Bitcoin Chartpunk Daily Alpha #46

Market Structure

Bitcoin HTF Market Structure 2021.11.12.
Bitcoin LTF Market Structure 2021.11.12.

Predator Charts

Bitcoin 3-day 2021.11.12.
Bitcoin 1-day 2021.11.12.
Bitcoin 8-hour 2021.11.12.

Summary

The HTF market structure is still bullish, with targets of 72k and 81k. This would require however a strong push back above the 65.5k AVWAP resistance of the LTF chart, and turn this level into support. Oversold stochastic RSI on the 4-hour LTF chart may assist in this move. To the south the price could challenge the 62k level of the 20-day moving average, and in case of its fall 58.5k could serve as the next support.

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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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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.

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Chartpunk

Chartpunk

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