TheSignalyst

BITCOIN - Correction Started! What Next?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As per my last analysis (attached below), the correction started. NOW WHAT?

BTC is overall bullish trading inside our orange channel so we will be looking for Trend-Following Buy setups as it approaches our lower orange trendline.

As per my trading style:
I will be waiting for BTC to approach the blue arrow (area) to look for possible buy setups (like a double bottom , trendline break , and so on...)

Knowing that BTC can still break the orange trendline downward.
In this case, I will be looking for buy setups as it approaches the green arrow around the 50k blue zone.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

Those corrections can always be a bit nerve-racking. Let's see where this one brings us.
Impeccable set-up and great analysis. Thank you for that: Always comforting to have a friendly environment when we see our close acquaintance (BTC) being assaulted and bleeding in front of us...

NOTE: Nice to see that everybody loves your videos. I am not the only one...You totally deserve the credit, your videos are the best.
+8 Reply
@BelowZero exactly gentleman. It is matter of time now let's wait and see what the price will tell us.

Thank you for your continuous support 👑
+1 Reply
seems you forgot the attachment. But anyway according to your theory we are not in a proven channel right, because there are not 3 points connected? Except if the second yellow one counts too :D
Also I want to thank you a lot for your amazing video's I think you are one of the best traders on the market, in terms of teaching others how to trade and what to take care off.
Keep up the amazing work, and I already look forward to your next videos.
+5 Reply
@Stormforce25

Thank you for reminding me, I am afraid I can't attach it now as I left the office and can't do it from the phone. I sent it to you here 😁

For the overall direction, we only need two swings to draw trendlines, only the trigger trendlines have to connect at least three swings.

Thank you so much for your feedback, it means a lot to me 🙌 respect.

I will be posting a video tomorrow then 😎
+5 Reply
Stormforce25 TheSignalyst
@TheSignalyst, all right, thanks for the explanation. Well I got so many Informations crushing into my head, that its sometimes hard to seperate everything.
So I kind of just remembered the connection of the 3 points, but sure, now that you say it, it was always connected to a trigger :D
I dont wanna put you under pressure, post your videos as often as you want, as long you keep the amazing explanaition Style.
+2 Reply
@Stormforce25 thank you dear 😁 promise, I will 🙌
Reply
Hello my friend.. What's the latest? Most think the breakout has occurred and we are headed higher, so maybe now we get the correction down to 56K, what do you think?
+2 Reply
thoughts on the weekly RSI divergence on bitcoin and other alts?
+2 Reply
simple breakdown and clean chart rich thx :)
+2 Reply
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