BTC Update
Daily
Looking at the daily, we have an ascending wedge which had a fake out to the upside which made us look like the edge to edge trade was active but was followed by a breakdown which is now retesting the structure.. also where there is the kijun resistance in this bearis trend
If we pull back the tenkan (blue line) we may get a bounce c. 8400/500 which would enable another push at the edge to edge trade, or 11500 where there is still alot of shorts to act a fuel as we go up.
Weekly View ( RHS 0.53% )
We normally rally into the weekend so i wouldnt be surprised if we do ok until sunday where there will be a bull / beak fight.
Key leve on the weekly is at 9200 i would see anything above 9200 a bullish close.. anything less being increasingly bearish (short term).
So there is a bit of a conflict beween the weekly and the daily view... a daily pull back would be fine for a health pull back and bounce for another go at the edge to edge but would represent a horrible shooting star candle which brings in bearish momentum.
I have taken some profit, will be a buyer at 8500 range but undecided on stops right now and have longer term bullish positions which i will let run. I will add if we break 10k and start taking profit at 11k.
Best filbiflb
Looking at the daily, we have an ascending wedge which had a fake out to the upside which made us look like the edge to edge trade was active but was followed by a breakdown which is now retesting the structure.. also where there is the kijun resistance in this bearis trend
If we pull back the tenkan (blue line) we may get a bounce c. 8400/500 which would enable another push at the edge to edge trade, or 11500 where there is still alot of shorts to act a fuel as we go up.
Weekly View ( RHS 0.53% )
We normally rally into the weekend so i wouldnt be surprised if we do ok until sunday where there will be a bull / beak fight.
Key leve on the weekly is at 9200 i would see anything above 9200 a bullish close.. anything less being increasingly bearish (short term).
So there is a bit of a conflict beween the weekly and the daily view... a daily pull back would be fine for a health pull back and bounce for another go at the edge to edge but would represent a horrible shooting star candle which brings in bearish momentum.
I have taken some profit, will be a buyer at 8500 range but undecided on stops right now and have longer term bullish positions which i will let run. I will add if we break 10k and start taking profit at 11k.
Best filbiflb
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