Hi everyone,
I would like to provide update of my yesteday post which was labeled SHORT at time of publicating. (
)
So as we can see, our closing price was 56271.87 - which means we was NOT able to engulf previous TWO bull candles but only ONE. Does that mean we are out of woods and we gonna skyrocket to the moon? I dont think so. On the other hand its aswell mean that bulls fight back to prevent that intermediate SHORT is gonna happend. But its not all that easy, as trading should not be easy, so lets get deeper what that could mean for us.
1. Probably most important is that BULLs are not done yet and we could still go for Highier Highs, with that said I would be still extremly caution in opening LONGs for several other reasons.
2. Even if we was able to hold that closing line on bigger TF, we failed to hold VERY important level which is 50 Day Moving Average . Last time we fell and CLOSE under it was 3rd. September 2020 , since then we test that level few time but always HOLD, until TODAY. That single fact should make everyone to be EXTREMLY causion.
3.That scenario creating some sort of divergence on charts in which we are today, which clearly make trading and opening of positions difficult. BUT lets focus on probabilities.
4. In my understanding of charts there is DECENT chance of going back UP and testing 10D MA in upcoming week (currently at 60440) and that is area where we shoud get further clarification of price action.
5. If we will be NOT able to get over that price level and close above it, it should be almost clear that our next move will be SHORT, which means coming back to 50k level and potencionally breaking it down to 40k-ish level . It would be aswell very healthy and expected move for BTC since price action is very overextended from October 2020 lows.
1D chart with 50DMA :
TLTR: Even if we was not able engulf prior TWO weekly candles , we should not get over-optimistic and stay cautious , since we was not able to HOLD 50DMA which was serving us as support since early October. We still need further clarification of price action. If we retest 60k area (10DMA) and we will be not able to hold, it should be clear that our next move will be SHORT.
With all that said Im still LABELING this analyse as SHORT since at the moment is our UP potentional significantly less then opposite move.
Those who like or agree with my analyse PLEASE click that like & follow button and dont be shy to leave comment with your opinion. Your positive feedback motivates me to providing more of my views. Wish everyone good luck in trading.
Best regards,
Joe.
DISCLAIMER: This is not financial advice. One should always do his own research before taking decision enter markets.
I would like to provide update of my yesteday post which was labeled SHORT at time of publicating. (
So as we can see, our closing price was 56271.87 - which means we was NOT able to engulf previous TWO bull candles but only ONE. Does that mean we are out of woods and we gonna skyrocket to the moon? I dont think so. On the other hand its aswell mean that bulls fight back to prevent that intermediate SHORT is gonna happend. But its not all that easy, as trading should not be easy, so lets get deeper what that could mean for us.
1. Probably most important is that BULLs are not done yet and we could still go for Highier Highs, with that said I would be still extremly caution in opening LONGs for several other reasons.
2. Even if we was able to hold that closing line on bigger TF, we failed to hold VERY important level which is 50 Day Moving Average . Last time we fell and CLOSE under it was 3rd. September 2020 , since then we test that level few time but always HOLD, until TODAY. That single fact should make everyone to be EXTREMLY causion.
3.That scenario creating some sort of divergence on charts in which we are today, which clearly make trading and opening of positions difficult. BUT lets focus on probabilities.
4. In my understanding of charts there is DECENT chance of going back UP and testing 10D MA in upcoming week (currently at 60440) and that is area where we shoud get further clarification of price action.
5. If we will be NOT able to get over that price level and close above it, it should be almost clear that our next move will be SHORT, which means coming back to 50k level and potencionally breaking it down to 40k-ish level . It would be aswell very healthy and expected move for BTC since price action is very overextended from October 2020 lows.
1D chart with 50DMA :
TLTR: Even if we was not able engulf prior TWO weekly candles , we should not get over-optimistic and stay cautious , since we was not able to HOLD 50DMA which was serving us as support since early October. We still need further clarification of price action. If we retest 60k area (10DMA) and we will be not able to hold, it should be clear that our next move will be SHORT.
With all that said Im still LABELING this analyse as SHORT since at the moment is our UP potentional significantly less then opposite move.
Those who like or agree with my analyse PLEASE click that like & follow button and dont be shy to leave comment with your opinion. Your positive feedback motivates me to providing more of my views. Wish everyone good luck in trading.
Best regards,
Joe.
DISCLAIMER: This is not financial advice. One should always do his own research before taking decision enter markets.