BTCUSD - A Parallel World of Bitcoin (30-45 Degrees Trend Lines)
Hey Guys,
Here's the daily logarithmic world in parallels for Bitcoin.
These parallel support lines must be your best friend when it comes to trading. Mostly in 30 to 45 degrees and they're reliable in almost every time frame.
When I'm in a day trading mood, I'd enter a position when it hits a line either for shorts or longs, and set my stop loss and targets for the next line in respect.
At the moment, I've 3 different scenarios in mind for the daily chart of BTC and I can say that 2 of them are still seams to be bearish.
The pink trend line is the major support for 2021 for now. Meanwhile, after we experienced that more than %50 percent drop in price, BTC seems to be started a zigzag movement in accumulation for it's next move.
Now, looking at this parallel universe, I wouldn't take any longs or shorts until we touch the near blue trend line. Only after that, we must wait to see if breaks and closes above or if it simply can't.
My plan is to go short when we get to that point, cause in my opinion BTC will most likely to move in the way like scenario 2.
Conclusion: Wait for the price to come to you, don't rush into it. (:
PS: No financial advises here. Always DYOR!
Here's the daily logarithmic world in parallels for Bitcoin.
These parallel support lines must be your best friend when it comes to trading. Mostly in 30 to 45 degrees and they're reliable in almost every time frame.
When I'm in a day trading mood, I'd enter a position when it hits a line either for shorts or longs, and set my stop loss and targets for the next line in respect.
At the moment, I've 3 different scenarios in mind for the daily chart of BTC and I can say that 2 of them are still seams to be bearish.
The pink trend line is the major support for 2021 for now. Meanwhile, after we experienced that more than %50 percent drop in price, BTC seems to be started a zigzag movement in accumulation for it's next move.
Now, looking at this parallel universe, I wouldn't take any longs or shorts until we touch the near blue trend line. Only after that, we must wait to see if breaks and closes above or if it simply can't.
My plan is to go short when we get to that point, cause in my opinion BTC will most likely to move in the way like scenario 2.
Conclusion: Wait for the price to come to you, don't rush into it. (:
PS: No financial advises here. Always DYOR!
Comment:
Seems like the red arrow scenario is in play. Watching closely.
Comment:
Nope, we've found another support below near 30 and seems like yellow is in place.
Let's keep watching.
Let's keep watching.
In the mean time, keep an eye on the possible death cross (50 MA crossing 200 MA).
That might be the biggest signal we have until now for short positions.