On the above 5-day chart price action has corrected to a legacy support and resistance test point. It would be a mistake by market participants at this time to assume there is a continuation in the correction to lower lows. Why?
1) Look left. This support and resistance is more important than most. It is the support and resistance where market structure broke, confirming the downtrend.
2) Tradingview.com is awash with published “short” ideas at this moment. We know 90% of market participants lose money. I’d rather be in the 10%, wouldn’t you?
3) Price action has just broken out of a falling wedge pattern at this time, 46.5k target.
4) IF and a big IF… if price action prints a Green 5-day candle on this chart with the target met before the end of the month, there’s will be fireworks.
Ww
Type: trade
Risk: <=6%
Timeframe for long: from 39.5k is amazing.
Return: 15%
1) Look left. This support and resistance is more important than most. It is the support and resistance where market structure broke, confirming the downtrend.
2) Tradingview.com is awash with published “short” ideas at this moment. We know 90% of market participants lose money. I’d rather be in the 10%, wouldn’t you?
3) Price action has just broken out of a falling wedge pattern at this time, 46.5k target.
4) IF and a big IF… if price action prints a Green 5-day candle on this chart with the target met before the end of the month, there’s will be fireworks.
Ww
Type: trade
Risk: <=6%
Timeframe for long: from 39.5k is amazing.
Return: 15%
Comment:
The GRM support is at 38k, a strong bounce should be expected from here.
Trade active:
As stated about 72hr ago, a strong bounce is expected from 38k.
If you're waiting for 31k at this time.. I've got this Déjà vu feeling all over again... 10k bears waiting for price go down, instead they watch it rally from 17k to 49k.
Never forget, markets exist to take away money from the majority of people the majority of the time. That is all this mini correction has accomplished.
If you're waiting for 31k at this time.. I've got this Déjà vu feeling all over again... 10k bears waiting for price go down, instead they watch it rally from 17k to 49k.
Never forget, markets exist to take away money from the majority of people the majority of the time. That is all this mini correction has accomplished.
Comment:
As the week comes to a close a strong hammer candle print can be seen. The Monthly Gravestone DOJI is all but gone. A lot of tokens have changed from one group of hands to the other in the last 21 days alone. You don’t have to look to far left to see the last time this happened.
Weekly
Scaling down to the 3-day chart a bullish engulfing candle print is confirmed. This is trend reversal. The target area is highly probable at this point.
So far, this mini correction was a textbook Bear-trap.
3-day
Weekly
Scaling down to the 3-day chart a bullish engulfing candle print is confirmed. This is trend reversal. The target area is highly probable at this point.
So far, this mini correction was a textbook Bear-trap.
3-day
Trade active
Comment:
Not far to go..
Trade closed: target reached:
Touchdown.
Where to next 31K, 70k?, 100K?
Will say somewhere else..
How I knew..
Where to next 31K, 70k?, 100K?
Will say somewhere else..
How I knew..
Comment:
It occurs to me this past resistance (46.5k target) has never confirmed as support.
Is this that time?
Is this that time?
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
If you're reading this and that is not the situation by January 31st, idea is void.