Bitcoin Chartpunk Daily Alpha #49

Market Structure

Bitcoin HTF Market Structure 2021.11.15.
Bitcoin LTF Market Structure 2021.11.15.

Predator Charts

Bitcoin 3-day Predator 2021.11.15.
Bitcoin 1-day Predator 2021.11.15.
Bitcoin 8-hour Predator 2021.11.15.

Summary

As you might already know, the high time frame charts are the most important to me in portfolio management. The HTF market structure is still bullish, I am holding my long positions. It is very important, that the price has been able to build a base at the April supply area, as such a momentum could lay the bed for a confident leg up. Stochastic RSI on the daily timeframe is low, assisting the potential upwards move. In the short term it is essential for the bulls to hold the 62500–62800 level, in order to keep the 67000–72000–81000 price targets in play.

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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