BTC swing analysis. July - Aug
Hey traders, just an update to this rather volatile trading pair. I do apologize for not being active enough to bring out charts on a frequency to keep up with the market momentum, it's really been quite a wild ride lately, especially on the 4h and below. With that said, I'd like to focus the attention on a controversial topic of BTC and it's possible/likely wicking of the teens region.
This chart is actually really simple, it's built off the same things all of my charts are: S/R, trendlines, a few spiderlines that I added that aren't really integrated into the TA but rather supporting factors to existing trendlines and support regions, and finally the Gann Fan which is nice to accompany a strong trendline and gives a good visual presence of boundaries if it's done accurately. To add, I drew a path of *roughly* where I expect the buyers and sellers to lead BTC, and hastily estimated max pain regions.
I also added the timeline at which is about the elapsed period before closing the gap between our current zone and the floor, which conveniently happens to coincide with the start of a new month candle -which I have a strong suspicion will be a nice solid green- (something we haven't seen in a while). right now, it's pretty much whales trading BTC back and forth, and the traders caught in the middle either making or losing money, there's *some* investors buying in; but the general consensus doesn't want to invest in BTC at 30k+ they just want to trade it at 30k+, and I think that will remain the issue until we hit lower lows. FYI I mostly trade alts, so if anyone has any requests, I don't mind making a chart, as long as it's not a sh-tcoin ;)
This chart is actually really simple, it's built off the same things all of my charts are: S/R, trendlines, a few spiderlines that I added that aren't really integrated into the TA but rather supporting factors to existing trendlines and support regions, and finally the Gann Fan which is nice to accompany a strong trendline and gives a good visual presence of boundaries if it's done accurately. To add, I drew a path of *roughly* where I expect the buyers and sellers to lead BTC, and hastily estimated max pain regions.
I also added the timeline at which is about the elapsed period before closing the gap between our current zone and the floor, which conveniently happens to coincide with the start of a new month candle -which I have a strong suspicion will be a nice solid green- (something we haven't seen in a while). right now, it's pretty much whales trading BTC back and forth, and the traders caught in the middle either making or losing money, there's *some* investors buying in; but the general consensus doesn't want to invest in BTC at 30k+ they just want to trade it at 30k+, and I think that will remain the issue until we hit lower lows. FYI I mostly trade alts, so if anyone has any requests, I don't mind making a chart, as long as it's not a sh-tcoin ;)
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