Bull Trap Ahead
已更新
Hi Bitcoiners,
Today, i want to take a look at P&F chart as it filters out most of the noise in price action.
Notice how the volume was lower during the rally at the same price than our current volume. This alone indicates whales and institutions are net selling, each day, slowly.
But, let's say we are in accumulation and we will go up. Then here is the list of resistances we need to clear out in order to call it a new uptrend, because remember we are bound into a sideways trading range and we are still in it.
Bullish case:
1- Close above 35.500, ideally 36.500 and we have a new higher high
2- Break above 37k where the point of control (price with the highest volume) AND the supply down trend crosses
3- Break and close above 41.346 and exit the trading range
So, we have quite a few challenges before going to the moon.
The second chart i'd like to share is the monthly chart. You want to look at higher timeframes in times like this in order to avoid traps, noise and false signals.
Again, notice how the volume is above the average. The aim of these drops is to exhaust supply or the sellers. I don't see any shortage of sellers right now.
And the daily candlesctik chart. In the last 8 days we have a textbook bearish pattern called the "falling tree". It happens after a downtrend with 3 consecutive bullish candles. Read more here investopedia.com/terms/f/falling-three-methods.asp
Speaking of candles, i'm watching daily candles slowly in the making and realized it's being engineered rather than a market action. We can easily see this on the session volume profiles on a daily chart.
This chart is like an x-ray of candlesticks. You can see how the dump was started with such a small volume and giving us a fake rally with small volumes just to match support lines, while plebs are buying.
So, i need the bullish case events i mentioned above to happen in order to become bullish. You don't want to FOMO here and besides, if we are going to 100k, we'll have plenty of chances to get back in.
You may even call it a rule, never trade within a sideways trading range, you may get chopped off.
Trade safe and beware of traps!
Today, i want to take a look at P&F chart as it filters out most of the noise in price action.
Notice how the volume was lower during the rally at the same price than our current volume. This alone indicates whales and institutions are net selling, each day, slowly.
But, let's say we are in accumulation and we will go up. Then here is the list of resistances we need to clear out in order to call it a new uptrend, because remember we are bound into a sideways trading range and we are still in it.
Bullish case:
1- Close above 35.500, ideally 36.500 and we have a new higher high
2- Break above 37k where the point of control (price with the highest volume) AND the supply down trend crosses
3- Break and close above 41.346 and exit the trading range
So, we have quite a few challenges before going to the moon.
The second chart i'd like to share is the monthly chart. You want to look at higher timeframes in times like this in order to avoid traps, noise and false signals.
Again, notice how the volume is above the average. The aim of these drops is to exhaust supply or the sellers. I don't see any shortage of sellers right now.
And the daily candlesctik chart. In the last 8 days we have a textbook bearish pattern called the "falling tree". It happens after a downtrend with 3 consecutive bullish candles. Read more here investopedia.com/terms/f/falling-three-methods.asp
Speaking of candles, i'm watching daily candles slowly in the making and realized it's being engineered rather than a market action. We can easily see this on the session volume profiles on a daily chart.
This chart is like an x-ray of candlesticks. You can see how the dump was started with such a small volume and giving us a fake rally with small volumes just to match support lines, while plebs are buying.
So, i need the bullish case events i mentioned above to happen in order to become bullish. You don't want to FOMO here and besides, if we are going to 100k, we'll have plenty of chances to get back in.
You may even call it a rule, never trade within a sideways trading range, you may get chopped off.
Trade safe and beware of traps!
註釋
New update 
註釋
We have a new downward column on p&f chart! 
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