Bitcoin Trading Journal 25/07/2018
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.
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.
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