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Price is holding nicely at the support zone for now. Is this a sign that price could bounce from here and go higher? Let's see. The candles on the bounce are not incredibly strong, but definitely something we have to take a heed of when considering our trade options here.
If we can get a candle close above 3300 on the next 4 hour candle, that would be extremely advantageous as it would show a morning star right at the support zone, and could give leeway for buyers to enter a safe trade with a tight stop loss just under the morning star. A good risk reward would also ensue by doing this, as you have all the way up to the side-wards resistance line to reward, and only slightly below current levels to lose, so it could be worth a punt.
Bear in mind, if the morning star signal does NOT evolve, it's not logical to enter a long if price breaks above side-wards resistance UNTIL price has retested the resistance as a new support already. Any earlier you risk getting slipped out of a trade.
ALSO BEAR IN MIND, the morning star signal trade is pretty risky. So it's not for everyone. Always use your own strategy whilst trading and use my analysis merely as a framework.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I will continue to update this analysis in real-time if this idea receives sufficient attention :-)
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Called at the perfect time, looks like we're going up as planned!
Well done to anyone who headed this advice, you quite literally caught the VERY bottom. As always. :-)
Please leave a LIKE. I'd really appreciate it. :-)
You called "the exact bottom" after your last analysis got rekt so bad you didn't post for a month. "we're in upside territory" when BTC was at 6k. What a load of BS. You're setting up traders with unrealistic expectations. Watch out before you get burned everyone. Nobody wants to hear a captain hindsight. Here's the analysis for anyone that cares to do their due diligence. Unfollowed.
TomProTrader
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@MrMarketMaker, Yes, this is my analysis guys, check it out!!
And I was doing fund management hence not being here as I explained. It pays to read before talking.
Listen not to speak, but to learn :-)))))))
MrMarketMaker
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@TomProTrader, Sure thing, whatever you say. Doesn't hide the fact that you got burned along with your followers and ran away. The priced lost almost 50% and you were talking about a perfect opportunity to buy. I'm sure you're still hurting.
There's nothing to learn from someone like you, the worst type of trader out there. This isn't the first time you've done this either. Had to let the following know. Avoid at all costs.
Rezonator23
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@MrMarketMaker, I dont see the point of this shitstorm coming to Tom. Sure, he was wrong, sure people got burned, but that's just the way trading is! Even I didnt expect to see such a sudden down turn but that's just the way things our. Stop being so emotional about it, that somebody was wrong. You could always limit your risk by doing your own research and setting up your Stop loss!
I really hate when somebody is giving his opinions and thoughts for free, and people are only disrespectful and offended, when things are not 100% success rate. Grow up, srsly.
MrMarketMaker
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@Rezonator23, there is no shitstorm. The fact that he comes back and says LOOK I WAS RIGHT! is the sad part. That's all I'm saying. Nothing wrong with his analysis, it's his attitude. Childish.
BorisPoff
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@Rezonator23, everyone gets burned once in a while. Only the bravest call it a “perfect call” when in fact it was a disaster. Either intentionally misleading people or incompetence of cosmic proportions to not even see a bad call. @MrMarketMaker was referring to this author’s latest post where he praised himself for making a perfect call.
Someone definitely needs to grow up. The question is, who?