I'm going to go out on a limb here because i am not overly bullish on ANY cryptos right now.
Most of them have broken their long term up trends. BTC is also very close to a major sell area but could also be a potential buy area .
I would be a buyer of BTC near the 9860 area as we have a falling wedge pattern into major support. I would definitely be out if we go below the black line.
Most of them have broken their long term up trends. BTC is also very close to a major sell area but could also be a potential buy area .
I would be a buyer of BTC near the 9860 area as we have a falling wedge pattern into major support. I would definitely be out if we go below the black line.
Comment:
We tapped my buy level this morning where i scooped up some @ 9861. Judging by the pin bar reversal we have nice support down there. :) Good luck!
Comment:
Closed 50% of my position at the green area + trendline. Moved stop up oin remaining 50%. Why? Money management and because extreme caution is warranted at this area which is the bottom of a giant upsloping channel we have broken. In other words this is a place where a big selloff could resume from... but i dont care! Because it is impossible for me to lose on this trade. :)
Trade closed: stop reached:
Stopped out @ break even on position 2, position 1 TP @10,320 (green area resistance).
Comment:
and that folks.... is why you use money management to trade cryptos instead of the most foolish (and dangerous) meme in the crypto space "HODL". The circled area is where i took profit on this trade. The other half was stopped out just above break even for a nice net profit .
Comment:
The failure of TOTAL market cap to retake the H&S trendline on retest was an important warning sign. Until this trendline is retaken the crypto space is badly broken and will continue to lose ground against precious metals. Will probably see a short tradable bounce from todays level around 7800 but i wouldnt count on a recovery from here.