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BTC broke our side-wards analysis very well, and has since had a small pop to the upside, touching on the moving averages. Now price has touched the moving averages, I am expecting some small expected corrective downside which could lead us back to the side-wards support line before a break up move. When price does this, it does NOT mean that price is weak at all, this is perfectly acceptable technical behaviour and would be normal of a healthy and prosperous up move.
Price needs to correct slightly as is. It does not necessarily need to go all to the side-wards support, but it's a possibility that it does do this so it's one we need to keep a eye on. It is easy to get an entry here because we can simply just wait for the correction to be finished. The stop loss zone is easy, under the side-wards support is the obvious candidate because anywhere else is lower is illogical for it to be considered a buy anymore.
Also bear in mind, when price does come out of the slump here, price will then hit the consolidation resistance, where there will be once again another correction to the downside before the upside fully prevails. We're in upside territory, but patience is still needed to get this trade perfectly right.
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 realtime if this idea receives sufficient attention :-)
No way in hell this is a bull run... just zoome out on weekly and even monthly... This move means nothing, and is clearly a bull trap.
Trend is bearish and clearly in a descending triangle.
Basic stock rules indicate the descending triangly is a continuation patern and we will have a breakout towards 3k.
I really don't get why so many experienced traders think the opposite... Manipulation?
coralsands41
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@mjers, If the "rules" say that a descending triangle is a continuation pattern then the trend before the triangle was massively up, thus I guess continuation means we will go up. Time will tell.
dinopiccinin
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@mjers, Agreed... I think we're gonna see many more bull traps and bear traps before we see 3k.
BitcoinNewb
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@mjers, just relax. You are looking too much into it and thats all. If Tom says this is normal market behavior then it is. Smart traders will always take some profit off the table. Don't worry about timing it perfectly. Take some profits and wait. If you sell to early just be patient there will be a corrective move. J.P. Morgan was asked of he ever regretted selling to early and he said "I've made a fortune getting out too soon." He wasn't be faceous he was telling it how it is. I spent 6 months trading like a fucking idiot until I learned this strategy, and now I have coined up every time I trade. Every time. I sell after every significant rise. After that I wait. I have missed several good proceeding pumps and I was pissed, and believe me the FOMO always kicks in but I force myself to WAIT. It may take days, or evem weeks but you will be able to buy back for LESS than you sold. Try it and see.
TomProTrader
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@mjers, I never said it's guaranteed bull run... I said if it stays beyond the side-wards support then it's bullish.
Please refrain from commenting before reading. :-)
MrRenev
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@TomProTrader 15000 views and near 400 likes is not enough attention for updates? You won't get much more on tradingview, this is not twitter.
TomProTrader
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@MrRenev, I literally get like 1 like on my Twitter posts and a retweet if lucky.
So you're logically wrong, as well as ignoring my updates saying ill be back soon.
Not here to serve you, dont get emotional
dralerte
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Bears are not entirely in Hibernation yet. Plenty of folks are frustrated and want that a major bull run, however, I do believe as everyone gets bullish and starts to get excited, the rejected ETF news will surface, and the price will tank and capitulate before rallying back above 7k. Until we see a higher high on the daily, I am reluctant to call this price action a bull run.
Trend is bearish and clearly in a descending triangle.
Basic stock rules indicate the descending triangly is a continuation patern and we will have a breakout towards 3k.
I really don't get why so many experienced traders think the opposite... Manipulation?