Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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Analysis provided on chart, please post any questions. This is lining up to be a nice Ichimoku Cloud trend (with the current strong bullish cross of the 4h cloud) so all buys on dips/retraces will be placed along the Tenkan and Kijun lines once this party gets started. Trend is your friend. Happy trading! Entry: $14200 (Downtrend line break) S.L: $12600 (Uptrend line break) T.P: $25500 (1.618 FIB)
Those 'strong bounces' are shows of weakness. The bull is breaking my friend. You're RSI is also showing a hidden bearish continuation divergence. Look at all signals, not just the ones that suit your sentiment.
FenixCapital
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@Manifested, if they were signs of weakness, they would have been weak bounces.... RSI bearish Divergence was broken once we dumped to 11k and RSI reset, thats how it works, look at historic signals rsi/patterns, this is how this bull market cycles my friend.
Manifested
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@FourthFloor, I'm talking about this bear div.:
Manifested
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@FourthFloor, And since you like historic examples, here's a good one. Bullish div is invalidated by a bearish cont. div. Lower highs on price and higher highers on RSI. See you at the 1.272 fib extension my friend.
FenixCapital
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@Manifested, A) There is no bullish divergence there B) that is a very weak example of a hidden bearish divergence, with the former you posted that is presently forming definitely being a stronger example. However, there is not only a strong bullish divergence to counterbalance that, but also many combined factors attributing to my conclusion of overriding bullish momentum (one of such being the strong break of the downtrend).
Manifested
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@FourthFloor, Also nothing about the 4 hour cloud is bullish other than that weak TK cross, which only happened on bitfinex's chart. Ascending triangles require 3+ touches. List goes on.
FenixCapital
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@Manifested, As shown on the chart, I stated it was a bullish CLOUD recross, not a TK cross (TK has been bullish for a few days). Bullish cloud crosses are evidently inherently bullish, but moreover, when the price is already ABOVE the cloud when the cloud crosses bullish, it is an extremely bullish indicator, as happened on this chart (which was thusly stated). The ascending triangle is also simply a suggested possibility, as I mistakenly should have clarified, it is by no means a make or break pattern.
FenixCapital
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@Manifested, look at the historic weekly pattern for tendon/kijun bounces, which I have used to spot bottoms religously.