LCrGr

Ladies and gents,


I'm back for some analysis ! First of all, I need to make an announcement : I've been spending a lot of time recently, watching the charts. Those holidays were a bowl of fresh air and made me realize there are more important things in life than crypto. 


This is a reminder for all us : keep important things in mind. Spend more time with your half, your family and your friends. Spend less time on the charts.


As you all guessed, I will therefore post less analysis in here. Be assured I will continue ! But not on a daily basis. More a weekly basis. I want to dedicate more time to what really matters to me in life. 


So let's talk about the charts.


WEEKLY
6nhyj7n3uva3ehf8tgh42uxmm8zs2jtu.png

Weekly closed and doesn't look bad. That said it could look better. Indeed, a close above 6800 would have been more bullish. Right now, weekly is under that resistance, hopefully we can break out this week. Wait and see. 



DAILY
xkjxhukfmlpteptny5axanswuq83bdip.png


As mentioned on the weekly, we're under the 6800 resistance. A clean break of this level would bring us easily to 7100, I believe. Right now this could go sideways, but at least we're out of the range we were evolving during more than ten days. Support are 6600 and 6350 levels.



4HOUR


jmzmrk4gkrizbynibsnirukadjzcftlj.pngStill the same old 4hour charts. I didn't changed the level for two weeks. Right now,we're evolving between 6600 and 6800. A break out of the 6800 would bring us at 7100. A break down of the 6600 would bring us into the range, with a support at 6350.



Conclusion : I'm waiting to clear one of those level, up or down, before taking any position. So I'm waiting ang sitting flat now.


Wish you all a wonderful week, and if anything happens during the week, I'll let you know for sure. 

During these last ten days, red volume candles were followed by small bounce.


jtirhxn2wnbsnkdvbdbtveabvbvv28yd.jpg

Hello everyone !


Just a little note before I start the daily analysis of BTC : I'll be away from the charts for a few days. Going to have some vacations and I don't want anything to disturb while enjoying the sun of Queensland. 

I'm not gone yet but I'm already curious about how it's going to look like when I'll be back.


Okay, let's start



DAILY
vpexefxkyngzdxmrldux3kf9uvsu8ddt.png


We closed right at the edge of the middle of the range. Price action is bad. If we don't hold this level, we're good to say hello to lower prices. I expect a 6100, possibly 6000.



 4 HOUR CHART
xy4gqbcjfxe9itn6wttuwv6cbpd6sssq.png

As we can see, we were evolving in an symmetrical triangle. We broke down. I was hoping for the other side. Market structure broke. 

If you remember yesterday's post I wanted to see the 6450 level hold and the uptrend be maintained. None of those two things happened. In this regard, a return in the lower part of the range is expected.



1 HOUR CHART
4spxr3dq2n5n6d39w4przrevmqhphr9v.png

We broke under the 6350 level. Which is now a resistance. Current support at 6250. Last support for the bull : 6100.


On the chart above, you can see the incredible amont of volume exchanged on Bitfinex.  Apparently, some bull whale was defending the 6300 level. Is that good ? Yes and no. Indeed the level was defended but imagine that whale selling the BTC he just bought. Selling pressure would  be crazy.



Also keep in mind : SEC is going to take a decision about the Proshares ETF. I don't expect it to be accepted. More likely to be rejected or delayed. I don't really care about a delay (which will probably happen) but the market doesn't react the same. We all saw what happened when VanEck-SolidX got delayed. So stay safe, people. If you're in position, please don't forget your stop-loss.

4bfkci2j4ez6jhaxmjmfjnnqvjrqc7rt.jpg


Last thing : Shorters on BTC are at year time high. Does that mean short squeeze? Not necessary. Shorts could go parabolic and BTC go under 6k. Anything could happen. Only sure thing is next move will be interesting. 



Here below the same chart I use since ten days now. Levels to watch are still the same. Bad thing is : we broke the small uptrend and will probably continue to range for the upcoming days.


sqk8wzindemb3ceptrkj4lynzzzah3dn.png


In conclusion, with all these news coming in and the current trading context, I prefer to stay flat. A lot of uncertainty now. Plus it's holiday time, so I'd rather  enjoy.


That's all folks, I wish you all an amazing week. See you when I'm back



PS : I already hear some people say "Imagine the etf gets accepted, shorts get squeezed, gap volume being filled, we would moon and you would miss this !" If this happen, then so be it ! 

(or maybe I'll put a buy order around 6650, just in case).

Hey beautiful people !

The weekly has closed for Bitcoin and it looks good to me. Let's have look at the charts.


WEEKLY CHART

fxmbmtj9eknpcqmk87txpeabir5ivfgy.png

Weekly closed on a Harami. Historically, BTC only closed once on a bottoming Harami formation, which led to a bounce. I personally like the setup here and aim for a bounce to the diagonal resistance. Please also note : this close could be considered as being the first higher low of the year.



