Bitcoin Chartpunk Daily Alpha #43

Join me on the journey to a 250k+ Bitcoin price! We will definitely have some good and bad times on this bumpy road, but with good alpha we will be able to ride strong trends and avoid sharp losses. Being a trend trader, I am not promising to pinpoint exact highs and lows, but I hope my view will assist you in making your own decisions.

Market Structure

Bitcoin HTF Market Structure 2021.11.09.

HTF Bitcoin chart is bullish. Uptrend is intact with higher highs and higher lows. The price is above the AVWAP levels of both the July 21 and September 29 uptrends. And the price has just printed a new all time high, launching Bitcoin again into price discovery. No reason to be a bear here. To the north the levels of 72k and 81k are reasonable target resistance levels based on monthly Fibonacci pivot points. To the south the AVWAP supports of 58k and 49k should provide proper support for any pullback.

Bitcoin LTF Market Structure 2021.11.09.

The low timeframe Bitcoin chart is becoming fully bullish again. Higher highs and higher lows are printed again, the downtrend from October 20 can be considered invalidated. The market has risen sharply and agressively, a retest of the 65.5–67k level is possible. Further supports to the south are the 64.5k and 61.6k AVWAP levels. To the north the 72k price target of the HTF chart is the possible next station.

Predator Charts

Bitcoin 3-day 2021.11.09.

The HTF Predator chart is bullish. Indicator is green, and the price is above the ascending 20-period moving average.

Bitcoin 1-day 2021.11.09.

The daily Predator chart is on its way to flip bullish again. Indicator has started to give us a green candle, but we should always wait for its close for confirmation. The 20-period moving average is ascending, and the price has managed to rise way above its level.

Bitcoin 8-hour 2021.11.09.

The LTF Predator chart is bullish. Indicator has given us multiple consistent green candles, and the price has risen way above the 20-period moving average level.

Summary

We can confidently say that the bull market is back on almost all of our charts and timeframes. Also the macro views and sentiment on the market is bullish. As detailed at the individual charts, I see Bitcoin closing in on the 72k level, then the 81k level reasonably soon. If things would go south, we have supports at 58k and 49k, and I would expect nothing else than a bounce from there.

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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. My core strategy in trend trading is to look for a market setup where the 3-day chart is indicating a solid trend, and is supported properly by the 1-day and the 8-hour charts.

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.

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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.

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