Bitcoin filling the gap, could be consolidation, could be a trap

Тема в разделе "English", создана пользователем Trading Ideas, 23 сен 2020.

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    Bitcoin filling the gap, could be consolidation, could be a trap
    Bitcoin / Tether KUCOIN:BTCUSDT
    DanielSpeissHammurabiTrading
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    Hello everyone welcome back, today I'm going to break down where I think bitcoin will most likely go.

    I wanted to point out that its in bitcoins nature, when we see a visceral decline, to see some gap recovered in either direction. A great way to know if its the bottom and now a trap is to follow the 60 minute RSI , if it breaks through the low (white area under the pink) then you have a potential bottom, however, its common for it to test that low with under drop that is usually a drop lower, sometimes is the first low that's the lowest or visa versa.

    Anyways, I think we see a bottom here as outlined, The RSI is seeing a trend up against this new support of 10.4-10.5. As you can see on my chart, I am a big fan of quadrants and fib fans. It lets me know when levels are broken through. So as you can see the quadrant we find ourselves in now are pretty important for the future direction. If it holds we might see more consolidation and test the 10.6 range and beyond.

    *note: I usually put a fan on RSI of 3 because I want to keep track there of when strength is over extended in direction to give me a another POV of buying opportunities.

    However, I never, NEVER like it when its testing the lower parts of any quadrant. You really want to look for when they test quadrant lines on RSI and in regular chart.

    Also, I look at OBV to see if its either teetering or being bought up to match prices that were previously higher, that's a bullish sign.

    At this moment in time it looks like we might test 10480s and even 10350s again based on RSI and OBV alone. I think we will have a retest at these levels and see a gradual uptrend, I dont see my biggest fib fan (the longest interval one) breaking in an uptrend yet, and though we had a recent spike down, I dont think that is strong enough to constitute in changing direction, yet.

    As always safe trading, like, comment and share your thoughts!

    I Livestream my trading on my Facebook Page! https://www.facebook.com/Hammurabi-Trading-101797341499035
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    Also, I go live from time to time, you can find my Facebook live here: https://www.facebook.com/Hammurabi-Trading-101797341499035/

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