Hello everyone,
PLEASE NOTE:
So just to put it out there, i am by no means an expert / master of T.A. This is strictly for educational purposes and would love to hear your insights, tips, advice and more. Best ways to learn is through expressing what you've learned so far and engaging with others.
Also, i tend to focus on TA alone and barely go into FA and therefore will also not address the current global MACRO trends occurring, keeping it strictly TA.
So BTC has bounced off the lows of 17k give or take some. Quite frankly this bear flag scares me for the intermediate term.
For the short term however, it may be possible that we still have some juice left. My current target is the 25500 (ish) area as 3 resistance lines converge there.
The White line being the upper line of bear flag
the Green line being a horizontal resistance that connects a wick from may '22
The red line being the lower line part of a previous bear flag we broke down from and part of the downward channel that started from the 69k highs.
Seems like a MAJOR MAJOR road block for short term and could even bring us down to the bottom of the white channel, which could go either way. Potentially breakdown as a continuation pattern down to hypothetical double bottom or even further down
For me im in a quick long from 22.5k and im looking to exit 75% at this level for a quick buck. Stop loss already moved for profits.
But if we can break above and confirm. Its possible we go to 28k-30k range and test that. But our momentum would burn out by then for sure in my opinion.
Another thing to watch is the volume as well. Its on the lower side. Watching for potential spikes.
****I forgot to unhide our current short term resistance of approx. 24400 to 24770 that we need to break to get to 25500.
INDICATORS:
1. RSI - im observing this, the white trend line particularly as it marks Lower Highs that started from the 69k top. If it can pierce and stay above the white trend line. Maybe the 28k level becomes more likely.
2. STOCH RSI - weve been in this channel since late june. at a glance looks like momentum is losing steam a bit
3. MACD - We have flatlined and the green bars are losing steam as indicated by trend line
Thank you. Please do let me know what you think. Please also share any advice, insights or questions.
PLEASE NOTE:
So just to put it out there, i am by no means an expert / master of T.A. This is strictly for educational purposes and would love to hear your insights, tips, advice and more. Best ways to learn is through expressing what you've learned so far and engaging with others.
Also, i tend to focus on TA alone and barely go into FA and therefore will also not address the current global MACRO trends occurring, keeping it strictly TA.
So BTC has bounced off the lows of 17k give or take some. Quite frankly this bear flag scares me for the intermediate term.
For the short term however, it may be possible that we still have some juice left. My current target is the 25500 (ish) area as 3 resistance lines converge there.
The White line being the upper line of bear flag
the Green line being a horizontal resistance that connects a wick from may '22
The red line being the lower line part of a previous bear flag we broke down from and part of the downward channel that started from the 69k highs.
Seems like a MAJOR MAJOR road block for short term and could even bring us down to the bottom of the white channel, which could go either way. Potentially breakdown as a continuation pattern down to hypothetical double bottom or even further down
For me im in a quick long from 22.5k and im looking to exit 75% at this level for a quick buck. Stop loss already moved for profits.
But if we can break above and confirm. Its possible we go to 28k-30k range and test that. But our momentum would burn out by then for sure in my opinion.
Another thing to watch is the volume as well. Its on the lower side. Watching for potential spikes.
****I forgot to unhide our current short term resistance of approx. 24400 to 24770 that we need to break to get to 25500.
INDICATORS:
1. RSI - im observing this, the white trend line particularly as it marks Lower Highs that started from the 69k top. If it can pierce and stay above the white trend line. Maybe the 28k level becomes more likely.
2. STOCH RSI - weve been in this channel since late june. at a glance looks like momentum is losing steam a bit
3. MACD - We have flatlined and the green bars are losing steam as indicated by trend line
Thank you. Please do let me know what you think. Please also share any advice, insights or questions.
Comment:
We are moving towards that SELL ZONE as i put up this comment. Really hard to say what will happen but expect a pull back, not sure how low but will be looking at the 22500 level. Break below can mean we test the lower line of the upward channel in white. If we come down where the white line and green horizontal support line converge, could push us back up. But who really knows.