DAILY CHART
5bmy8yez8he53tgttxxhzrc5qhvrphhk.png

Nothing new since yesterday. Still in the range. But approaching top of the range, which is good.



4 HOUR CHART
uevtaleuyqvdxu7pkraafjven3kls8n7.png

Looking good. Hoping for a close above the 6500 level. As long as we can maintain the uptrend (green diagonal line), I wouldn't worry. Aiming for 6600 from here.



1 HOUR CHART
pdmgsec29fbuyshj3umezzkmp7fciwau.png

I do like how price action behave now. Still looking at a few things here :

1) Maintaining the uptrend

2) Hold the 6450 support

3) Pay attention to 6600 level and shorts.

Something to be aware of : shorts are at a all time high currently. If we have a clear break of the 6600, I do expect a short squeeze, and we could reach the 6800-6900 level pretty fast. 


My overall market sentiment is bullish, but still do have stops in place. Please be careful as long as the uptrend is not confirmed on a higher time frame.


Also, as I mentioned yesterday, fib levels are currently pretty good support and resistance indicators.

gjrbqyvdk4epd7ckhsdlanjitjekq9v2.png


That's all folks, if you likes the analysis, please follow and give it a thumbs up. Cheers !


BITCOIN UPDATE :

Got stopped from my trade yesterday. 

Currently looking for an entry around 6300-6250, if we find support. 

I insist : "IF" we find support.


DAILY


ym8gmnuqdvzgc94xhbdcjexb3mcxbdwt.png

Aaaand we're back in the range. No uptrend for now. Daily closed around 6380. Not too bad, as it's in the upper part of  the range. Still neutral bullish. Need to close above 6300 tomorrow to keep bullishness intact. Also, tomorrow is Weekly close, keep this in mind.



4H

dnxzx5mb7myibxyqdtqbv7wxqfywpbjp.png

Found some support around 6300-6350. Former support at 6450 is now our resistance.



1H
pxsu3pgujvjyjq2zx32paggsd8msdmmf.png
Did a Fib retracement : this thing shows us all the levels we need to watch. It's almost mind-boggling how it aligns nearly perfectly. 

We can see we didn't retrace 50% of the upward movement yet. I expect some wick to arrive there. If PA finds support at this level (around 6250), it could provide a good entry. But we need to have support confirmation. Keep your stop tight, and buckle seatbelt if this doesn't hold.

Last refuge for the bulls are 6150. If this doesn't hold, I'd rather not think about BTC's next move.



kzbmjlqrlfseirtt6g8xjd4edptrdnby.png


That's it guys, if you liked this analysis, give it a thumb up, it's free and it encourages me !

Bitcoin Daily :

PA looks pretty good. Nice green candle. Expecting more upside if we can close above 6600.

e8fcsxkmnplqhdhiptyu6vmq6rxp6cvn.png



4H : closed above 6550. Enough for me to open a long around these prices. Stop at 6480.
ac94yv5b6kr7upsesjcthw5rqt97xs2z.png



1h : Could we close and have a clean break of 6600, we could see 6800, as mentioned yesterday. Nothing is indicating we could right now but I keep this in mind.

xkhchmkvghgnvjiyshbd4sajkbewlhw4.png



Resistance at 6600 and 6700.

Support at 6550, 6450 and 6300.

3f9gtnnf5xkhj4e7vrknqrub7ywjtm4t.png

Daily
ivf4gpnrzk8ntjhcrdqbvp488wtkzxfn.png
On the daily : Still in the range. Closed around 6350, which is a good thing. We're in safe zone, in the upper part of the range. If downside, 6150 is a must hold level.



4H
wcq7mgefx24dbd6hjubfpbcujfbstse2.png
Nice engulfing candle on the 4h. Expecting more upside.


1H
kswpqzkjeynbt6rtdpyfscyr6xz3f7wf.png

Choppy market. A heaven for day traders. We can see recent price action made us hit the 6400 resistance five time already. I dont expect resistance to hold this time. Target is 6600. If we can have a clear break of this level, 6800 is the next target. Indeed, there is a gap of volume to be filled, and 6800 is not unreachable. 

But let's wait for 6600 first, we'll see 6800 after.

I took a position at 6400. Stop loss at 6350. Willing to add more if we go back to 6370. Same stop. 


Not financial advice. This is more my Trading Journal.

Intro

French Dacxi Ambassador.

Aka "Le Cryptographe", on other social medias.

I make daily analysis about Bitcoin.

Secretly aim to take over this website (but shh, keep this for yourself).


All analysis disclosed here are purely educational and not financial advice.

My Posts

Close