Take partial profits because this is not the rally to the moon
If you listened to us and bought at ~ 6k you need to understand that this is not the rally to the moon. This is only a correction of the impulse down. We took partial profits at 0.236 and we will take full profits around 0.382. If the price goes higher, we will start accumulating shorts between the 0.5 and 0.65 with a SL placed 50$ above the 0.65. Our proposed bottom for the bear market is 5177.
Around 0.382 we have 2 resistances, the 50 MA (black) and the neckline of the IH&S that sent us to 8.5k.
We just had a death cross (100 MA - orange and 20 MA - red) and now there is another one that is about to happen in a few days: 20 MA - red with 50 MA - black and this could be a text book death cross if the price reaches the level at which they cross and it gets rejected by it.
Around 0.382 we have 2 resistances, the 50 MA (black) and the neckline of the IH&S that sent us to 8.5k.
We just had a death cross (100 MA - orange and 20 MA - red) and now there is another one that is about to happen in a few days: 20 MA - red with 50 MA - black and this could be a text book death cross if the price reaches the level at which they cross and it gets rejected by it.
Comment:
The market ignored the possibility of creating an IH&S but gave us a very good opportunity of buying the 0.5 (6253 in black) retrace (and 0.65 if it would have gone there)
The TP1 target was reached yesterday and as long as the 0.5 or the 0.65 hold we will get to the second target.
For us the perfect areas to short bitcoin are around 0.5 (red) and 0.65 (red) where we have a confluence of resistances.
The market ignored the possibility of creating an IH&S but gave us a very good opportunity of buying the 0.5 (6253 in black) retrace (and 0.65 if it would have gone there)
The TP1 target was reached yesterday and as long as the 0.5 or the 0.65 hold we will get to the second target.
For us the perfect areas to short bitcoin are around 0.5 (red) and 0.65 (red) where we have a confluence of resistances.
Comment:
Bullish pennant spotted. Wait for the breakout before entering a trade.
Bullish pennant spotted. Wait for the breakout before entering a trade.
Comment:
7230 is the pennant's target but we do not think that it will be reached.
Comment:
The bullish pennant has a higher probability of breaking upwards but this doesn't mean that if it break's downwards it's not a good shorting opportunity.
Comment:
1.4% in a few minutes. With x20 lvg that's 28%.
1.4% in a few minutes. With x20 lvg that's 28%.
Comment:
The price is trapped between 0.618 and 0.5 retracement levels. If we break the 0.618 we could go to 6833 but if we break the 0.5 we will go at the next suuport between 0.65 and -0.236 and if this doesn't hold then the chances of seeing btc under 6k will be very high.
The price is trapped between 0.618 and 0.5 retracement levels. If we break the 0.618 we could go to 6833 but if we break the 0.5 we will go at the next suuport between 0.65 and -0.236 and if this doesn't hold then the chances of seeing btc under 6k will be very high.
Comment:
Come on BTC make up your mind. It can choose between the rising wedge, bullish pennant or parallel channel. A lot of indecision in the market in the last 8 hours.
Come on BTC make up your mind. It can choose between the rising wedge, bullish pennant or parallel channel. A lot of indecision in the market in the last 8 hours.
Comment:
Another successful trade with 20x leverage for our clients.
So, the last chance for the bulls is the bullish pennant (red lines). BTC broke out of the rising wedge and ascending parallel channel.
Another successful trade with 20x leverage for our clients.
So, the last chance for the bulls is the bullish pennant (red lines). BTC broke out of the rising wedge and ascending parallel channel.
Comment:
If the pennant breaks down we don't recommend to short it right away because right under the pennant's support is the 0.5 which quite often is a very strong support so you might want to short it only if it falls under the 0.5.
If the pennant breaks down we don't recommend to short it right away because right under the pennant's support is the 0.5 which quite often is a very strong support so you might want to short it only if it falls under the 0.5.
This could give us the opportunity to buy again with a good RR. We do not now if 6010 will hold again but if, from here we go there it will be a good buying opportunity even though you trade the H&S only after breakout and retest of the neckline.