thetradingparrot
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Bebek and Venka, weekly tokens + market TA
🕑 Added 2021-08-23 12:06:13 +0000 UTCI'm going to switch on Venka and Bebek.
I only added the RVN pair to BEBEK.
Conservative traders
You can wait for BTC to confirm fully 51K as a new level of support for extra safety.
We truth is we can still drop below 50K now but obviously the fact that we are being able to be over 50K now is already bullish.
Monitoring leverage in the market
Bears must be getting worried about their stop losses getting liquidated over 50K.
As you can see in the chart below, currently most of the leverage on Bitfinex is on short positions which leads me to believe that longs are waiting for the 50s to be confirmed as support before jumping on a long targeting 56 or 57.
I can spot a pretty diffuse inverted head and shoulders on the 4h chart as well. If it breaks out with enough volume it should take us to 55K.
By the way, I usually mention that I apply RSI to the number of longs and shorts. RSI is not only an indicator useful with prices, it can be used for anything fluctuating. In this case it shows me when it's low likely there will be more longs or shorts in the market. It's much more easy to see compare to the original count of longs which is too flat in the chart to be able to understand where are we heading.
https://www.tradingview.com/chart/u5ZpyN4o/
Once reaching 51K, 56K should be very easy to achieve.
We are getting close to set a new ATH.
RSI Divergences
We keep getting getting notifications on discord signals channels of RSI divergences almost every day reminding us that we are still due for a correction. I believe that even though the chances of getting to 100K are now higher than going back to 30s, it's almost impossible we'll get there without any decent correction. Keep that in mind!
Keltner channel
Today is another day of being completely outside the Keltner channel. You can use it to measure areas of support in the scenario of a correction. The top band is usually the one most visited during a BTC bull run, followed by the central line. The lower band is the last limit providing a huge support and if it gets broken then it can be a real pain as we saw in May. Whenever there is a correction taking place, keeping an eye on it is not a bad idea.
At the moment the levels are located at:
- 47.7 top band
- 45 central line
- 43.3 lower band
