Ahoy traders!
In my previous report I wrote about The Inverse Head and Shoulders Pattern which activated yesterday and showed significant move upwards. Now when the market is showing strength and break above of the neckline, it indicates that it's easier to break resistances and more likely to hold supports.
Right now it's hovering right below of the resistance zone and leaving wick behind after receiving small rejection from MA100 level. This is area which the price is expected to test multiple times before moving further upwards.
It's also in the area which isn't lucrative for trading and if you are in profit, then it's time to lock in some of them.
Now when bullish momentum has been unleashed on the larger scale, then the price should be expected to form higher low which is one of the key elements of an uptrend. The uptrend consists of two things which are Higher Highs and Highers lows. Taking this in to note we can understand that if it get's rejected from the level where the price is right now then we also understand that we should search for levels that are attractive for buying again.
The first attractive zone is the $7.000 support The second attractive zone is the neckline of the pattern at the $6.800.
Conclusion
It's important to learn to be patient and find setups that you are comfortable to trade with. When the bullish pattern unleashed it's actually good time not to FOMO in and wait for better buying opportunity. When you are trading without setups, it's like gambling and it will form bad trading habits in the longer run.
Another thing to keep in mind is that no market shoots straight up, they usually build up within days and weeks. As weird it sounds like but taking trade in a zone where there are no clear setups, is actually increasing your risk.
I'm still bullish on Bitcoin on the longer term and before the market can climb higher it's healthy to see a) retrace b) accumulation c) or any pattern that supports upward movement.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
In my previous report I wrote about The Inverse Head and Shoulders Pattern which activated yesterday and showed significant move upwards. Now when the market is showing strength and break above of the neckline, it indicates that it's easier to break resistances and more likely to hold supports.
Right now it's hovering right below of the resistance zone and leaving wick behind after receiving small rejection from MA100 level. This is area which the price is expected to test multiple times before moving further upwards.
It's also in the area which isn't lucrative for trading and if you are in profit, then it's time to lock in some of them.
Now when bullish momentum has been unleashed on the larger scale, then the price should be expected to form higher low which is one of the key elements of an uptrend. The uptrend consists of two things which are Higher Highs and Highers lows. Taking this in to note we can understand that if it get's rejected from the level where the price is right now then we also understand that we should search for levels that are attractive for buying again.
The first attractive zone is the $7.000 support The second attractive zone is the neckline of the pattern at the $6.800.
Conclusion
It's important to learn to be patient and find setups that you are comfortable to trade with. When the bullish pattern unleashed it's actually good time not to FOMO in and wait for better buying opportunity. When you are trading without setups, it's like gambling and it will form bad trading habits in the longer run.
Another thing to keep in mind is that no market shoots straight up, they usually build up within days and weeks. As weird it sounds like but taking trade in a zone where there are no clear setups, is actually increasing your risk.
I'm still bullish on Bitcoin on the longer term and before the market can climb higher it's healthy to see a) retrace b) accumulation c) or any pattern that supports upward movement.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
