Short term pullback MOST likely. TOP PHISHING ANALYSIS
BTC is Currently sitting in a Weekly Equilibrium pattern (As you can see in white horizontal lines on chart).
BTC has a lot of work to do with the weekly EMA resistance showing early significance so far with a small price rejection. We are also approaching our previous weekly high around the 4200 area, which if broken, would create an extremely bullish mid term scenario which I cannot anticipate without some significant fundamental events occurring.
If we analyse the shorts chart from Bitfinex, we can see that we are at areas of accumulation on the weekly time frame, which in the past has triggered downward movement for Bitcoins price action.
With these particular things taken into account, I am top phishing short positions from 3900-4200 in anticipation for this weekly equilibrium pattern to continue and a lower high being set on the weekly time frame. Even for the bulls, a lower high, higher low then movements to higher prices would be the healthiest price action long term. So in saying this, for the short term, I am bearish and top phishing short positions. Also note, decreasing volume since initial bounce of the 'proclaimed' bottom.
When we zoom out and swing trade these larger movements then we can make plans a lot more effectively. Theoretically, if these top phishing opportunities do not prevail, then a stop loss will trigger above the resistance zone of 4200 and then there is the chance to make that money back on a potential bull run after breaking resistance.
I am the unemotional, devotional trader that society doesn't deserve, but needs.
BTC has a lot of work to do with the weekly EMA resistance showing early significance so far with a small price rejection. We are also approaching our previous weekly high around the 4200 area, which if broken, would create an extremely bullish mid term scenario which I cannot anticipate without some significant fundamental events occurring.
If we analyse the shorts chart from Bitfinex, we can see that we are at areas of accumulation on the weekly time frame, which in the past has triggered downward movement for Bitcoins price action.
With these particular things taken into account, I am top phishing short positions from 3900-4200 in anticipation for this weekly equilibrium pattern to continue and a lower high being set on the weekly time frame. Even for the bulls, a lower high, higher low then movements to higher prices would be the healthiest price action long term. So in saying this, for the short term, I am bearish and top phishing short positions. Also note, decreasing volume since initial bounce of the 'proclaimed' bottom.
When we zoom out and swing trade these larger movements then we can make plans a lot more effectively. Theoretically, if these top phishing opportunities do not prevail, then a stop loss will trigger above the resistance zone of 4200 and then there is the chance to make that money back on a potential bull run after breaking resistance.
I am the unemotional, devotional trader that society doesn't deserve, but needs.
Comment:
For anyone margin trading, now is the time to scalp in your 2x short positions.
Trade closed: target reached:
Hey guys,
so I managed to average 4040USD with 2x leverage. closed the trade at 3767USD for a nice 14% profit.
Will post another weekly anlalysis for BTC in a week or two with updates and my positions.
For now check out my MKTCAP analysis.
so I managed to average 4040USD with 2x leverage. closed the trade at 3767USD for a nice 14% profit.
Will post another weekly anlalysis for BTC in a week or two with updates and my positions.
For now check out my MKTCAP analysis.