Sunday, August 18, 2019

BTCUSD Technical Analysis (06-05-19)

Happy Wednesday!
I don’t like this chart yet.

Now that’s out of the way, I want to start by looking back on the week at the bigger move hopefully to add some context.

This week has pretty much played out we wanted: We got our big drop from Monday, and we got our little accumulation pop off the support (little rough, nasty little drop before closing above support and giving our pop) overnight. And now I think we’re back in the bigger move from Monday.

BTCUSD SOH Today! by BTCNN on TradingView.com

NOTE: We just tested weekly support, don’t ignore the bigger time frame!

So we hit the top of the May 19 range last night which helped formed out giant M:

snapshot

This helps, a lot. As we talked about, the double top has a finishing move where it comes up to test the apex of the M and then tanks. But we’re talking about daily candles, so it takes multiple days for the trade to play out.
I’ve marked some lower levels to show what’s untested below, I don’t think they matter until later.

To be honest with you all, this is the part I don’t like:

snapshot

I just don’t feel like it wants to gain here right now, and although what’s needed to give our move… if it’s gained too fast we’re going to the moon.

Sorry everyone, but until I get some confirmation here I have to sit on my hands and wait for the bigger time frame to show me something good to eat.

Best of luck to everyone else today!

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