Zeekii

Volume: 4,950,190,000 Dominance: 46.8% Bitcoin's daily inside bar broke bear and price has declined to 7900s. Anything above the 7221 level however is still a higher low with the uptrend still intact. Green 9 on the daily perfectly called the top of the move and now depending on the size of the drop we can either make a higher low or possibly go into consolidation until bitcoin decides where it wants to go next. Which will happen will depend on the size of the pull back. If the higher low is lost, chances of a higher low become less and that of consolidation becomes much more. On the 4hr the support levels still remain at the 7600 level, if we break below the next levels of support will be the 7200s. Bearish divergence that was mentioned earlier is starting to play out. I'm remaining in USD and waiting for a sign that the higher low is in before going long once again.

Volume:5,845,400,000 Dominance: 46.9% Yesterday's 4hr inside bar broke bearish and saw a dip to 8073 forming a new low on the 4hr time frame. Price then bounced as bulls bought the dip. The question now is whether this is another bull flag consolidation before another leg up? or is this just a bounce before further consolidation on the daily time frame as we have have pretty much a straight run up since 6400 levels. Looking for clues on what is to come, the TD on the Daily is on a green 9 which signals that probably a 1-4 correction before any continued upside. There is huge bearish divergence on RSI on the 4hr timeframe. On the 1hr price has fallen below and is currently being rejected by the 20MA and is currently holding below it but being supported by the 50MA. If we break the 50MA, the only direction seems to be down. Currently i'm watching the daily inside bars for direction. Im not convinced that this is the higher low that needs to be formed possibly in the low 780...

Volume:7,2,77,690,000 Dominance: 47.1% Bitcoin's bounce continues with it touching a high of 8506 early in the morning today. This completes the Daily 9 and is an indication that buying pressure may have exhausted for the time being. I am looking for the formation of a top and then a formation of a higher low before we either continue the uptrend or we go into consolidation pattern. I wont be adding an long positions at this level as it is in overbought levels and formidable resistance from the weekly 50MA and 20MA overhead. On the 4hr, inside bars are forming with a range of 8488.1- 8275. A break below i feel will signal the start of the formation of a higher low. Anything above 7225.4 will be a higher low on the daily with major daily support sitting at about 7685. Anything breaking below will be a major red flag for bullish positions. Here i remain cautious with any bull entries due to the overbought conditions. A safer time will be after the higher low has formed.

Volume: 3,726,610,000 Dominance: 45.2% Checking back on BTC today. The past week i've been following the US stock markets more clearly, looking for opportunities. But today, i'm back with bitcoin to see how things are developing. After the initial bounce from the 5785 level, we have made a higher low at 6079.9 and a following higher high at 7690 region. This confirms the short term change in the trend. The next resistance level that we will need to get through will be the 7800 region which then provides a big window up to potentially 8500. For the past days, I've been waiting for a consolidation and potentially the formation of a higher low possibly at the 6800-6900 region after 5 big green days and only a small red day between another 2 green days. Daily MACD is around the 65 region which in my opinion is pretty high and shows over extension of the move up. There have been tests by the bull to break higher however each time there has been strong rejections shown ...

Volume: 5,961,950,000 Dominance: 43% Bitcoin managed to break out of the 6800 level. The inverse H&S is now confirmed with a potential upside move to 7900 level. Next resistance is at 7775 level which i will be careful of. This move i did not initially expect to play out. after noticing the pullback to form the higher low, i was expecting a consolidation pattern to appear instead of the upside breakout. After the first breakout that occurred, i started to pay more attention to the candle formations and it seemed that when price found support on the EMAs, the upper wicks started to stop and candles started to close higher. This gave me the feeling that the price was most likely going to break out to the upside again. Sadly, i did not take the trade as i was focused on traditional markets. At current levels, the risk:reward ratios arent as great as yesterday or the day before where the stops were really tight with big potential moves to the upside. Now i would be cautious wi...

Volume: 3,644,860,000 Dominance: 43.3% Daily inside bar has formed after the big sell off yesterday. As i expected, after a big sell off, the chances of going into a period of consolidation is higher than that of a big bounce or continued downside action as RSI was oversold. Sequential was on red 8 on 4hr timeframe also gave me reason to believe that we would stop dropping for awhile and have a small bounce. 4hr Candles showed that bears heavily defended the 6415 level after afew attempts by the bull so push prices back up. Bulls also heavily defended the 6300 when consolidation brokedown on 3 occasions. Currently i am looking at the 6286 level shown by the white line as a short entry to the 6150 level. This is a small support which was a previous high from afew weeks ago and is also the base of the inside bar. RSI has been allowed to cool off over the last day which gives room for another leg down. News has also come out of an ETF application. I doubt it will get through. ...

Dominance: 43.6% Volume: 4,052,430,000 Big down move over the past 24hrs. Bearish divergence that I talked about yesterday seemed to have confirmed and played out. I shorted ETH and LTC which saw big moves down as BTC started to fall. I however didnt expect the move to be this big and was expecting it to be closer to the 6400 range. After the big initial push down, I began watching to see if a bear flag would form but as the magnitude of the dump was pretty big, and because prcice was sitting on the major support line, i expect a consolidation to form for at least a day. Will be noting the time of the dump which occurred at 1700hrs +8 UTC. Previously price pumps and dumps seem to be happening at fixed times in similar patterns. This one might also play out the same. Prices are currently still facing resistance from the 12 and 26 EMA on most time frames suggesting a lack of buying pressure. Consolidation has also allowed RSI levels to cool off abit which could possibly lead...

Volume: 3,718,130,000  Dominance:43.4% Yesterday's inside bar had a failed break with a big bull break that was shut down immediately followed by increasing bear volume and downside action. This was a good shorting opportunity from a strategy i read recently which combined bearish divergence with a false break. Price reversal: FB+BD Bearish divergence was seen on the 1hr MACD from the previous high of 6839.4 to last high 6820 which was a lower high, unable to overcome the 6850 resistance zone. Price was swiftly shut down and is current finding support on the daily 26 EMA at 6640ish range forming a lower low. Currently the new support level is at 6616 and if we break through, we look to previous lows of 6511 and 6423 on the 4hr. I am still leaning bearish due to the decreasing volume and increasing btc dominance which signals reduced risk taking. looking for opportunities to short near resistance keeping my Stops just above the breakout level to upside. I am also...

Hello, I finally decided to start up this blog as a trade journal so that I can document my learning journey into trading. Hope that i can get more proficient with analysis and currently spending time learning. Do feel free to check in from time to time to see how my learning process has progressed with time. If you have any advice for me do also let me know! Bitcoin 9/7/2018 Previous day volume: 3386210000 Dominance: 42.4% Weekly: The weekly closed with a pretty strong confirmation candle after the last push up to the mid 6800+. This reduces the chances of it being a bear flag on the weekly scale. Major support at 6350 range and major resistance at 6850. A break above will probably see a move up to the low 7200s and a break below will probably see BTC looking back to testing the lows.  Bulls will look for a lower high and then a higher low and higher high to confirm the change in trend. The direction that BTC will take however still is quite unclear to me and i ...