Guy knows little of the Crypto market assumes bearish on BTC
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Hey, I don't actually know or have much interest in cryptocurrencies, but it is a popular subject as a lot of traders here are constantly giving their thoughts on Bitcoin and whatnot, so here I am.
Latest Heiken Aishi candle of the day shows indecisiveness between buyers and sellers, a "spinning top", but I dunno what it's gonna look like at the ACTUAL end of the day, and it's 6 pm btw.
Both the RSI and DeMarker are diving their heads out of their respective overbought zones.
As usual, to figure out my T/P level, I find the nearest demand zone relative to the price.
Next is going to be a counterintuitive use of the Fibonacci. I scaled it up so that it fits the uptrend, then drag it to the left side and saw that the price rejected the 23.6 level, which also somewhat matches with the upper lvl of the demand zone .
This proves that there is a confluence in the potential T/P zone, which I think further confirms the downtrend.
I would personally spot where the Ichimoku cloud is and just move the T/P there, as you can see from above.
Or just move it to the lower support line if you're feeling greedy, as it does match the 38.2% fib ;)
Latest Heiken Aishi candle of the day shows indecisiveness between buyers and sellers, a "spinning top", but I dunno what it's gonna look like at the ACTUAL end of the day, and it's 6 pm btw.
Both the RSI and DeMarker are diving their heads out of their respective overbought zones.
As usual, to figure out my T/P level, I find the nearest demand zone relative to the price.
Next is going to be a counterintuitive use of the Fibonacci. I scaled it up so that it fits the uptrend, then drag it to the left side and saw that the price rejected the 23.6 level, which also somewhat matches with the upper lvl of the demand zone .
This proves that there is a confluence in the potential T/P zone, which I think further confirms the downtrend.
I would personally spot where the Ichimoku cloud is and just move the T/P there, as you can see from above.
Or just move it to the lower support line if you're feeling greedy, as it does match the 38.2% fib ;)
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