Getting thrown by all types of noise and analysis on BTC even though I have never traded it and don't plan on doing so either.
I don't understand how it works and what the supply-demand curve of it actually makes it an asset.
Complications ignored, just wanted to have a look at its technical chart. Given that most of the visible traders are either tiktokers, gamblers and other folks who still don't know what narrative they are being sold.
Saw a couple of interviews from Chamath (CEO of Social Capital) and The Winklevoss twins {Baptist of Crypto, (that's what I call them)}
Evangelical stuff apart, let's get to the Technical Analysis of this behemoth of a BTC chart!
There have been 3 instances where BTC has fallen more than 25% in 2021
1) From 8th Jan 2021 - 22nd Jan 2021
2) 21st Feb - 28th Feb
3) 14th April - 23rd April
The first correction came after a euphoric 96% rise from 21400 USD - 41980 USD
The second correction came after a rise of 92% from 30400-58400 USD
The third correction came after a rise of just 27% from 51200 - 65200 USD
Clear fatigue can be seen in the third rally.
On the daily time frame, it formed a clear "rising wedge" pattern (bearish pattern)
Breaking the whole pattern into SWING LOWS -
The 3rd Swing low has been broken and a 🔨 candle we as formed on the daily TF on 23rd April citing a clear buying pressure from the previous low
If the low of 23rd April is broken it can easily travel to the 2nd Swing low.
On the contrary, it has started forming higher lows on the daily TF for the past 2 days which isn't much meaningful when taken into the broader picture.
A buy on BTC can be initiated above the 3rd swing low (around 50900 USD ) based on the dip being bought into
An SL of 47500 USD can be kept as the low of 23rd April 2021
If you guys out there understand what BTC is, what its prospects are and how it's going to decentralise and stuff (none of which I can really understand)
This is your time to buy!
In short -
Buy at - 50900
SL - 47500
Targets - To the 🌙 (jk, atleast until 59855)
Risk:Reward = 1:2.69
I'll be posting more often from now onwards!
Happy Trading!
I don't understand how it works and what the supply-demand curve of it actually makes it an asset.
Complications ignored, just wanted to have a look at its technical chart. Given that most of the visible traders are either tiktokers, gamblers and other folks who still don't know what narrative they are being sold.
Saw a couple of interviews from Chamath (CEO of Social Capital) and The Winklevoss twins {Baptist of Crypto, (that's what I call them)}
Evangelical stuff apart, let's get to the Technical Analysis of this behemoth of a BTC chart!
There have been 3 instances where BTC has fallen more than 25% in 2021
1) From 8th Jan 2021 - 22nd Jan 2021
2) 21st Feb - 28th Feb
3) 14th April - 23rd April
The first correction came after a euphoric 96% rise from 21400 USD - 41980 USD
The second correction came after a rise of 92% from 30400-58400 USD
The third correction came after a rise of just 27% from 51200 - 65200 USD
Clear fatigue can be seen in the third rally.
On the daily time frame, it formed a clear "rising wedge" pattern (bearish pattern)
Breaking the whole pattern into SWING LOWS -
The 3rd Swing low has been broken and a 🔨 candle we as formed on the daily TF on 23rd April citing a clear buying pressure from the previous low
If the low of 23rd April is broken it can easily travel to the 2nd Swing low.
On the contrary, it has started forming higher lows on the daily TF for the past 2 days which isn't much meaningful when taken into the broader picture.
A buy on BTC can be initiated above the 3rd swing low (around 50900 USD ) based on the dip being bought into
An SL of 47500 USD can be kept as the low of 23rd April 2021
If you guys out there understand what BTC is, what its prospects are and how it's going to decentralise and stuff (none of which I can really understand)
This is your time to buy!
In short -
Buy at - 50900
SL - 47500
Targets - To the 🌙 (jk, atleast until 59855)
Risk:Reward = 1:2.69
I'll be posting more often from now onwards!
Happy Trading!