A question that often comes up in private: why Cryptor07 you publish essentially the analysis of long-term trend, don't you do daytrade?
So, if I regularly take trades on small unit time, but it would be tedious to publish (I will have 1000 "ideas" published instead of 100).
But I still work on two plans: no daytrade without a view, a strategy of the longer term trend, and it is the latter that I share with you on Tradingview.
I use several methods, several indicators, here is a very ... chartist example!
Here I am looking for the pattern before creation which seems to me most plausible compared to the current trend, which is for me bearish (see my previous publication)
It seems that Bitcoin is preparing to form, as a priority, a descending triangle of continuation of the ongoing bearish retracement.
So I trace it, as well as its breakout and its bearish target based on the height of the triangle, which gives a target sub-$ 7000.
To limit the risks, I would take my profits from $ 7000.
Then, I determine the zone of invalidation of this pattern: since it does not exist yet, nothing proves that it will be a descending triangle, it is just a probability of realization a little stronger than the average (we will say that I grant roughly 60% chance that this pattern is valid against 40% that the price erases this possibility).
Therefore, I wait... either we enter the zone of invalidation, and I give up this possibility of trade. Either we tidy too long and so ditto. Either the price follows my path of the triangle and I place my short in the breakout with of course a stop loss remained inside the triangle.
DISCLAIMER: This is not an investment advice, only an idea-sharing that may be inspiring, but one that can not engage anyone but you in your positions. Invest only what you can afford to lose. Use the levers carefully, never without stop loss and a well-established risk management, guard against your emotions.
So, if I regularly take trades on small unit time, but it would be tedious to publish (I will have 1000 "ideas" published instead of 100).
But I still work on two plans: no daytrade without a view, a strategy of the longer term trend, and it is the latter that I share with you on Tradingview.
I use several methods, several indicators, here is a very ... chartist example!
Here I am looking for the pattern before creation which seems to me most plausible compared to the current trend, which is for me bearish (see my previous publication)
It seems that Bitcoin is preparing to form, as a priority, a descending triangle of continuation of the ongoing bearish retracement.
So I trace it, as well as its breakout and its bearish target based on the height of the triangle, which gives a target sub-$ 7000.
To limit the risks, I would take my profits from $ 7000.
Then, I determine the zone of invalidation of this pattern: since it does not exist yet, nothing proves that it will be a descending triangle, it is just a probability of realization a little stronger than the average (we will say that I grant roughly 60% chance that this pattern is valid against 40% that the price erases this possibility).
Therefore, I wait... either we enter the zone of invalidation, and I give up this possibility of trade. Either we tidy too long and so ditto. Either the price follows my path of the triangle and I place my short in the breakout with of course a stop loss remained inside the triangle.
DISCLAIMER: This is not an investment advice, only an idea-sharing that may be inspiring, but one that can not engage anyone but you in your positions. Invest only what you can afford to lose. Use the levers carefully, never without stop loss and a well-established risk management, guard against your emotions.
Comment:
Small correction: the yellow arrow of height is too shifted to the left (error of giddiness!), It must leave the first low point, a height of $500 and not $554 ! ($8000 instead of $8054)
But it's a $7000 target as noted in bold ($7500 - $500)
But it's a $7000 target as noted in bold ($7500 - $500)
Comment:
Red candle of 19h30: its rebound to $7460 in the zone of my horizontal support and resumption of my internal line ($7710 at the time of writing) goes once again in the direction of the bearish continuation descending triangle pattern
Comment:
For the rest, we seem to be in the presence of the breakout of a double bottom (W-bottom) that can bring us back on the new bearish trendline
So a possible target in the 8100-8200 $ area before being rejected by the red trendline with a RSI 14 since then overbought:
So a possible target in the 8100-8200 $ area before being rejected by the red trendline with a RSI 14 since then overbought:
which goes in the direction of the bearish continuation descending triangle pattern