Thought I would share my thoughts and analysis on BTC right now with all the excitement and buzz at the moment.
Looking at the , a previous underlying trend seems to have resurfaced. As of this post, I feel that the previous resistance around the 14k range will force a pullback to the bottom of the channel.
Viewing the weekly, daily and 4hr chart shows that we are very much overbought. This makes me feel that soon the big whales will start dumping and we can get a head start with a quick short.
Based on these bare bones factors, I've decided to take a short position a little early. You may want to wait for the pullback to confirm.. I have more risk tolerance but do I have a stop loss in place and won't be disappointed if I miss the pullback with a stop loss trigger.
If there's a breakout at the bottom of the channel, then there's potential for some extra profits if you want to risk it.
I am not taking the news, election or anything else into account so this idea is purely my speculation so trade at your own risk.
This is not trading advice or professional strategy and analysis. I am only a trader by hobby and do it for entertainment.
As a beginner, I used to get completely overwhelmed by all of the information and indicators never really finding a starting point or knowing which information was correct.
So Please do your own due diligence, learn what all the other indicators mean, and absorb as much tutorial content you can.
I feel conifdent enough now so I have entered my short trade.