If in my idea posts have been some areas, where we need a pattern confirmation to act before we can go into the high probability trade then right now there could be an immediate trade opportunity if the price reaches into the certain price levels!
To be said, here, under my account ideas, you can find short-term trading ideas. I don't post those "stupid" to the moon charts (if I want to collect more followers then probably I should make those but don't worry, I don't), I search high probability trading setups. Currently, I can't give you any buy signals (it was on my previous post after the breakout) because we don't have enough data to make high probability breakout trades, but what we have is a really strong resistance just above the current price which should give us a SELL opportunity. Multiple price action criteria are pointed exactly into this area and if you are on the long side then consider to take some mid-term profit and if you looking BTC Short opportunities then this area should be a pretty great area where you can make it.
Take profit/SELL area between $11,500 - $12,000, marked as a blue zone and the criteria:
1. 50% level - pulled from ATH to the 2018 low
2. 62% level - pulled from January 6. high ($17,100) to the 2018 low. If some levels matching each other which have pulled from different tops then they make each other a bit stronger. Both should act as resistance levels!
5. - The AB is starting from the 2018 bottom to the 26. May high, the CD should end exactly in the blue area, C point is 17. May low
6. - The AB is starting from the 25. April low to the 30. May high, the CD should end exactly into the blue area, C point is 4. June low.
7. The entire blue price zone is previously worked , which can act easily again. The major downtrend started exactly after the last rejection from this level in March 2018.
8. Historically, the blue price zone has printed three Monthly highs, which will be an indication that this area can provide reversals.
9. In the , this level has shown incredible strength. Only two Weekly candles have managed to break it, one is upwards one is downwards, and this level has printed multiple rejections!
10. On the Daily, we have a pretty nice Divergence, the price makes higher highs but indicator makes lower highs.
11. The semi-round numbers should play also a role in this area. The $11,500 & $12,000 are located in the zone but yes, not so significant but still, on the list and on my criteria list.
- Anything can happen.
- You don’t need to know what is going to happen next in order to make money.
- There is a random distribution between wins and losses for any given set of variables that define an edge.
- An edge is nothing more than an indication of a higher probability of one thing happening over another.
- Every moment in the market is unique.
Do your own research and if this matching with mine then you are ready to go!
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The price increase has slowed a little bit but looks like the short-term ascending channel has pointed exactly into the blue area. Hopefully, the BTC price makes a steady grind which allows us to make some nice profits with altcoins:
XRP has made a breakout:
Watch out if the channel lower trendline gets cracked. It may release some selloff, just in case watch it!
but at same time this is going to be a healthy correction not a crash like everyone calling and the bullish trend will resume in only one condition which is not breaking 10600/11000 area must stand for reversal by all means. I hope this helps.
Yes, I recommend at least partial profits!
Some feedback to make iT even better: Most times your charts are very clear. However, this chart has so many lines, it’s too much. MayB split in multiple charts or remove unnessesary fibonacci numbers would have helped.
Also a very short status updates would be very welcome information for your readers/followers.
Thanks for your TA, keep it going