#BTC Fails to create a new high - What's next?

in Account Booster 👍2 years ago

Hello fellow #steemians
The weekend has started and with that as every week we have less volume in #trading and less volume in #crypto #exchanges. One characteristic of #cryptomarkets is that it operates 24/7, but that doesn't mean that the conditions for trading are optimal, it only means that #tradingbots and #tradingalgos can work without rest.
But US as #retail traders we need to seek the best conditions that can give us a boost in our trading.

With the beginning of the month new opportunities arise but this time it has been quite slow.

With the chart below we can see the next few details (4hr chart).

image.png

In July 18th we reached a new low that punctured the previous ATH and support - The thing to take into consideration is that during that turmoil times, #3AC and other hedge funds were being liquidated and that created the volatility for this to happen.

image.png

With this chart we can see that when we broke the 28k support and reached that new low, now that aggressive move needs a correction.

As we can see in the chart, we can find some resistances on the Fibs levels and clearly we see a reaction in that price area.

While we zoom into last and into this week, we can see the reaction markets had towards #FOMC and how #BTC did a "new" higher high with a previous higher low.

image.png
https://www.tradingview.com/x/xyNuYJ2F/

Now during this week we saw 2 failed attempts to break the consolidation area. We first got an attempt to the downside that as it was corrected we can take it as a liquidity grab, but the next attempt to break to the upside failed as well, so we are just back into the consolidation range.

image.png
https://www.tradingview.com/x/9VfhpwqE/

Now into the lower time frames we are just bouncing and there is no clear direction, so we are just into a "NO TRADE ZONE".

In this weekly chart we can see in a clearer way the levels and how despite the previous two bullish weeks, we can still close with a bearish doji and give us upside continuation for next week. If we respect the $22,600 USD area, volatility can give us a deeper momentum test, and that doesn't change direction for the moment, so I wouldn't recommend putting short stops below that area, probably they'll trigger and you'll be in drawdown with small possibilities of recovery. Wait for confirmations of deeper test and continuation.

image.png
https://www.tradingview.com/x/kPLNzez4/

If you see my last post https://steemit.com/hive-119463/@mycryptostalker/bitcoin-midweek-analysis-usd22-600-usd-seems-a-nice-support

I'd be looking for the same and the analysis is still valid, as nothing happened that would make me change direction. We still can do a deeper test of the ascending channel or test the upper resistance as we haven't made a higher high or higher support. With the 4hr chart we can see more a wedge than a channel so lets see how this develops.

THIS IS NOT FINANCIAL ADVISE, DO YOUR OWN RESEARCH AND NEVER OVER LEVERAGE OR TRADE MONEY THAT YOU CAN'T AFFORD TO LOOSE. BE SAFE AND ALWAYS USE STOP LOSS.

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