- Bitcoin Price Update 17.09.2019 -
Did Bitcoin Bulls already lost the fight?
Price is now trading again towards 10k Support, below yesterday's daily Candle Close. Daily Stoch and Weekly Stoch are still heading down. On Both Timerames the Stochastic is divergenting and accelerating to the downside.
Price action is currently flattening out squeezing all Exponentials together making serious trading on Bitcoin nearly impossible. The Strategy you want to play in this Market is to let the Major Descending Triangle resolve itself without having any open Position. But if you eager to take the risk you have to place Trades with a real good Risk management setup.
Longing of 10k or even 9,1k Support is going to be a real brave Move taking it consideration that we retested Support level 9,1k a few times already and over time testing out support, the Zones are getting weaker and weaker. A Break of the Major Descending Triangle will open up a rather brutal cascade of Stop Loss Orders and Long Liquidations torpedoing prices to the next level of Support which could lead down to 8.4k. Then We need to reevaluate the situation, is it over or is it going to get much worse.
Shorting Bitcoin is Risk Management wise a little bit simpler, because we are closer to a potential Trend Change then Targets when breaking the Pattern to the Downside.
If you put on Shorts on any Desperately Bullish Moves just use the upper Trendline of the Descending Triangle as a Risk Off Line.
In any Event pushing us above this Line will take away at least short term the possibilities of a 9,1k Support Break.
Have your Stops in Place, Trade Safe!
===========================
you can follow and copy my Trades on eToro
My Etoro Profile: www.etoro.com/people/koboltrading
Etoro Registration Link: etoro.tw/2Zuqk80
Did Bitcoin Bulls already lost the fight?
Price is now trading again towards 10k Support, below yesterday's daily Candle Close. Daily Stoch and Weekly Stoch are still heading down. On Both Timerames the Stochastic is divergenting and accelerating to the downside.
Price action is currently flattening out squeezing all Exponentials together making serious trading on Bitcoin nearly impossible. The Strategy you want to play in this Market is to let the Major Descending Triangle resolve itself without having any open Position. But if you eager to take the risk you have to place Trades with a real good Risk management setup.
Longing of 10k or even 9,1k Support is going to be a real brave Move taking it consideration that we retested Support level 9,1k a few times already and over time testing out support, the Zones are getting weaker and weaker. A Break of the Major Descending Triangle will open up a rather brutal cascade of Stop Loss Orders and Long Liquidations torpedoing prices to the next level of Support which could lead down to 8.4k. Then We need to reevaluate the situation, is it over or is it going to get much worse.
Shorting Bitcoin is Risk Management wise a little bit simpler, because we are closer to a potential Trend Change then Targets when breaking the Pattern to the Downside.
If you put on Shorts on any Desperately Bullish Moves just use the upper Trendline of the Descending Triangle as a Risk Off Line.
In any Event pushing us above this Line will take away at least short term the possibilities of a 9,1k Support Break.
Have your Stops in Place, Trade Safe!
===========================
you can follow and copy my Trades on eToro
My Etoro Profile: www.etoro.com/people/koboltrading
Etoro Registration Link: etoro.tw/2Zuqk80
