Bitcoin - STRUGGLING TO ESCAPE THE 12MA! What's Going On?
Happy Money Monday, Traders!
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
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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.
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Bitcoin is currently trading at a price coinciding with its 12MA and is undecided if it's going to push up or down (as of this writing).
What's happening next?
If Bitcoin manages to close above $43K there'll be a higher probability of price hitting $46.7K (38.2% Fib) this week but watching the YELLOW Extended Trend Line above as resistance.
Otherwise, price could continue to dip down towards the red box where its 35MA will be sitting. Bitcoin previously traded along its 35MA in December and got badly rejected.
This strong rejection average price point could turn into a strong support price point. Add on a confluence of support from the Green Ascending Extended Trend Line and the 38.2% Fib then Bitcoin could rebound from there.
Further price dipping could take Bitcoin down to the 50% Fib below at $39,394 (Target #2) and eventually towards the Golden Pocket between $37,869 - $37,455 (Target #3).
Watch the Green Extended Support Line!
Stoch RSI (1Wk): Oversold Region, Crossed Bullish with Very Strong Bullish Divergence.
MACD: Still has a Bullish Divergence.
Trade Strategy: Trade With The Trend
Always remember to place your Stop Loss.
Price action is KING!
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 is currently trading at a price coinciding with its 12MA and is undecided if it's going to push up or down (as of this writing).
What's happening next?
If Bitcoin manages to close above $43K there'll be a higher probability of price hitting $46.7K (38.2% Fib) this week but watching the YELLOW Extended Trend Line above as resistance.
Otherwise, price could continue to dip down towards the red box where its 35MA will be sitting. Bitcoin previously traded along its 35MA in December and got badly rejected.
This strong rejection average price point could turn into a strong support price point. Add on a confluence of support from the Green Ascending Extended Trend Line and the 38.2% Fib then Bitcoin could rebound from there.
Further price dipping could take Bitcoin down to the 50% Fib below at $39,394 (Target #2) and eventually towards the Golden Pocket between $37,869 - $37,455 (Target #3).
Watch the Green Extended Support Line!
Stoch RSI (1Wk): Oversold Region, Crossed Bullish with Very Strong Bullish Divergence.
MACD: Still has a Bullish Divergence.
Trade Strategy: Trade With The Trend
Always remember to place your Stop Loss.
Price action is KING!
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
Comment:
Note Worthy Chart:
Comment:
Note Worthy Chart:
Be aware that the Great White Shark (200 Week Moving Average) is lurking below.
Be aware that the Great White Shark (200 Week Moving Average) is lurking below.
