Said I would be gone for a couple of weeks, but decided against it as I am already way ahead of my other commitments and some wonderful comments from the TradingView community! :-). Good to be back and I've missed posting even though it's only been a few days!
Bitcoin pretty much perfectly following my previous analysis (So far) so I want to make a new one to continue riffing off the ideas of said analysis. It seems Bitcoin will conform to the previous plan and keep going along with it. There is however something we must pay attention to, and that is the recent price action... Price recently made a low at 6130, which is TECHNICALLY within the support bottom and could count as a bounce. So for now we have a predicament of sorts, and that is, has the bounce even happened yet? Or must we get lower and hit the lower support zone levels between 6000 and 5850 first before anything else happens? That's the question now and one we must figure out before entering the trade or we'll get in too early and get stopped.
Well I'll just answer from a common sense standpoint. If you look at the last 4 days price action, you can see a doji/inverted hammer type candle, followed by a green candle closing as a morning star signal, followed by multiple dojis. This could either be indecision picking up momentum for a strong move up or the doji's could show fading momentum. Best way to avoid getting stung by this is zoom into lower time frame, get your fibonacci retracements out and see how price reacts at key hidden levels. Situations like the above are hard for traders as many retail ones generally want to jump in due to impulse/rushing in to the trade. Just be patient, stop caring, be more robotic and follow logic. If price negates 6170, it's going down.
Where do YOU think price is heading? Leave a comment below with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Bitcoin pretty much perfectly following my previous analysis (So far) so I want to make a new one to continue riffing off the ideas of said analysis. It seems Bitcoin will conform to the previous plan and keep going along with it. There is however something we must pay attention to, and that is the recent price action... Price recently made a low at 6130, which is TECHNICALLY within the support bottom and could count as a bounce. So for now we have a predicament of sorts, and that is, has the bounce even happened yet? Or must we get lower and hit the lower support zone levels between 6000 and 5850 first before anything else happens? That's the question now and one we must figure out before entering the trade or we'll get in too early and get stopped.
Well I'll just answer from a common sense standpoint. If you look at the last 4 days price action, you can see a doji/inverted hammer type candle, followed by a green candle closing as a morning star signal, followed by multiple dojis. This could either be indecision picking up momentum for a strong move up or the doji's could show fading momentum. Best way to avoid getting stung by this is zoom into lower time frame, get your fibonacci retracements out and see how price reacts at key hidden levels. Situations like the above are hard for traders as many retail ones generally want to jump in due to impulse/rushing in to the trade. Just be patient, stop caring, be more robotic and follow logic. If price negates 6170, it's going down.
Where do YOU think price is heading? Leave a comment below with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Comment:
Guys a nice movement, one that should be watched for a nice long position. Don’t buy on impulse!
Please leave a LIKE. I’d really appreciate it.
Thank you for your support.
Above 300 likes and I’ll be posting a new analysis today! <3
Please leave a LIKE. I’d really appreciate it.
Thank you for your support.
Above 300 likes and I’ll be posting a new analysis today! <3
Please leave a LIKE. I’d really appreciate it. :-)
Thank you for your support.