Bitcoin Daily Update #24 – Day trader Explains
with TJ Trade Corner
Hello Lads and Ladies,
Welcome back to TJ’s TA sessions.- The Daily BTC Update #24
What happened in the last 24h?
In the last 24h we saw quite some movement in the market as described yesterday. We are surely seeing the scenario of confirming support as resistance but Ripple just shook the whole market and woke people up. Normally this would be a bigger influence on the market, yet we are familiar with ripples quick moves without or against the market sentiment. Nevertheless, we are still analyzing bitcoin and ready to take a look behind the scenes of it today.
Most important S/R right now?
2939 3030 3100 3160 3200 3250 3333 3434 3550 3666 3730 3812 3929 4077 4123 4169 4382 4658
Gained lost %?
Since the opening of the new daily, we wicked down -0.53%, but gained 2.00%
down 18$ but up 70$
Total MarektCap is 115 Billion – +2 –
Of which BTC is 61 Billion – +1 –
With a Dominance of 52.9%
– -0.5% –
The 30d avg Volatility is 2.77%
– -0.0 –
Shorts – 27.5k (pretty low)
Longs – 31.0k (high but solid)
– S +1.8k/ L +1.2k –
The last 3 funding rates added -> +0,0064%
– +0.0236 –
The TJ-Momentum is showing us a red cloud again, which is indicating us a drag and pull down. This might be important for the next days.
– -26 –
We saw today a big volume increase which is most likely due to the fact of a tight order book from the last days. We were expecting a move like that just a little bigger and actually to 3550, which is why we are expecting another move tomorrow, due to our significant volume.
TJ-MoneyFlow – Today, such as a few days before we are seeing red candles but a green money flow. This is making me wonder why and letting me expect a bounce to confirm previous support as resistance.
K(blue) – 11.7
D(orange) – 19.7
We are seeing an uptrend on the TJ-Moneyflow which is an important divergence against the down trending market structure. The shorts are increasing drastically. While the chart has not seen its full influence yet.
We are currently in a descending channel. This channel has 3 important lines. Its support, resistance and its middle line. Right now we are moving within the lower half of it, leaving a lot of space uncovered and need to be closed. We are seeing today as well a little red bull-hammer which might be indicating our next wick or move upwards for tomorrow.
Overall, we are still bearish. We are still going down and this close below 3434 is really a doom. At least for this week and the next days. Nevertheless, we can’t be jumping on the short hype train too fast and shoring BTC to the ground. We have to expect a wick upwards and let it confirm, giving ourselves confirmation, that the previous support of 3550 and 3434 is now resistance. This area that is being opened in the lower half of the descending channel is quite big. Yet, 19 days without confirmation will not create us magically a 500$ candle which then will confirm the resistance. This will have to wait until the MF divergence is done and or we see a double bottom on the low 3k levels.
What do we want?
We want a test of 3333 and then a rejection at below 3.6k bringing us back down to low 3k levels.
Considering a small short position with staggers to the middle of the descending channel.