I still believe the 2020 Xmas Bull party is a good possibility. Covid, stimulus, tad markets still kinda fckd eveything up. An up coming stimulus may fck this idea completely. Buy zone circled in green
*DISCLAIMER: NOT FINANCIAL ADVISE BUT WHAT WORKS FOR ME*
This post is to highlight though we are in a bearish market there are still good opportunities to make great gains if you're prepared and patient. I rarely make intra-day trades when gains are far greater if you can weed out the chop and stay focused on the bigger picture. I.E. in the last 30 days I've been...
This channel has been hodl'n well, if there's going to be a continuation, we're gonna have to see a poll back and recharge. Risky trading against the trend, but 10% would be cool soooo.
This is a possible short term position 1-2 weeks
Green and Red trend lines are medium timeframe
Blue and Magenta solid trend lines are longer timeframe in coalition with 2017's bull market
Blue support trendline is drawn through the bottom of 4k to this last pump
$BTC seems to be stuck in this bearish channel, I'm expecting a test of resistance red trend line around 8700 and then head towards .618 8300...
I don't wanna be a dick but I told you so, BTC abides by rules even if one is dance around like a lunatic.
It's funny how everyone is stupid bullish after BTC flips support for super heavy resistant and then after multiple test, the day before it's big move in the correct direct, everyone flips and goes short...
close point 5:00 p.m. October 29th
Break out above 9500 or below 9000
Stop loss At 9000 or 9500
Retest heavy resistance at 9800, if confirmed = short entry
This is March 1, 2018.
We broke downward of the 200 DMA.
Then MACD coming hot and fast back up to 0 breaking above the 200 DMA with it.
RSI setting a new lower high...
Topping out this bearish channel with lower highs. BTC bouncing off the walls! Daily and weekly momentum seems to still be consolidating so I'm looking at the 6500 level.
A hard call to make but standing bearish with a belief in consolidation.
Looks to me that we are about half way through this Alt coin consolidation, ALTs are looking prime being over sold on the Weekly, consolidating on the Daily and Bitcoin needing a possible pull back to 6k. I'll be looking for a couple positions this week, diversity, stop losses, target resistances, make a plan, good luck.