Hey guys! Hitting you with another quick morning TA so without further a due let's dive in!
⚡️Basically this is gonna be on par with yesterday's idea so if you guys would like you should definitely give that a read! Bitcoin is still trending within our major descending channel which we've had down for a while now and we basically seem to be hovering within these HTF (High trading frequency) levels which show a lot of volume at $18,957.
⚡️If I'm being honest that HTF level looks like it's got a lot of volume thanks to set up limit/stop loss orders so we go back down to that level again and we could see a cascade start as a result of that, at these points those liquidations really hit, especially as people put down high leverage trades being that we're at such a low level. If that does end up happening with us moving below $19,000 you guys best watch that HTF level as well as our marked support. as our 200 EMA is just finally getting close to entering that descending channel again which is something we'll need soon. Watch those EMA's.
⚡️Being that we're approaching a wedge on the chart as you can see between that support and the descending channel's top we're gonna see a pretty wild move happen soon and which way it'll go will depend on who's got the stronger hand here, if we got no support bears could easily tumble us using that descending channel's top. But Bulls can also take the opportunity to send us out of the descending channel much like they've done before with past trading action. Being that we'll be at that channel's top they won't need much pressure to push us out of the channel and cause a breakout, that's why that 200 EMA is also good to see finally entering the descending channel with us.
⚡️So watch for all of those things and those EMA's, but most importantly if you wanna keep posted for the stuff you need then feel free to leave a like and follow so you keep posted on those ideas you need and explanations that really make sense. Feel free to let me know how you guys are doing today and feeling, I love hearing from you guys, thank you!
~ Rock
⚡️Basically this is gonna be on par with yesterday's idea so if you guys would like you should definitely give that a read! Bitcoin is still trending within our major descending channel which we've had down for a while now and we basically seem to be hovering within these HTF (High trading frequency) levels which show a lot of volume at $18,957.
⚡️If I'm being honest that HTF level looks like it's got a lot of volume thanks to set up limit/stop loss orders so we go back down to that level again and we could see a cascade start as a result of that, at these points those liquidations really hit, especially as people put down high leverage trades being that we're at such a low level. If that does end up happening with us moving below $19,000 you guys best watch that HTF level as well as our marked support. as our 200 EMA is just finally getting close to entering that descending channel again which is something we'll need soon. Watch those EMA's.
⚡️Being that we're approaching a wedge on the chart as you can see between that support and the descending channel's top we're gonna see a pretty wild move happen soon and which way it'll go will depend on who's got the stronger hand here, if we got no support bears could easily tumble us using that descending channel's top. But Bulls can also take the opportunity to send us out of the descending channel much like they've done before with past trading action. Being that we'll be at that channel's top they won't need much pressure to push us out of the channel and cause a breakout, that's why that 200 EMA is also good to see finally entering the descending channel with us.
⚡️So watch for all of those things and those EMA's, but most importantly if you wanna keep posted for the stuff you need then feel free to leave a like and follow so you keep posted on those ideas you need and explanations that really make sense. Feel free to let me know how you guys are doing today and feeling, I love hearing from you guys, thank you!
~ Rock
