Weekend price action are not always encouraging. They are filled with low volume.
This is my entry for the 100DAYSOFTA challenge, Saturday 20th June 2020.
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I am joining a challenge by a group of traders. The challenge is #100DAYSOFTA. Some of the people in this group have posted on $Youtube, $Twitter but I will be posting mine on Hive.
The convener of this challenge is https://twitter.com/CryptoluXP
Ho to wever, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:
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- 4h
Th4 4hr chart shows that we still have ST as short. Now the invalidation is at 9700 USD. We have been experiencing weak price action and we may likely see some volatility. However, if it breaks up, we can be rest assured that we will have some resistance at 9700 USD. Willy is showing some oversold price action with a potential to give upward movement anytime soon.
https://www.tradingview.com/x/DG6BZdiB/
- 1 h
On this TF, which has served as the most succesful resisitance for the recent price action, we have the resistance well lying at 9500 USD. This shows that we might be rejected again if we move to that area. Willy is showing a kind of indecisiveness. We need more price action to move forward.
https://www.tradingview.com/x/amozWM95/
- 30 min
The TF here is also a good guide in this trend that BTC is. We have seen bearish price action and also we have the ST as short. Therefore, it will be good to try and short bounces. That would have been profitable. Willy is trending downwards though. This means a sort of caution needs to be applied.
https://www.tradingview.com/x/FScyOBHQ/
My Position
I will be looking for a short at these two price range, 9736, and 9650, stoploss at 9860, target 9081."