Hello and thanks for checking out this post!
Being off work from my full time job I figured why not work on my TA skills. Constructive feed back is greatly appreciated! I am always open to learning!
My analysis displays several factors and I am currently thinking that we go lower over the next 2-4 weeks.
As you can see on my chart I marked areas with death and golden cross and you can see what happened next. Something to think about!
Also have a look at the BUY and SELL signals on the chart. After the last golden cross not only did we end up going lower, but the SELL signal didn't change. This signal on a 1D timeframe is used
to gauge the overall trend. I do not see it changing until we have at least 1-2 weeks of strong upward movement at which time a BUY signal will likely appear.
We can also see the rising wedge formation after the last big drop off as well as a similar formation after this last drop off which makes me think that more downside is likely to come next.
It is possible as many others have stated that we do move up from here before descending lower, but I am currently not looking for any long positions on BTC. I am looking for shorting any upside we get from the current levels around the low $6ks. Where I would begin to look for a strong bounce is around the $5,500 level. Sure we might bounce at $5,800 but I don't think we spend a lot of time there.
In my mind these moves are going to play out fairly quickly and I don't see any reason to think that BTC will make a lower low on the HTF. Considering the overall global pandemic I think the worst is yet to come for all speculative assets. BTC is no exception! Once we begin to see more optimistic developments (effective covid 19 treatments) I do believe once we start moving up it is going to be parabolic!
Remember to manage risk accordingly, especially at times like these. The best thing to do may be to sit on the sidelines and wait to see how this next month plays out. Not financial advice to anyone viewing but I hope this is helpful.
Being off work from my full time job I figured why not work on my TA skills. Constructive feed back is greatly appreciated! I am always open to learning!
My analysis displays several factors and I am currently thinking that we go lower over the next 2-4 weeks.
As you can see on my chart I marked areas with death and golden cross and you can see what happened next. Something to think about!
Also have a look at the BUY and SELL signals on the chart. After the last golden cross not only did we end up going lower, but the SELL signal didn't change. This signal on a 1D timeframe is used
to gauge the overall trend. I do not see it changing until we have at least 1-2 weeks of strong upward movement at which time a BUY signal will likely appear.
We can also see the rising wedge formation after the last big drop off as well as a similar formation after this last drop off which makes me think that more downside is likely to come next.
It is possible as many others have stated that we do move up from here before descending lower, but I am currently not looking for any long positions on BTC. I am looking for shorting any upside we get from the current levels around the low $6ks. Where I would begin to look for a strong bounce is around the $5,500 level. Sure we might bounce at $5,800 but I don't think we spend a lot of time there.
In my mind these moves are going to play out fairly quickly and I don't see any reason to think that BTC will make a lower low on the HTF. Considering the overall global pandemic I think the worst is yet to come for all speculative assets. BTC is no exception! Once we begin to see more optimistic developments (effective covid 19 treatments) I do believe once we start moving up it is going to be parabolic!
Remember to manage risk accordingly, especially at times like these. The best thing to do may be to sit on the sidelines and wait to see how this next month plays out. Not financial advice to anyone viewing but I hope this is helpful.