Hi Everyone!
Last week of February has been brutal. Stock market, gold, crypto every thing has tanked. Most say its corona effect and its a small bump and some say its the beginning of the end. Whit this in mind only thing we can do is check possible outcomes and position our selves accordingly. So lets take a look at the charts. Let me keep it simple... I believe we could see a reversal at current levels, due to the support on 200 ema on the daily and if this reversal happens it will rally for a while since it will form a inverted head and shoulder. It is reasonable to gradually enter enter into position as low as 8.2k levels. If we beak below this level our next stop will be 50 ema on the weekly which is around 6k levels. However as we are getting closer to the halving i believe the halving hype will hold 8.2k levels. So if you are willing to enter new positions use your stops and reduce your risk.
As always , just a thought not and advice! Do your own due diligence! Stay safe!
Last week of February has been brutal. Stock market, gold, crypto every thing has tanked. Most say its corona effect and its a small bump and some say its the beginning of the end. Whit this in mind only thing we can do is check possible outcomes and position our selves accordingly. So lets take a look at the charts. Let me keep it simple... I believe we could see a reversal at current levels, due to the support on 200 ema on the daily and if this reversal happens it will rally for a while since it will form a inverted head and shoulder. It is reasonable to gradually enter enter into position as low as 8.2k levels. If we beak below this level our next stop will be 50 ema on the weekly which is around 6k levels. However as we are getting closer to the halving i believe the halving hype will hold 8.2k levels. So if you are willing to enter new positions use your stops and reduce your risk.
As always , just a thought not and advice! Do your own due diligence! Stay safe!
Comment:
It looks like the reversal might happen. However one small step at a time!!There is no need to open new positions at this point. Lets see how BTC reacts to 50 ema on the daily! There is a chance that it might bounce of it and continue downwards. All that said, chance of forming a inverted H&S is getting higher!
