$BTC #Bitcoin Triangle Breakdown but now it requires your best Risk Management to profit from this asset.
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Prologue
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Ladies and gentlemen you really need to be ultra aware of the current artificial money flow in crypto the current impact of USDTether on Bitcoin has all warning signs that this is all working and setup to suck fiat money out of the crypto market.
Yes you can trade it but just in case your trades based of your technical analysis dont works out you need to have a good risk management in place that prevents you for major losses.
Don't use your TA to determine how much % gain you eventually might make, use it to point out where you can setup your risk management.
At the end of the Day it is your own decision how much of your Capital you want to Risk for a Trade or Investment.
Please read my article which i posted on Medium “Are you sure you want to invest in crypto now” cryptocurrencyhub.io...pective-96ea05b6cb8f
ChicoCrypto did a nice Youtube Video backing up my article:
www.youtube.com/watch?v=eI1_dSab...
Also i recommend you watch Laszlos´s “MMGinvest” latest video why Bitcoin might be Doomed flow chart and why he is not doing TA on Bitcoin right now:
www.youtube.com/watch?v=zr0-U4nM...
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Technical Perspective
==================
Said this i want to give my quick Bitcoins price analysis and what key levels I am watching and where i can manage my risk of.
If you follow my TA you already were aware of that bulls are running out of power and maybe profited like it did from shorting Bitcoin.
For full disclosure even if my current fundamental perspective on money flow and my TA is pointing to much lower targets I have now closed my shorts and will reevaluate the situation.
I will use the extended upper trendline from the descending triangle which Bitcoin broke to the downside to place short trades of it and manage my Risk of it.
If the line will break even during sideways price action i am going to reevaluate the situation again and make new plans according what other indicators and oscillators are telling.
Currently the Price is Below the weekly 10 and 20 EMA and sitting above the 50 EMA at current time.
Weekly Stochastic is heading and accelerating to the downside.
Weekly RSI sitting currently at 50 below the EMA and i like to put a Fibonacci Scale on the RSI.
The Fibonacci Scale on the RSI is currently at 0.618 Level which could indicate that we might bounce from here retest the Triangle Breakdown area and then maybe head lower grinding the Risk Of Trendline to the Downside.
I am patiently waiting to see if the RSI will reach the 0.786 or even 1.0 Level according to Fib.
If I see the Weekly Stoch reached the bearish Control Zone crossed up and leaving it to the upside align with a low RSI i might consider to place short term Long Trades.
We will not drop like a Stone in the coming weeks as we have support here and there.
Choose your entries wisely, don't get emotionally attached to any asset, have your Risk Management Tools in place and trade Safe
===========================
You can copy and follow my Trades on eToro
My Etoro Profile: www.etoro.com/people/koboltrading
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$BTC $ETHEREUM $XRP $USDT $LTC $ETC $ADA $NEO $ATOM $BCH $BNB $XLM $TRX $DASH $MIOTA $EOS $ZEC $XTZ #BTC #BITCOIN #USDT #USDTETHER #BITFINEX #CRYPTOCURRENCY #TECHNICALANALYSIS #BTCUSD #BTCSHORT #BITCOINSHORT #TRADING #TRADINGBITCOIN
========
Prologue
========
Ladies and gentlemen you really need to be ultra aware of the current artificial money flow in crypto the current impact of USDTether on Bitcoin has all warning signs that this is all working and setup to suck fiat money out of the crypto market.
Yes you can trade it but just in case your trades based of your technical analysis dont works out you need to have a good risk management in place that prevents you for major losses.
Don't use your TA to determine how much % gain you eventually might make, use it to point out where you can setup your risk management.
At the end of the Day it is your own decision how much of your Capital you want to Risk for a Trade or Investment.
Please read my article which i posted on Medium “Are you sure you want to invest in crypto now” cryptocurrencyhub.io...pective-96ea05b6cb8f
ChicoCrypto did a nice Youtube Video backing up my article:
www.youtube.com/watch?v=eI1_dSab...
Also i recommend you watch Laszlos´s “MMGinvest” latest video why Bitcoin might be Doomed flow chart and why he is not doing TA on Bitcoin right now:
www.youtube.com/watch?v=zr0-U4nM...
==================
Technical Perspective
==================
Said this i want to give my quick Bitcoins price analysis and what key levels I am watching and where i can manage my risk of.
If you follow my TA you already were aware of that bulls are running out of power and maybe profited like it did from shorting Bitcoin.
I will use the extended upper trendline from the descending triangle which Bitcoin broke to the downside to place short trades of it and manage my Risk of it.
If the line will break even during sideways price action i am going to reevaluate the situation again and make new plans according what other indicators and oscillators are telling.
Currently the Price is Below the weekly 10 and 20 EMA and sitting above the 50 EMA at current time.
Weekly Stochastic is heading and accelerating to the downside.
Weekly RSI sitting currently at 50 below the EMA and i like to put a Fibonacci Scale on the RSI.
The Fibonacci Scale on the RSI is currently at 0.618 Level which could indicate that we might bounce from here retest the Triangle Breakdown area and then maybe head lower grinding the Risk Of Trendline to the Downside.
I am patiently waiting to see if the RSI will reach the 0.786 or even 1.0 Level according to Fib.
If I see the Weekly Stoch reached the bearish Control Zone crossed up and leaving it to the upside align with a low RSI i might consider to place short term Long Trades.
We will not drop like a Stone in the coming weeks as we have support here and there.
Choose your entries wisely, don't get emotionally attached to any asset, have your Risk Management Tools in place and trade Safe
===========================
You can copy and follow my Trades on eToro
My Etoro Profile: www.etoro.com/people/koboltrading
===========================
$BTC $ETHEREUM $XRP $USDT $LTC $ETC $ADA $NEO $ATOM $BCH $BNB $XLM $TRX $DASH $MIOTA $EOS $ZEC $XTZ #BTC #BITCOIN #USDT #USDTETHER #BITFINEX #CRYPTOCURRENCY #TECHNICALANALYSIS #BTCUSD #BTCSHORT #BITCOINSHORT #TRADING #TRADINGBITCOIN
