6 years ago (edited)

BTCUSD - Day Traders Chart Setup

Moving averages:
Green = 50dma
Red = 200dma
Orange = 9ema
Black = 20ema

The action is still in BTC and with the difficulty retargeting that happened miners have indeed switched from BCH back to BTC as the alt coin became 38% more difficult to mine and the price floundered.

Our previous analysis for price thresholds in Bitcoin were as follows:
Bullish Above: $6268
Bearish Below: $6000

I will continue to use the Day Traders set up when tracking this action to try and avoid false signals of longer term trends.

Daily

On the daily time frame as predicted the price hit $5500 which was the 50dma average and wicked sharply with a reversal candlestick following up the price action. The stochastic RSI has fully cycled into down trend and the MACD had a bearish cross though the divergence is relatively muted. This price action also corrected the RSI

Currently the price is testing the 9 and 20 ema and sooner or later traders should be looking for a dip to buy if they are not already in position. Longer term investors may look to add on any pullback here. The Price has managed to hold daily pivot support so far and we are looking for a test of the R1 pivot resistance approximately $7210

Screenshot 2017-11-13 07.41.15.png

4 hour

On the 4 hour time frame the stochastic RSI is just reaching uptrend with the RSI bouncing from oversold. A double bottom in the RSI can be observed. The MACD just crossed bullish with the bounce from the lows. Price has reclaimed the pivot on this time frame, trading above the 9 and 20 ema. A possible opportunity to add would be any dip to the pivot on this time frame. Consolidation should be expected near term. Just the same price could extend as high as the 50dma on this time frame before we even enter consolidation, $6923.

Screenshot 2017-11-13 07.41.29.png

1 hour

On the 1 hour time frame we are looking at more extended price action, however the W bottom or double bottom is quite clear. Bullish moving average crosses of the 9 and 20 ema above the 50dma are a good sign. Risk averse should consider waiting for a consolidation period to add or take a position. Bulls need to see the pivot $6437 hold on any kind of pullback as the 9 and 20ema pull up to this level. First bullish target on the 1 hour from here is the 200dma $6914.

Screenshot 2017-11-13 07.41.40.png

Just going to quickly show you the 15minute chart where we see a golden cross is underway, that is the 50dma crossing above the 200dma after a double bottom was established.

Screenshot 2017-11-13 07.40.49.png

Our thresholds are wide at this point in dollar terms, however, in percentage terms we are talking about a 5% deviation.

Bullish Above: $6700
Bearish Below: $6200

RISK TRADE: Scale long here, adding all the way to the 20ema 1 hour time frame.

Don't forget to use stop losses!!!

Previous Articles:
BCHUSD
BTCUSD
ZECUSD
XRPUSD
ETHUSD
BTCUSD
BCHUSD
ZECUSD
LTCUSD
BTCUSD

Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.