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Nagato Dharma

Daily Bitcoin Trading Analysis by The Birb Nest #2

Daily Bitcoin Report & Market Update.

1W (Weekly)

– Closed as another indecision candle
– Though we got a bullish flip in color of the HA candle
– RSI pointing up, but below dotted trendline
– On the Weiss volume Wave indicator i’m seeing also a change in color which gives confluence on the weekly HA candle

3D (3 Days)

– Seeing the same thing as on the Weekly
– The last 3 candles on the 3D chart are all indecision candles, which once again tells us price is in very tight range, without any decision

Concluding; no direction has taken yet on the weekly, while this indecision candle didn’t go above or below the candle before (inside HA candle). For HTF traders, wait for a direction while this is not tradable yet.

1D (Daily)

– Yesterday closed as a first red HA candle, which ends this small bullish uptrend of 4 blue HA candles
– Price wasn’t able to break through diagonal trendline yet
– Also the horizontal resistance area around 10378.07 was to hard to crack yet
– On my indicators RSI and Weiss volume Wave which I use for confluence we experience also a flip in color, meaning bearish momentum took over for now

12H (12 Hours)

– On this 12h you could clearly see the change in trend on 169
– Confluence on all indicators, RSI, Weiss Volume Wave and on the AO Histo

Personally I’m only 1/3 of my position in BTC and I’m waiting for the resistance to flip for support before adding.

To summarize, on the higher timeframes this is not tradable yet for HA traders while we’re painting indecision candles. So, we wait for a direction to choose either bull or bear side. When trading below Daily, the trend flipped bearish yesterday, while we just painted our 4th bearish HA candle on the 12H. Please consider which timeframe you’re trading and follow the trend. Heikin Ashi helps you with this!

The Bird Nest

The Birb Nest is a cryptocurrency trading group.
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