BTC ANALYSIS

BTC Daily Commentary

What happened today:

RIP. BTC had formed a double bottom (not a pattern I believe in personally) and it looked like it was forming some pretty bullish patterns. Classic bulltrap, it even fooled me. Luckily the stoploss I set saved me from a huge loss on this trade. Right now I'm waiting for another tradeable pattern. Later in the day we rebounded back above 9k and we seem to holding it pretty well, but I remain cautious. There were no major catalysts today. I believe BTC was manipulated today to trick people into longing around where I longed, only to dip and shake out more people.

Where we're headed:

1H: I've spotted a pattern. After a fat red candle, BTC bounces and sets either a higher low or a lower low. If it sets a higher low, it rallies and if it sets a lower low it dips. We're waiting to see what happens this time, but if we fall to a higher low and then bounce again that's a good long.

1D: BTC faked out above the resistance which isn't uncommon to do. That's why you set stoplosses. We're still in "safe" territory right now, but there's no real plays to be had off this chart. Just waiting for a strong impulse to make any plays.

1W: till within safe area for the ascending triangle. We can actually go lower than this lower line- we haven't really tested that support yet so if it goes lower I'll just be adjusting the lower trendline.