BTCUSD position Day 67 of 100DAYSOFTA
We are going to have the close of the CME market today. This also means that nay weekend BTC price action will not be captured until the market opens on Sunday, and this will create gaps in the price action.
11900 USD.- Filled
11820- Not yet filled
11580, Not yet Filled
11958- Not yet Filled
10255, -Not yet
9955, -Not yet
9215 -Not yet
8840 USD. - Not yet
There was a huge price jump that filled all gaps above 11870 USD in the CME chart. It must have been a fat finger.
This is my entry for the 100DAYSOFTA challenge, Friday 21th August 2020.
I am joining a challenge by a group of traders. The challenge is #100DAYSOFTA. Some of the people in this group have posted on $Youtube, $Twitter but I will be posting mine on Hive.
The convener of this challenge is https://twitter.com/CryptoluXP
However, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:
In my opinion I think BTC still has a leg up before any major turn around(if there will be). This is supported by the inflinching Supertrend which has been Long from 9k+ USD, and right now, it is still long. Also, Willy is at oversold, and it is good for a bullish action. This suggests that at this level we should be looking for a long position. From the wave trend indicator we can also see that the an initial green dot has appeared and this can very likely give us the sign that bull is around the corner.
On this TF, we have the bears taking the trend by the horn. We are in a downtrend here, and the price has been reflecting such. Looking at Willy, we can see that the trend is downside but resetting. This can gear the trend up for a reversal. Also, we have the wavetrend still in the sell price action.
Likewise on this TF we have the ST as bearish and price falling as well. The trend has been our friend and the price has been following suit. We have Willy also in the oversold and not yet reversing. Thewavetrend indicator also has not shown any sign of reversal still. We are better still in a position to look for long. However, we need the trend to change and confirm on the lower TF too.
15mins and 5 mins charts respectively.
4hrs ST is long
1hr ST is short
30 mins ST is short
The price action has given us an entry based on the suggested probabilities but we need to be careful of stophunt.
These are the probabilities I am looking at.