We still have the gaps at 9125, 9240, 9400 USD. These are not yet closed. We may see a spike in price, either way. This shows that we are still ranging.
https://www.tradingview.com/x/UrDbDh8h/
This is my entry for the 100DAYSOFTA challenge, Wednesday 8th July 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
However, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:
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4 hr
The moment of truth for bitcoin is here. The price was rejected at the ST resistance. As usual, this is the time to always take a short position, since we are at resistance. Now, we also need to know, price might break that resistance and push forward. This is why stop loss is important. However, if we go pass this 9300+ and turn the ST to long, then we should be prepared for a nice rally up. Willy is at oversold and extending in this region. We can either have a pump or a dump now.
https://www.tradingview.com/x/r8BmAl40/
1h
We are already in a long trend on the 1hr TF. This is a good one. The best idea around this chart is to always long when Willy is oversold and short when Willy is overbought. This must be combined with ST. From the chart below, we can see that Willy is overbought on aST long, this means we should wait for the retracement before we think of longing. Also,price looks like it is going to touch thepoint it dropped again.
https://www.tradingview.com/x/9KW7dmH3/
30 mins
On this TF, we are in a long and Willy has been moving in that direction too. We often observe that the drops of the price are bought up so fast. This may mean that the bulls are planning some fireworks. However, I prefer to look at it in a technical way and not by hope. If one is trading on this TF, then a long should be sought at each drop.
https://www.tradingview.com/x/A9TkXQ6q/
Extras
15mins and 5 mins charts respectively.
https://www.tradingview.com/x/MDoRFd7p/
https://www.tradingview.com/x/3uWrooa7/
Summary:
4hrs ST is short
1hr ST is long
30 mins ST is long
My Position
I used the 4 hr TF and positioned already filled. Now fingers crossed to see which way BTC goes.
You can't see the TP/SL because I have an order that is not yet filled incase btc goes a little higher to the last highs. When that fills, my TP/SL will be activated.
https://www.tradingview.com/x/KgPvCzGr/
The R:R is around 2.06.
Please note: This is not financial advice. This is rather a way I am seeing the market.