Bitcoin Trading Journal 27/7.2018
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 7800-8000 range where there is support from the rising 20MA on the 4hr time frame. Will be watching the volume to confirm if the bull flag is in play or daily consolidation.
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 7800-8000 range where there is support from the rising 20MA on the 4hr time frame. Will be watching the volume to confirm if the bull flag is in play or daily consolidation.
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