ALL EYES ON BITCOIN - 20/07/2020
Mis à jour
What's good people! Here I am again with today's Bitcoin analysis. As you can see, I will be calling this series "All Eyes on Bitcoin" and I will be posting daily chart analysis as long as we see some movement on the market. Let's get this bread!
INTRODUCTION:
Before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at during all the series, those are: 1D, 1H and 15m. I also use MACD and RSI to follow up with the momentum on the market and I have 2 EMAs plotted which are the 50 day EMA & the 200 day EMA that I use to see the trend in each time frame. (We say that when the 50 day EMA it's above the 200 day EMA, we are in an uptrend. (The opposite in reverse) After taking into account the principal things that I use in my trading methodology, let's move on!
LAST TRADE UPDATE:
As I told you on the 18th of August, I was waiting for the daily candle to close in order to take the trade. Because the daily candle closed below but near the 12000$ level which it's a really important level, I decided to not enter the short position until I saw more confirmation. When the 19th of August started, I saw how price was dropping and I decided to wait for the price to test the 200 day EMA which it did and then I entered a short position around 11850$. I took profit around 11700$ because I didn't see the drop clear. In summary, we got some profit.
WHAT ABOUT TODAY?
As you we can see on the chart, price it's making higher lows and lower highs which has created a triangle/arc structure that you can see drawn in purple on the chart. Also, the arc structure has been broken bottom up which it's kind of bullish and the 50 day EMA has not crossed the 200 day EMA it is still above it which it's bullish for me. If we look at the MACD and RSI i can't find any divergence and momentum it's closed to 0 right now. Anyway, I have not taken a trade yet as I can't find any confirmation yet.
TODAY'S TRADE ALTERNATIVES:
- I will LONG if I can see a clear break of the price from the bottom up the EMAs which now it's not clear. I think around 11880 will be a good place to enter long with first target on 12000.
- I will SHORT if see the price losing the 11800$ level with strength with target on 11660 which it's a demand zone.
Whatever happens, I'm ready! Thank you for making it here, I hope you can leave some comment, question or tip, I will really appreciate it. See ya on tomorrow's analysis of the market.
INTRODUCTION:
Before moving on with the analysis I would like to highlight that I base my trading on 3 different time frames which we will be looking at during all the series, those are: 1D, 1H and 15m. I also use MACD and RSI to follow up with the momentum on the market and I have 2 EMAs plotted which are the 50 day EMA & the 200 day EMA that I use to see the trend in each time frame. (We say that when the 50 day EMA it's above the 200 day EMA, we are in an uptrend. (The opposite in reverse) After taking into account the principal things that I use in my trading methodology, let's move on!
LAST TRADE UPDATE:
As I told you on the 18th of August, I was waiting for the daily candle to close in order to take the trade. Because the daily candle closed below but near the 12000$ level which it's a really important level, I decided to not enter the short position until I saw more confirmation. When the 19th of August started, I saw how price was dropping and I decided to wait for the price to test the 200 day EMA which it did and then I entered a short position around 11850$. I took profit around 11700$ because I didn't see the drop clear. In summary, we got some profit.
WHAT ABOUT TODAY?
As you we can see on the chart, price it's making higher lows and lower highs which has created a triangle/arc structure that you can see drawn in purple on the chart. Also, the arc structure has been broken bottom up which it's kind of bullish and the 50 day EMA has not crossed the 200 day EMA it is still above it which it's bullish for me. If we look at the MACD and RSI i can't find any divergence and momentum it's closed to 0 right now. Anyway, I have not taken a trade yet as I can't find any confirmation yet.
TODAY'S TRADE ALTERNATIVES:
- I will LONG if I can see a clear break of the price from the bottom up the EMAs which now it's not clear. I think around 11880 will be a good place to enter long with first target on 12000.
- I will SHORT if see the price losing the 11800$ level with strength with target on 11660 which it's a demand zone.
Whatever happens, I'm ready! Thank you for making it here, I hope you can leave some comment, question or tip, I will really appreciate it. See ya on tomorrow's analysis of the market.
Note
Trade update: I took LONG at 11860$ and closed at 11880 because I didn't see enough bullish presure. I also SHORTED from 11792$ until the demand area around 11680$. I'll tell you my next move in the next post.
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