Pierre
Pierre 3 minutes reading from Bitcoin

Catching Hype? H4/19/2016 - Time For BTC

BTC - H4

As expected... H4 trend x H4 100 MA compression while stoch reseting.

Idea remains: - Hold H4 trend && break H4 100 MA == 16.9-17.1k most likely very rapidly, - Lose H4 trend == At best we chop hard, at "worse" (for longs) we resume H4 downtrends/retest recent lows.

As discussed earlier today, I'm personally not a fan of current momentum, not a fan of how it took so long just to barely reclaim H4 trend... And only to chop once done.

Not a fan of D1 neither... But setup still valid, so avoiding the chop and sticking to targets/invalidations.

Friendly reminder this is still the setup I'm in for BTC. We did the first step: break/flipping H4 trend. Now I want to see H4 100 MA flipped, then IMO we get at least "Target 1".

Still just playing the "gap" fills (H4 trend -> H4 100 MA // H4 100 MA -> H4 200 EMA // ...).

Keeping the stops tight, ready to exit manually too if/when we fail to defend/hold H4 trend.

As discussed above/earlier and multiple times past few days, if BTC fails to defend this after a 20.8k -> 15k SINGLE H4 trend... Then at the very best it's chop city b!tch imo.

I considered adding to this position this morning, but decided not to because: - Below D1 13 EMA and retested it already, "post crash" this year we __never__ reclaimed D1 13 EMA on first try/attempt, - H4 100 MA x H4 trend compression right before a weekend... "meh".

Main reasons I'm keeping it: - Smol risk, - H4 trend reclaimed for the first time since 20.8k, a part of me wants to think that BTC isn't THAT dead that it can't even pump a bit after this kind of H4 downtrend, - Still valid.

If this gets invalidated, officaially calling it a week and coming back Monday/Tuesday :).

This post is based on this twitter thread.

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