Bulls Lack Sufficient Conviction To Break Into Bullish Territory. Please keep in mind my blogs/videos are geared towards day-traders unless "long term" specifically is mentioned in the video or title
We see on the BTCUSDSHORT table that within the past 48 hours, the amount of shorts have more than doubled from 8K BTC to 19K BTC short positions.
We see the RSI on the 2 HR chart and up being unable to break above key RSI levels near 60 that have acted as major resistances.
We see the sloped trend line resistance and sloped support reach a critical apex that breaks down. There was a previous resistance and like all resistances, once broken, becomes support. We broke down at the apex to this support region and now wonder if it will hold.
This is a likely case where an apex point can decide a break.
We see on a 3 HR chart, we are slightly bouncing off the 55 EMA, which I can see breaking down within 12 hours.
The most likely case in my opinion is reaching this apex based on multiple trend line supports and resistances, where a decisive trend will be made to one of these regions. As reactive traders, we must anticipate these movements and play as price action dictates trend.
We see the daily MACD crossover, though it is certainly possible to start bearishly diverging with a curvature such as this.
A bull scenario would be this support does hold, and we break to fib levels 382 @ $12,170 or 0.5 fib level @ $13,116. Though I do not see this happening.
Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders
Please consider these videos:
Lesson 1 - Bitfinex Tutorial - How to Customize and Set Up Bitfinex
Lesson 2 - How to Analyze Candlesticks Charts with Strategy
Lesson 3 - Moving Averages
Lesson 4 - Relative Strength Index RSI with Advanced Strategy
Lesson 5 - MACD and Histogram
Lesson 6 - Margin Trading Long, Short, Leveraging
Lesson 7 - Basic Risk Management
Lesson 8 - Fibonacci Retracement Part 1
Lesson 9 - Fibonacci Extension Part 2
Lesson 10 - Laddering
Lesson 11 - How To Interpret Time Frames
Lesson 12 - Swing Trading Advanced 55 EMA Strategy
Lesson 13 - Introduction To Elliot Wave Theory
Lesson 14 - Using a Basic Excel Tracker for Risk Management
Lesson 15 - Tutorial Part 15 Automatic Stop Sell/Buy Executions
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The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.
DISCLAIMER:
Legal stuff here. I'm not financial advisor. This is just my opinion that I'm sharing with the community. All information is for yours to process how you wish.
I've been following and doing my own trading chart plans. For 3 times now I've said to myself "fuck it I'm gonna buy before going to sleep" but I end up going to sleep without buying and bang, price drops.
I just feel like sleeping has been the best strategy so far.
When in doubt, stay out. Sometimes the best action is inaction.
Well put my friend.
Useful information. thank you
Glad it has helped you remain cautious.
I wait for the next post
Not the bears!!!! Good info thx!
anything but the bears nooo lol.
TY as always PK.
Great Analysis man!
Check out my breakdown of the charts as well, they kinda differ to yours but still has some similarities =)
I would really appreciate your feedback on it, big fan of yours)
https://steemit.com/btc/@swi4/bitcoin-btc-daily-update-mixed-patterns-awaiting-confirmation-of-an-uptrend-charts
You're really helping people this way, very educational. Keep up the great work!
you're cuter than haejin Miss Lawrence
Finding myself turning to your regular updates and analysis first before all other sources. Thanks.
Great narratives there especially with the indicators and candles at the end of the video! I learn something small everytime, and it's good that you keep repeating those principles and rules which did not sink in until the "ah-ha" moment comes eventually.
TY!
Those bears are shitting in the wood right now... Stay safe!
a pleasure as always