I am a relatively new and inexperienced trader and I am still in the process of learning my way around financial markets. I have been trying to keep tabs on the community's sentiment toward the current BTC COINBASE:BTCUSD price trend, and I want to share my own thoughts regarding where I believe the market will be heading. As I attempt to become a more consistent and profitable trader, I will also attempt to publish my ideas in an attempt to log my progress.
I understand that being successful as a trader is a very risky endeavor, and trading cryptocurrency can be very emotionally and psychologically demanding, but with that said I would like to hear all of your input regarding my ideas. I am sure many of you have been in this game for a while, and if you have any resources or feedback in which I can learn from I would love to hear it.
Taking in the bigger picture, COINBASE:BTCUSD seems to be trading around the midline of a larger price channel, ranging from the newest ATH of 73.5K to the recent lows of ~59.5K. The thing that I want to focus on is the past price trend and volume compared to the current trend we are in.
BTC price seems to be following an uptrend very similar to the trend we saw after the April 1st dip. In 6 days, from April 17 to April 23, COINBASE:BTCUSD has risen 12.21% with a total volume of 72.294K BTC. Comparing this trend from April 2 to April 8, we have risen a comparable level with only ~87.15% of the volume.
Comparing the most recent downtrend and the downtrend after hitting the latest ATH, COINBASE:BTCUSD has seen a comparable, if not slightly lower price using ~3.25% more volume. Currently, BTC is trading in the 66.5K - 67K price, meeting resistance preventing the price from pushing further up.
It is my belief that the current uptrend may stagnate at this price, preventing the continuation of the uptrend and reversing downwards once again. Of course, global news in the recent months definitely have contributed to the direction of the financial market, and the recent Bitcoin halving has generated a lot of buzz and positive sentiment regarding Bitcoin, however I believe that sell pressures are increasing at the moment and the general trend may soon reverse once again.
If you have any thoughts regarding BTC's next moves or would like to point out anything regarding my observations, I would like to hear what you have to say.
Trade active
⋅
Last night I entered my short - one trade at ~66.6K and a larger trade at ~66.1K. I will be keeping and eye out and adjusting my stop losses, however at the moment I am aiming to take profit ~63K. If BTC continues to drop, however, I may just ride it out.
Trade closed: stop reached
⋅
Late update, got stopped out last night with a good profit. Looking for the next setup.
Congratulations and well done for sharing your first idea with the community. Hope you will be having great experience. Thanks for your contribution. From mod @Bravetotrade