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Happy New Year to you all and I hope you to make profits in 2020.
The 9th yearly candle for the year of 2019 was closed and it still shows upward trend. This year would be very important.
The year-end BTC price was not closed higher than $8,600 which was a key level.
It is always important to see bigger picture.
In 2017, Amazing Rise ($19,500)
In 2018, Correction ($3,100)
In 2019, BTC price stayed above $3,100 (Correction in 2018) and touched $13,800 (Fibonacci 61.8% of $19,500 high in 2018)
Thus, it is very important whether the price breaks $13,800 (2019 High) and closes above $19,500 (2017 High).
There are many people whose position is short. But, SHORT itself is a hedging position only.
At the end, it is the key when to enter LONG position.
This is how to read trend and the upward/downward trend is very important in Technical Anlaysis.
Not only people who did not read the trend change at $3,100 but also those who entered Short position at $6,000, could not survive. On the other hand, those who did not read the trend change above $12,000 and entered Long position did not survive either.
In short-term frames, it is possible to see trading opportunity only. We can not read trends.
The important trends must be analyzed by Long-Term frames and Support/Resistance.
Monthly chart still shows correction. After 5-month Bull market, 6-month Correction is followed.
Strong Resistance Level is $7,800~8,000. Even if this level is broken, prices higher than $9,000 are all Resistance.
Click below links to see my ideas related and Play it to see the current position of BTC.
Happy New Year to you all and I hope you to make profits in 2020.
The 9th yearly candle for the year of 2019 was closed and it still shows upward trend. This year would be very important.
The year-end BTC price was not closed higher than $8,600 which was a key level.
It is always important to see bigger picture.
In 2017, Amazing Rise ($19,500)
In 2018, Correction ($3,100)
In 2019, BTC price stayed above $3,100 (Correction in 2018) and touched $13,800 (Fibonacci 61.8% of $19,500 high in 2018)
Thus, it is very important whether the price breaks $13,800 (2019 High) and closes above $19,500 (2017 High).
There are many people whose position is short. But, SHORT itself is a hedging position only.
At the end, it is the key when to enter LONG position.
This is how to read trend and the upward/downward trend is very important in Technical Anlaysis.
Not only people who did not read the trend change at $3,100 but also those who entered Short position at $6,000, could not survive. On the other hand, those who did not read the trend change above $12,000 and entered Long position did not survive either.
In short-term frames, it is possible to see trading opportunity only. We can not read trends.
The important trends must be analyzed by Long-Term frames and Support/Resistance.
Monthly chart still shows correction. After 5-month Bull market, 6-month Correction is followed.
Strong Resistance Level is $7,800~8,000. Even if this level is broken, prices higher than $9,000 are all Resistance.
Click below links to see my ideas related and Play it to see the current position of BTC.
Comment:
Possible Scenario in Daily Chart
