Bitcoin fell out from the rising wedge and is now in a ABC bear flag correction phase targeting the 21 weekly Moving Average which also correlates with the 0.382 Fibonacci from the greater move Corona crash till ATH).
The B would also fill the CME gap and if you draw a Fibonacci extension from ATH to A the Golden pocket marks the CME gap perfectly.
SHORT TRADE SETUP: False Breakout at Horizontal Resistance
To open a short position, we are waiting for price to break horizontal resistance at All-Time-High @$24300 and then fall down.
Trade Entry Confirmation:
1. Price Action: Price breaks above the high of $24300 and then rapidly falls below $24300, forming a bull trap
2. Candlestick Pattern: A breakout...
#BTC - Valid until 11am
I don't like to predict the direction of a market but focus on the price action in my highlighted area. Seems like there was a lot of selling pressure from yesterdays market. Be careful if you are looking to buy against the previous days direction, but there is a good buy area for buyers above the VWAP
Better to wait and see what the...
I don't like to predict the direction of a market but focus on the price action in my highlighted area. Seems like there was a lot of selling pressure from yesterdays market. Be careful if you are looking to buy against the previous days direction.
Better to wait and see what the market does through the European session.
Utilise any moving...
RSI and CMF are clear: we are entering the danger zone on bitcoin. This danger zone has been validated during the bull run of 2015, when both CMF and RSI are overextended on the weekly candlestick, we can expect a large drawdown.
I am still bullish long term on the bitcoin, I expect the price to reach 100k by dec 2021. If you are not in the market now, this pull...
Our TradingView Video debut!
In this video idea we look at the possibilities for Bitcoin over the next day / few days.
We look at what we expect, pending some more information to be given to us in the form of market structure over the course of the next few days!