I hope the markets have been treating you well and you've been crushing all of your trades.
In today's post, I want to give away a chart that has made me a lot of money dating back to 2016.
I also want to go in to detail on how I use the RSI to determine when to get in and out of Bitcoin by determining...
Bitcoin (BTCUSD) continues printing higher lows since it hit ~$9,450 on the 15th of August.
The first peak was hit at $10,955 on the 19th of August. The retrace resulted in a higher low and there is the potential for a move up from current levels.
Now, Bitcoin can easily move lower here as well since we are looking at bearish indicators and its price moving...
Closing the day below 10k will open the way to $ 9500.
Now the price is going down more than the momentum, and the last time before the growth was the opposite. This is a bear sign.
How much time do we bounce off 10 thousand?
I thought it turned out I had 17 times, this is only on the daily timeframe)
Interestingly, the level will withstand the pressure of the bears?
Taking a look at the daily this evening. We have been hovering around 10k all day pretty much. We got rejected by the daily cloud and we are finding some support around 10k. Im keeping an eye on the descending triangle on the chart. The candles are respecting the borders of the triangle still so I guess we will have to see if it plays out. Sentiment seems mixed...
Looking at the hourly this morning and we have signs of some life. We rose from 10k to 10300 but stopped short of breaking the upper trend line of this descending pattern. We are above the cloud and the 50MA (orange line) and we are fighting to close the candles above that 200 MA (blue line) a;though it seems to be providing some resistance currently. We did close...
Buy after retrace.
If you are a risk-taker and aggressive trader, put your stop loss on 215 level and wait for a confirmed break below it. But if you want to trade the QM pattern (my advice) place an order on 194.
Current estimate for the end of the Zig Zag playing out in a combination
(Flat with failed B leg, any three, zig zag, potential wxyxz)
The Flat having a failed B leg created a Falling Three Peaks