On Sunday 12 march 2020 this was BTC reaction from a major trendline, the reason for this drop is to hit stop losses under the trend and throw you out of the market then they will pump BTC again.
now we have the same candle and the same trendline .
they hit stop loss for alot of traders right now , we may see the same scenario!
also, even of this blood till now we are still making higher lows which is good till now.
but not all signals are good on BTC specially and by extension the whole market.
Frankly there are a lot of bearish signals and the most terrified one is on weekly chart frame
as you can see we just broke two important things in weekly frame, not confirmed yet as long as the candle didn't close yet but it's only one day left before the close.
the two things is 50 MA and Ichimoku Base line, Bitcoin never close weekly under it from 27 April 2020 and last time Bitcoin close under it was in COVID-19 Crash.
In my opinion trading now Is playing with fire and you have to make sure you follow a restricted capital/risk management strategy.
🌹Stay Safe and thank you🌹
now we have the same candle and the same trendline .
they hit stop loss for alot of traders right now , we may see the same scenario!
also, even of this blood till now we are still making higher lows which is good till now.
but not all signals are good on BTC specially and by extension the whole market.
Frankly there are a lot of bearish signals and the most terrified one is on weekly chart frame
the two things is 50 MA and Ichimoku Base line, Bitcoin never close weekly under it from 27 April 2020 and last time Bitcoin close under it was in COVID-19 Crash.
In my opinion trading now Is playing with fire and you have to make sure you follow a restricted capital/risk management strategy.
🌹Stay Safe and thank you🌹
Till now we are above 50MA weekly, bulls need to protect current support and push it a bit to close above Ichemuco base line in weekly frame at 49k