BitcoinAtualizado Bitcoin dropping to 35k???
Bitcoin is currently at the Daily 200 MA and Weekly 50 MA, held down below EMA 200 on Daily.
If you look at the previous pattern Bitcoin broke down from, you can see similarities with the pattern/fractal being formed now. This descending broadening channel (could call it a bear flag) looks to be close to another break down.
Bull Case: 200 MA and Weekly 50 MA holds. We get a breakout of the RSI downtrend on the Daily and above both RSI and OBV horizontal resistance levels. Also would like to see a daily close above 50800 where the 200 EMA sits and also create a local higher high. Christmas miracle would be that this all happens this week and by end of next week we break above 53k pushing to 56k. By Christmas, we are around 60k again and by New Years we are pushing towards 66-69k. This would be BEST case scenario IMO.
Bear Case: Daily close below 46700 would most likely lead to a quick drop to 44-45k range (potentially test bottom of Dec 4 lows). Create a new consolidation range underneath Daily 200 MA and Weekly MA 50, bearish retest, and more continuation to new lows potentially to retest this years bottom range 34-35k area is my bet.
——————————————————————————————
Top 10 trading tips:
1. DO NOT FOMO into PUMPs.
2. Set a strategy and be consistent. The more you use the same strategy with the same $$$ amounts, you will be able to identify the winning set ups quicker and you will need to win less trades to be profitable over time.
3. Let your winners run and cut your losers short.
4. You will not win every trade, but if you are disciplined with great RM you don't need to be right all the time to win!
5. Before you enter a trade, make you know your target (or take profit target and let the rest ride) AND your exit strategy.
6. When you are up, you can use a trailing stop or trim off some profit at a logical resistance point with a stop loss at breakeven.
7. It is hard to deal with emotions when trading, set parameters up front so you keep your self accountable. (stop loss, take profit levels, etc)
8. Don't fight the trend. The trend is your friend.
9. Use multiple indicators to confirm your TA on price action.
10. Only trade what you are willing to lose. It will be hard to trade without emotions.
Please note:
- This is not financial advice.
- I do not take every trade I post.
- Never trade off of someone else's chart until you DYOR!
If you look at the previous pattern Bitcoin broke down from, you can see similarities with the pattern/fractal being formed now. This descending broadening channel (could call it a bear flag) looks to be close to another break down.
Bull Case: 200 MA and Weekly 50 MA holds. We get a breakout of the RSI downtrend on the Daily and above both RSI and OBV horizontal resistance levels. Also would like to see a daily close above 50800 where the 200 EMA sits and also create a local higher high. Christmas miracle would be that this all happens this week and by end of next week we break above 53k pushing to 56k. By Christmas, we are around 60k again and by New Years we are pushing towards 66-69k. This would be BEST case scenario IMO.
Bear Case: Daily close below 46700 would most likely lead to a quick drop to 44-45k range (potentially test bottom of Dec 4 lows). Create a new consolidation range underneath Daily 200 MA and Weekly MA 50, bearish retest, and more continuation to new lows potentially to retest this years bottom range 34-35k area is my bet.
——————————————————————————————
Top 10 trading tips:
1. DO NOT FOMO into PUMPs.
2. Set a strategy and be consistent. The more you use the same strategy with the same $$$ amounts, you will be able to identify the winning set ups quicker and you will need to win less trades to be profitable over time.
3. Let your winners run and cut your losers short.
4. You will not win every trade, but if you are disciplined with great RM you don't need to be right all the time to win!
5. Before you enter a trade, make you know your target (or take profit target and let the rest ride) AND your exit strategy.
6. When you are up, you can use a trailing stop or trim off some profit at a logical resistance point with a stop loss at breakeven.
7. It is hard to deal with emotions when trading, set parameters up front so you keep your self accountable. (stop loss, take profit levels, etc)
8. Don't fight the trend. The trend is your friend.
9. Use multiple indicators to confirm your TA on price action.
10. Only trade what you are willing to lose. It will be hard to trade without emotions.
Please note:
- This is not financial advice.
- I do not take every trade I post.
- Never trade off of someone else's chart until you DYOR!
Nota
Nota
perfect rejection at the top of pattern and horizontal resistance
Nota
LTF break out of descending wedge
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