Daily Report – Bitcoin and Market Update (July 11 2020)
Middaily is lazy as fuck. I wish I could tell something different, but practically speaking the MTF picture hasn’t changed a bit since my recent reports. As lazy and out of any direction as it was few days back. The only difference now is, that we have broke just broke out above MTF downtrend of ATR (Average True Range – read infographic attached below). It tells me that bitcoin is slowly starting to boil and massive move is right around the corner. Price Action wise, we are oscillating around the most neutral zone of midrange level 9270, which makes the MTF price neutral and short-term price neutral. Completely not of any interest for me to trade this nonsense guess-what-whale-will-do game lacking any structure of directional movement to play longs or shorts. For LTF longs towards 10.5k I want to see price holding 9270 as support after any reclaim. For LTF shorts towards 8100, I want to see breakdown retest reclaiming 9200 as unbreakable resistance. Otherwise, it’s lacking direction and interest not only to me, but also to institutional money and large funds – hence no price direction
Hourly linear chart oscillating around mid-range level 9320 of the inside-range 8900-9700, which is fractal of the larger 8100-10500 range. This is what we call fractal nature of chart patterns, when one chart pattern happens on lower timeframes and is part of the same pattern of a larger timeframe. Momentum closer to oversold area which brings potential of local upswing anytime soon, especially that it’s retesting MA200 support at the moment of writing. All in all, per all my previous reports, you’d already know that for the nature of range trading: when BTC/USD trades above mid-range it’s more leaning to positive unfold towards range highs. When BTC trades below mid-range, the bias is short-term bearish. The bias hence would flip as many times as we would oscillate wrapped around the mid-range level. It brings the evidence of complete lack of any sort of directional decision from investors. Safe LTF/intraday longs when breakout retest succeeds above mid-range – then expect range highs. On the opposite edge, range lows retest may be the case. For further insights, please go to my yesterday’s webinar (will announce when it’s processed and ready for replay), exclusive #video-report and chart setup from yesterday’s webinar. God bless yall, stay safe.
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