Happy Thirsty Thursday, Traders!
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
Bitcoin got rejected by its 12MA and has gone into a retracement since yesterday.
What's happening next?
A. $35,100 is the level to watch, Bitcoin dipping below this level could bring it down toward the 0% Fib at $32,933.
Further push of price down could bring Bitcoin towards the Blue Horizontal Bar below, at the Golden Pocket = $29,400 - $24.4K.
B. Bitcoin could crawl sideways and continue its consolidation and meet with its 12MA again prior to another major move of either upwards or downwards.
C. Bitcoin could reverse from here, push higher past its 12MA and touch its Red Resistance Extended Trend Line above.
MACD: Bitcoin is maintaining its Bullish Divergence against the price action as of this writing. But if Bitcoin continues to dip, and the MACD line dips below 3028 then that will negate any bullish divergence.
Stoch RSI (1Wk TF): Take note that the setting on this chart for Stoch RSI is set on the 1Wk Time Frame.
Stoch RSI on this chart is still at the Oversold Region.
A conservative trader like me would consider price going above the 12MA or even the 21MA and above all resistances prior to entering a long position.
Price action is KING!
Always remember to place your Stop Loss.
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
Bitcoin got rejected by its 12MA and has gone into a retracement since yesterday.
What's happening next?
A. $35,100 is the level to watch, Bitcoin dipping below this level could bring it down toward the 0% Fib at $32,933.
Further push of price down could bring Bitcoin towards the Blue Horizontal Bar below, at the Golden Pocket = $29,400 - $24.4K.
B. Bitcoin could crawl sideways and continue its consolidation and meet with its 12MA again prior to another major move of either upwards or downwards.
C. Bitcoin could reverse from here, push higher past its 12MA and touch its Red Resistance Extended Trend Line above.
MACD: Bitcoin is maintaining its Bullish Divergence against the price action as of this writing. But if Bitcoin continues to dip, and the MACD line dips below 3028 then that will negate any bullish divergence.
Stoch RSI (1Wk TF): Take note that the setting on this chart for Stoch RSI is set on the 1Wk Time Frame.
Stoch RSI on this chart is still at the Oversold Region.
A conservative trader like me would consider price going above the 12MA or even the 21MA and above all resistances prior to entering a long position.
Price action is KING!
Always remember to place your Stop Loss.
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
