Bitcoin Forum

https://talkimg.com/images/2023/09/10/mbckZ.png (https://www.tradingview.com/chart/HOTBTC/rervhWPQ-HOTBTC-Weekly-Flirting-With-TD-Green-Price-Flip/)





To elaborate on the Weekly* bullish view of HOT/BTC:

• Bullish divergence on the CMF (compared to bearish on the Daily time frame).
• RSI beginning to find support from breaching oversold conditions at 30.
• TD Sequential reached an aggressive 13 (as far as TV algo goes).
• Weekly candle is flirting with a green 1 when 9 sats or above.
• MACD yet to bull cross but coming closer together.

Bullish divergence aside, I'm liking the simplistic sequential weekly view at the moment:

• The last time a green 2 went above a green 1 was in January 2019, the price rose 20 sats to 46 ATH within 2 weeks.
• The price therefore could breach the falling channel resistance first time (on a green 3 going above a 2).
• Next week could active the first long trade on HOTBTC for 9 months, based on the sequential system.

Resistance levels modified for weekly view: 12-14, 21-23, 28-31 as well as 46 ATH.

*Correction

I respect your analysis and bought some hot and set stop loss. But I wonder, isn't there a possibility of a descending triangle formation in this graph? If there is, we may face a sharp fall, so i think this trade is a bit risky. I hope what I fear does not happen

I wouldn't put too much emphasis on Tom Demark's sequential, not every nine count is considered a pivot. The best one technical analyst can do is use other classical TA to confirm the sequence. It looks to me a breakout from the channel is the best long trade entry.

Guess ill watch this thread, see where it goes
ive never been too big on TA, as i always felt crypto markets too unpredictable to assume
But yours seems pretty close, i might have to check out your altcoin thread too hehe

The crypto markets are indeed seemed unpredictable. But technical analysis is actually founded on the buying and selling behavior of people. In fact, the crypto markets is said to be the purest markets because there is no real demand yet for the coins, 98% speculation, unlike trading oil or foreign exchange.

Looking good so far, now up 20% with break even stop loss  :) I'm never usually this accurate with forecasts, please don't get used to it  ;)
Note the last red arrow point to this week, this means I have no idea if the price will get rejected and fall back to support, or break upwards.
No profits taken as this is a macro trade on the Weekly chart, not a swing trade.

Good call on this one, congrats! Looking at the RSI and MACD from  your screenshot, it looks like the price will continue to go up until around 25 Satoshis or so. Possibly even up to 35 or 40. Again, like you I'm not always right, but there's a pretty good chance it will keep going up for a little while.