BTC and XRP 2hr - Bears eyeing 161.8% retrace!!!
Hi all,
**Smash a like/follow as this motivates me to keep producing clean and up-to-date TA**
BTC and XRP 2hr chart:
-BTC and XRP are eyeing a 161.8% retrace
-RSI has entered oversold zone on 2hr showing bears have strangled the market
-BTC has broken below its support trend line and XRP is currently testing
-More troubling as well is that the current drop is not being bought up quickly by the trading bots. Previously the past 8-10 days bots have quickly purchased any lower shadow wicks. This is not currently happening.
On the daily timeframe the Bears have successfully forced the 20 EMA below the 50 DMA, which could capitulate the market in the next round of heavy selling with the 20 EMA starting to point south.
If you are a long term investor accumulation is happening from current levels and smart money will continue to allocate capital in the Major dips. If you are a speculator this isn't the time to be going long with fresh entries. See my other publications for signals when to buy.
Education:
-So much of trading view is littered with charts looking like Rainbow Brite puked all over them. STOP IT! TA should communicate a clear message at a glance and only relevant information should be included without a million trend lines and scenarios. The more simple the TA the better.
-Also if you are going to use chart patterns make sure you have at minimum 2-3 confirmed touches on the pattern. I've seen so many cases where there is technically only 1 touch on a pattern and they call it a descending triangle...(shaking my head)
-I want to make it clear. I'm short term bearish, but long term bullish. See my other publications. The smart money is accumulating Bitcoin at current levels with strategic buys on every Major drop. If you are a speculator though you cannot follow this strategy. So choose your timeframe and stick with a plan. It's not good to bounce around your trading strategy every other day or week. You'll end up confusing yourself, trade emotionally and then lose more capital. Be scientific with your risk management and be honest with yourself if you are a Speculator or Investor. Your worst character traits will come out in trading and you need to decide does your mental skills fit better as a long term strategy planner or more short term opportunist? My advice, do a full self review before committing major capital on a strategy.
Be safe. Be patient. Be positive.
Best Regards,
Bobby
Don't hate the hair, hate the game
**Smash a like/follow as this motivates me to keep producing clean and up-to-date TA**
BTC and XRP 2hr chart:
-BTC and XRP are eyeing a 161.8% retrace
-RSI has entered oversold zone on 2hr showing bears have strangled the market
-BTC has broken below its support trend line and XRP is currently testing
-More troubling as well is that the current drop is not being bought up quickly by the trading bots. Previously the past 8-10 days bots have quickly purchased any lower shadow wicks. This is not currently happening.
On the daily timeframe the Bears have successfully forced the 20 EMA below the 50 DMA, which could capitulate the market in the next round of heavy selling with the 20 EMA starting to point south.
If you are a long term investor accumulation is happening from current levels and smart money will continue to allocate capital in the Major dips. If you are a speculator this isn't the time to be going long with fresh entries. See my other publications for signals when to buy.
Education:
-So much of trading view is littered with charts looking like Rainbow Brite puked all over them. STOP IT! TA should communicate a clear message at a glance and only relevant information should be included without a million trend lines and scenarios. The more simple the TA the better.
-Also if you are going to use chart patterns make sure you have at minimum 2-3 confirmed touches on the pattern. I've seen so many cases where there is technically only 1 touch on a pattern and they call it a descending triangle...(shaking my head)
-I want to make it clear. I'm short term bearish, but long term bullish. See my other publications. The smart money is accumulating Bitcoin at current levels with strategic buys on every Major drop. If you are a speculator though you cannot follow this strategy. So choose your timeframe and stick with a plan. It's not good to bounce around your trading strategy every other day or week. You'll end up confusing yourself, trade emotionally and then lose more capital. Be scientific with your risk management and be honest with yourself if you are a Speculator or Investor. Your worst character traits will come out in trading and you need to decide does your mental skills fit better as a long term strategy planner or more short term opportunist? My advice, do a full self review before committing major capital on a strategy.
Be safe. Be patient. Be positive.
Best Regards,
Bobby
Don't hate the hair, hate the game
Comment:
BTC bear flag on the 2hr...
Trade active:
bears broke through the flag last night and bulls defended the necessary 200 WMA. the near term pattern target is still around $3,240.
Trade active:
Probability of a retest of the 3.1k Dec bottom is looking more likely. We will have to wait and see but if we fall through the 200 WMA I don't believe we will have a double bounce off the low. More than likely will fall to 2.5k area.