Bitcoin formed a valid trendline in red but it is not ready to go yet. We always wait for extra confirmation and trigger. We want the buyers to prove that they are taking control again by breaking above the last swing high!
Trigger: Waiting for a momentum candle close above the gray area (last high) to buy.
Or whatever your trading plan is. Always follow your trading plan.
Our stop loss always goes just below the last swing low, and we target the double of our stop loss size.
Unless Bitcoin breaks below the lower brown trendline (and its last swing low) then and only then the momentum would be shifted from to .
For now, we are still overall (long-term) and looking for trend-following buy setups around our lower brown trendline which acts as non-horizontal support.
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As per my trading style, i am waiting for a momentum candle close above the last swing high to buy, as shown in the analysis, or if a new swing high is formed around the red trendline, then it would be considered the new trigger swing
Unfortunately, many traders do not read the caption and think that I already entered buy (or it is a signal to buy now)
for now, around 37 is the last swing high, so I am waiting for a momentum candle close above it to buy, or as mentioned, if price forms a new swing high around the red trendline, then the last swing high would be updated and we will buy on its break upward.
For now BTC is overall bearish (from a short-term perspective as you can see) and it would be a good idea to buy blindly now, as you see, whoever bought earlier is now suffering. always wait for the buyers to prove that they are taking control, then and only then, we will be interested in buying.
Good idea to buy blindly now ?
and my style is far away from perfect ;) but it suits me well.