Happy TGI Friday, Traders!
Hope you find value from this post.
If you did, please give it a 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.
==============================
Bitcoin has now found itself in a Falling Wedge after being rejected by its 50D MA.
So, what am I expecting to happen next?
I am watching the Yellow Extended Trend Line, a break to the upside will bring Bitcoin back up to $42.3K.
The next level of resistance will be the Blue Horizontal Bar if Bitcoin pushes past the RDC (Red Descending Channel - Resistance), then eventually the next stop after that will be at $47K.
A break of the Descending Green Trend Support Line will bring Bitcoin down for either a short wick down to the $36K level along the support line (Broken Ascending Extended Trend Line), but prior to that will have to re-test the $37,716.
Price action at this time of writing still maintains a Higher Low compared to the Higher Low of March 14th.
MACD (4Hr TF): MACD is forming a potential Bullish Divergence against price action.
RSI (1Day TF): RSI is forming a potential Bullish Divergence against price action. However, the signal lines are still below the 50 level depicting a continued bearish momentum.
Note To Self: Still making myself being aware of the upcoming month of May, as the saying goes "Sell In May And Go Away!".
Fear and Greed Index: 23 - Extreme Fear
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, please give it a 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 has now found itself in a Falling Wedge after being rejected by its 50D MA.
So, what am I expecting to happen next?
I am watching the Yellow Extended Trend Line, a break to the upside will bring Bitcoin back up to $42.3K.
The next level of resistance will be the Blue Horizontal Bar if Bitcoin pushes past the RDC (Red Descending Channel - Resistance), then eventually the next stop after that will be at $47K.
A break of the Descending Green Trend Support Line will bring Bitcoin down for either a short wick down to the $36K level along the support line (Broken Ascending Extended Trend Line), but prior to that will have to re-test the $37,716.
Price action at this time of writing still maintains a Higher Low compared to the Higher Low of March 14th.
MACD (4Hr TF): MACD is forming a potential Bullish Divergence against price action.
RSI (1Day TF): RSI is forming a potential Bullish Divergence against price action. However, the signal lines are still below the 50 level depicting a continued bearish momentum.
Note To Self: Still making myself being aware of the upcoming month of May, as the saying goes "Sell In May And Go Away!".
Fear and Greed Index: 23 - Extreme Fear
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
