Bitcoin Chartpunk Daily Alpha #10

8-Hour Bitcoin Chart

Bitcoin 8-hour 2021.10.06.

1-Day Bitcoin Chart

Bitcoin 1-day 2021.10.06.

3-Day Bitcoin Chart

Bitcoin 3-day 2021.10.06.

Summary

Guys, we are bullish, the positive trend has been confirmed by all of my trading strategy conditions. All of my timeframes show a consolidated bull trend. I am long, with an average entry price of about 48k. I am intending to take some profits just under the 53000 price level, this is where the price could temporarily reverse and the market could cool a bit. It would be rather healthy to consolidate around 53000, and could lay the bed for the next target of 65000. The price levels of 50000, 47000 and 44000 are serving as support zones, these are great levels to buy the trend. A drop in price under the 44000 level, and consolidation under the Fibonacci level would be a negative signal, and a drop under 37500 would signal an end of the long trend.

Like the newsletter? Do not miss any Daily Alpha, follow Chartpunk on Facebook, Twitter, Telegram or Reddit!

What is trend trading?

Trend trading is a market strategy that is reasonably different from swing trading or day-trading. A market “trend” is a tendency of a financial market price to move in a particular direction over time. Swing traders and day-traders are usually trying to pinpoint low-term market tops and bottoms, and take aggressive positions expecting to profit from a swift change of market direction. Trend traders are looking for consolidated and strong directions on a given market, and are trying to ride the trend for as long as possible. These traders normally enter in the market after the trend “properly” establishes itself.

What is the indicator coloring my chart candles?

I am using the Predator indicator from Decentrader as my core trading tool, that is coloring my candles green-red-turquoise-orange, and is providing me basic information on the trend. I am also using the 20-period moving average and Fibonacci levels for the identification of supports and resistances.

Thanks for your clap :)

Did you know each Medium user can clap an article up to 50 times a day for free? If you want to show your support for my work, please consider clapping this article all 50 times! It helps a lot, and motivates me to write more!

Join the discussion!

My goal with this article to share a unique perspective on certain topics. I’d love to hear your thoughts or questions, so feel free to comment them below. Have a great day everyone!

Disclaimer

The present article is a free material, for entertainment and educational purposes. Nothing in this post shall be considered as financial advice, you shall never make any financial decisions or financial investments based on a singly source of information and without doing your own research.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Chartpunk

Chartpunk

Trading and hodling bitcoin since 2015 I Focusing on longterm trends I No alpha for daytrades