1. Daily Close at $15.6K with no long wick indicates overwhelming selling pressure while buying demand stays the same/diminishes
2. All Ichimoku Indicators pointing a big bearish movement on Daily, alongside 2 big bearish candlesticks (strong bearish momentum)
3. R:R of 1:2 | Entry/TP/SL; that is widely used for this indicator on Daily Time Frame, is shown above
4. All of these indicate that BTC might still have one more big move down, before a potential true bottom
5. Best scenario would be a daily close at $12K zone with a long wick to $10K zone with a big volume (possibly touching $9,8K)
The safest way to invest is still by DCAing your best coin (make sure you do an extensive research)
Trading in future market right now is very risky, only do this if you are confident in your R:R TP/SL and your analysis
All eyes on Binance and FTX/Alameda deal now (which has gone sour)
Should FTX deliver a good news/FTT go up (which is very unlikely), crypto market might recover
Should FTX be the 2nd LUNA, expect a market capitulation
THIS IS NOT A FINANCIAL ADVICE
2. All Ichimoku Indicators pointing a big bearish movement on Daily, alongside 2 big bearish candlesticks (strong bearish momentum)
3. R:R of 1:2 | Entry/TP/SL; that is widely used for this indicator on Daily Time Frame, is shown above
4. All of these indicate that BTC might still have one more big move down, before a potential true bottom
5. Best scenario would be a daily close at $12K zone with a long wick to $10K zone with a big volume (possibly touching $9,8K)
The safest way to invest is still by DCAing your best coin (make sure you do an extensive research)
Trading in future market right now is very risky, only do this if you are confident in your R:R TP/SL and your analysis
All eyes on Binance and FTX/Alameda deal now (which has gone sour)
Should FTX deliver a good news/FTT go up (which is very unlikely), crypto market might recover
Should FTX be the 2nd LUNA, expect a market capitulation
THIS IS NOT A FINANCIAL ADVICE
Comment:
BTC and crypto market moved up due to a good news of CPI data being lower than expectation, but BTC closed daily a tad under the big red resistance zone. I still won't be bullish for mid term until BTC manages to break and close above $22K, but a daily close above $19K might indicate a bullish trend for a short term.
Comment:
Inside Bars are forming at the resistance previously broken strong support. All depends on the big bearish mother bar (Nov 9th candlestick). If price action breaks above mother bar high = trend continuation up. If price action breaks below mother bar low = trend continuation down. Fake breakouts are still possible tho, so always keep an eye out. Price action inside the range of mother bar = ranging market sideways/consolidation/accumulation/distribution.
NOT A FINANCIAL ADVICE
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
When price reaches that point, wait for other confirmations, don't get trapped.
It can go up or go down from there depending on many factors, but I still believe going down hard after that retest is what most likely to happen.
This can change anytime, so keep an eye out.