So, BTC is struggling a lot now, as the bulls lack the strength to break the U$ 9.2k and the bears don’t have the strength to sink the prices under U$ 8.6k.
BTC was very easy to trade about 2 weeks ago and gave us a fabulous trade recently. We bought it just near the U$ 7k and sold it near U$ 9.2k, a trade that lasted 9 days. If you missed it or want to understand how we did it, I’ll put the link of our entry at the end of this analysis, there, you’ll find the explanation. Also, follow me to keep in touch with our daily analysis, and be part of our community.
Now I don’t see a clear and comfortable point to trade BTC, as the daily chart is too stressed in my opinion, and the risk/reward relationship for any trade, be it long or short, is not the best. So, we are still waiting, like true snipers, with no rush, for the next trade. The secret is to be patient.
It’s always good to look in the hourly chart for more clues:
Here we can see how intense the struggle is. It seems that we have here a descending triangle, theoretically is a continuity pattern, and if you like short trades or are a daytrader, you can work with that. I believe that a greater pullback in the daily chart will only occur if the price loses the U$ 8.6k (red line).
Personally, I’m waiting for a pullback in the daily chart, ideally it would be back to U$ 7.5k or back to that purple trend line, but we must have a plan B, and work with the possibility that this pullback may never happen. What we should do if the bulls dominate here? In that case, we still will need a pullback, but in a different scenario, because our main target could be the U$ 20k again.
Look at the weekly chart:
As I said in my last BTC analysis (BTC at U$ 55k? Is it possible? – link bellow), there’s a real chance that the bulls will destroy this descending channel and change the bearish trend. Pay attention at the volume, it’s different from the last bullish rally, evidenced by the purple rectangle.
In that case, BTC will have what it takes to test the U$ 14k top, and probably to break it, if the bulls have the strength, and the only resistance remaining will be the U$ 20k.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
BTC was very easy to trade about 2 weeks ago and gave us a fabulous trade recently. We bought it just near the U$ 7k and sold it near U$ 9.2k, a trade that lasted 9 days. If you missed it or want to understand how we did it, I’ll put the link of our entry at the end of this analysis, there, you’ll find the explanation. Also, follow me to keep in touch with our daily analysis, and be part of our community.
Now I don’t see a clear and comfortable point to trade BTC, as the daily chart is too stressed in my opinion, and the risk/reward relationship for any trade, be it long or short, is not the best. So, we are still waiting, like true snipers, with no rush, for the next trade. The secret is to be patient.
It’s always good to look in the hourly chart for more clues:
Here we can see how intense the struggle is. It seems that we have here a descending triangle, theoretically is a continuity pattern, and if you like short trades or are a daytrader, you can work with that. I believe that a greater pullback in the daily chart will only occur if the price loses the U$ 8.6k (red line).
Personally, I’m waiting for a pullback in the daily chart, ideally it would be back to U$ 7.5k or back to that purple trend line, but we must have a plan B, and work with the possibility that this pullback may never happen. What we should do if the bulls dominate here? In that case, we still will need a pullback, but in a different scenario, because our main target could be the U$ 20k again.
Look at the weekly chart:
As I said in my last BTC analysis (BTC at U$ 55k? Is it possible? – link bellow), there’s a real chance that the bulls will destroy this descending channel and change the bearish trend. Pay attention at the volume, it’s different from the last bullish rally, evidenced by the purple rectangle.
In that case, BTC will have what it takes to test the U$ 14k top, and probably to break it, if the bulls have the strength, and the only resistance remaining will be the U$ 20k.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
🔴 Only 5% of traders manage to beat the market.
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💲💲 Project 5%: + 104%
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💪 Public track record.
👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
