The classic textbook resistance turned support zone that I mentioned at $9k ish has hold quite nicely for now. As you might already aware if you are in my group, I opened a position at $9750 a couple of weeks ago and was aiming for $11000 & $11900. Unfortunately the position was stopped out despite that the price did go in the direction I anticipated.
Well, that's what trading is about. It's not just about right or wrong or whether the price follows the stupid arrow. It's more about having your own set of rules, self discipline and risk managed.
Where is BTC likely to go?
It's difficult to anticipate what the next move will be in a market, especially in a ranging market.
From a bullish perspective, the uptrend since Dec 2018 is still intact. The major lows are moving higher. The 50 moving average is above the 200 moving average on different time frames and are pointing upwards. The most recent closed weekly candle closed higher than the previous highest closed candle. And the weekly candle prior was an bullish engulfing candle. Note here I am talking about WEEKLY candle, not 1hr or 4hr candle.
In contrary, the double top happened a month ago was confirmed when the neckline was broken. Although you could argue that the break of the neckline was fakey/short lived, it was still broken on the daily timeframe . In addition, there was a 2618 pattern that I informed you in my previous idea not to be overlooked in which it confluence with the 12k weekly resistance. As you can see, it did work out nicely, at least, for now.
I rarely give you two scenarios as every trader should have a bias. But, at times like this I feel the urge to provide you with both scenarios. First, I don't want you to blame me for missing out buying. I am only here to tell you how I would trade this market. Second, in a ranging market that's consolidating in a relatively high price level, after a parabolic move, I simply have no interest in buying at this price level.
It's better to miss out a trade than participating in every movement. There are many opportunities in the market, be it Cryptos, Forex, Commodities , Stock. Why should I be worried?
Well, that's what trading is about. It's not just about right or wrong or whether the price follows the stupid arrow. It's more about having your own set of rules, self discipline and risk managed.
Where is BTC likely to go?
It's difficult to anticipate what the next move will be in a market, especially in a ranging market.
From a bullish perspective, the uptrend since Dec 2018 is still intact. The major lows are moving higher. The 50 moving average is above the 200 moving average on different time frames and are pointing upwards. The most recent closed weekly candle closed higher than the previous highest closed candle. And the weekly candle prior was an bullish engulfing candle. Note here I am talking about WEEKLY candle, not 1hr or 4hr candle.
In contrary, the double top happened a month ago was confirmed when the neckline was broken. Although you could argue that the break of the neckline was fakey/short lived, it was still broken on the daily timeframe . In addition, there was a 2618 pattern that I informed you in my previous idea not to be overlooked in which it confluence with the 12k weekly resistance. As you can see, it did work out nicely, at least, for now.
I rarely give you two scenarios as every trader should have a bias. But, at times like this I feel the urge to provide you with both scenarios. First, I don't want you to blame me for missing out buying. I am only here to tell you how I would trade this market. Second, in a ranging market that's consolidating in a relatively high price level, after a parabolic move, I simply have no interest in buying at this price level.
It's better to miss out a trade than participating in every movement. There are many opportunities in the market, be it Cryptos, Forex, Commodities , Stock. Why should I be worried?
Comment:
Forgot to mention, my buy order still set between 6.8 - 7.3k and mid 5k.
