Bitcoin Price Analysis 7/10/2018
Hey Friends
This is my first #crypto #technical analysis on #steemit and I'd just like to let you guys know that I do analysis every day on the crypto market, and like to keep my charts simple to focus on ideas I have. I trade regularly and am a student of TA and FA. Today I was doing some analysis on #XBT on Bitmex Perpetual Swap contracts. So let's get into the analysis! So you can see we broke out of a HTF (high time frame) rising wedge bearish pattern that has broken previous support at 6503 and is currently heading down. So what I'm looking at in terms of a potential long position play: There is a daily bullish order block in light blue that is confluent with the 4 hour bullish order block from 6091.5-6129.5 in purple. This also matches up with a perfect .705 Fibonacci retracement in orange which gives us an OTE(Optimal Trade Entry) area being around 6113.7. These three levels of confluence give me more confidence that this are will hold strong for at least a short term bounce.
Credit to ICT on You Tube for order blocks and OTE and how I utilize them
Check out his videos on Forex trading and other cool stuff on You Tube here
Thanks guys and I'll talk to you soon. Good Luck Trading