The Bitcoin Narrative - How To Prepare For The Next Move
In this technical analysis I will go over the previous price action of BTC/USD and explain how to prepare for its next move.
There are many very interesting things happening on BTC/USD at the moment. Especially since its reduced correlation with the legacy stock markets it becomes more interesting to look at BTC as a standalone asset again.
I have been taking some time off to work on educational content, while the market was not very interesting to trade. Right now I am seeing that the market is about to become more volatile again, and I am preparing for my next trades.
Join me on this journey by following me on Tradingview and let's learn together by commenting and discussing our setups.
Here on BTC we see on the left side of the chart some fascinating behavior. Even though the RSI (an indicator for momentum) has already breached the 70 zone for being overbought and even the 80 zone for being extremely overbought, the price just kept rising and rising.
After a period of major bullish behavior the price stayed in a consolidation phase, looking for its next move. When after three weeks the move finally started, we saw a major momentum shift caused by the bulls.
The next move upwards in BTC has been far more passively. We see a very cautious optimism, which usually really scares me. What I see here on the chart are very reluctant traders, seeing a reduction in ATR (an indicator for volatility), and seeing a way too clean parallel ascending channel.
This to me only indicates one thing: danger. Everybody is a spectator right now, and when the price is making a new big move, all the spectators will come into action. That's why I am preparing for my next short position.
I am looking at the top of the channel here around the $12,000 level. This is also a level of psychological resistance. I think it could be a great place to place some shorts, trying to leverage the big downwards move again.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
There are many very interesting things happening on BTC/USD at the moment. Especially since its reduced correlation with the legacy stock markets it becomes more interesting to look at BTC as a standalone asset again.
I have been taking some time off to work on educational content, while the market was not very interesting to trade. Right now I am seeing that the market is about to become more volatile again, and I am preparing for my next trades.
Join me on this journey by following me on Tradingview and let's learn together by commenting and discussing our setups.
Here on BTC we see on the left side of the chart some fascinating behavior. Even though the RSI (an indicator for momentum) has already breached the 70 zone for being overbought and even the 80 zone for being extremely overbought, the price just kept rising and rising.
After a period of major bullish behavior the price stayed in a consolidation phase, looking for its next move. When after three weeks the move finally started, we saw a major momentum shift caused by the bulls.
The next move upwards in BTC has been far more passively. We see a very cautious optimism, which usually really scares me. What I see here on the chart are very reluctant traders, seeing a reduction in ATR (an indicator for volatility), and seeing a way too clean parallel ascending channel.
This to me only indicates one thing: danger. Everybody is a spectator right now, and when the price is making a new big move, all the spectators will come into action. That's why I am preparing for my next short position.
I am looking at the top of the channel here around the $12,000 level. This is also a level of psychological resistance. I think it could be a great place to place some shorts, trying to leverage the big downwards move again.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
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(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)