As of writing this, we are dumping after being unable to break the resistance above the former of 9500. Conditions are still overbought on the so I think we’re headed to 8600. Watch for oversold conditions on both indicators on smaller time frames.
On the Hourly, that overhead kumo proved to be too much for now. The break of the sumo was the key support, so that would have been a good place to have kept a stop loss. The same fractals are visible on lower time frames (9500).
Notice how on the 15min the kijun is now crossing over the tenkansen. We are in oversold conditions but is high. Both failure to break the last , or rather the bear break was an indication that we would see little resistance to 9260 (I’m still following my theory that the more velocity we see in the recent past, the more of a chance we have of seeing the same amount of velocity without much resistance if that level is broken). The break of the kijun was a second signal. We’re nt in the cloud on the 15min. On lower time frames I don’t usually pay as much attention to whether it’s in the cloud or not, but preferably we would be above it for a entry. That would also likely mean we’d be trading above the kijun again.
That’s all for BTC for now. No video at the moment, there’s too much noise outside my house for good quality audio! Sorry about that. Roti out.