Hello!
Here is my daily idea for tomorrow - getting it in early as I will be traveling.
I rarely analyse crypto, but this is a lovely analytic setup.
We are in a clear corrective ascent following a bearish impulse move, after we hit recent highs in the last couple of months.
It looks like we are likely to hit a shoulder, and if we do, it's a strong indicator for reversal.
Having marked out the key support and resistance areas, we can see where likely TP and ticky margins may appear.
For the trade to be VALID, wait for evidence of rejection from the minor resistance level marked on the chart. Once entered, place SL just above this, in case we rise to a double top instead.
If we break the SL, do not re-enter. Do not give your money away to the market.
TP as marked on the chart, in keeping with recent support levels.
This is quite a fast trade by my standards, and I expect results by the weekend.
Please keep in mind that crypto markets are by far and away some of the most volatile out there, and extremely sensitive to a range of news sources. ALWAYS use a Stop Loss, and only trade what you can afford to lose.
Like my work? Please comment below if you want more crypto analysis, and like, comment, share my posts if you'd be so kind - the support really helps me!
Good luck, trade safe.
DrBear
Here is my daily idea for tomorrow - getting it in early as I will be traveling.
I rarely analyse crypto, but this is a lovely analytic setup.
We are in a clear corrective ascent following a bearish impulse move, after we hit recent highs in the last couple of months.
It looks like we are likely to hit a shoulder, and if we do, it's a strong indicator for reversal.
Having marked out the key support and resistance areas, we can see where likely TP and ticky margins may appear.
For the trade to be VALID, wait for evidence of rejection from the minor resistance level marked on the chart. Once entered, place SL just above this, in case we rise to a double top instead.
If we break the SL, do not re-enter. Do not give your money away to the market.
TP as marked on the chart, in keeping with recent support levels.
This is quite a fast trade by my standards, and I expect results by the weekend.
Please keep in mind that crypto markets are by far and away some of the most volatile out there, and extremely sensitive to a range of news sources. ALWAYS use a Stop Loss, and only trade what you can afford to lose.
Like my work? Please comment below if you want more crypto analysis, and like, comment, share my posts if you'd be so kind - the support really helps me!
Good luck, trade safe.
DrBear
Trade active:
This fell sooner than expected - I had a stop sell placed if this happened, so didn't miss out!
