Bitcoin Trading Journal 12/7/2018
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. If in that small chance this news causes a bounce up, i set my Stops tight at just above the breakdown level of 6286 if triggered in.
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. If in that small chance this news causes a bounce up, i set my Stops tight at just above the breakdown level of 6286 if triggered in.
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