Hi all,
If you have been checking out my charts you have seen that each chart is a piece of the story that we are the main protagonists in. In the previous chapter I got burnt due to relying too much on a falling trend line and wishful thinking - check graph below. I attempted afterwards to catch a falling knife and guess what, I am missing 2 toes now and slightly in the red, but I just added more to my long on lower levels today, so I essentially missed a good short opportunity but can't catch them all (pokemon slogan)
So what's the deal now you ask? Well, I have adjusted that same falling black trend line and we are now above it again and have tested it this time on a larger time frame so that's good you say, we have tested the support to reload on rocket fuel, right? I want to say yes but we should not trade with emotions and see only 1 outcome all the time.
Let's look at bullish signals:
1. MACD crossover.
2. Tested support above descending wedge
3. RSI almost at bullish territory so upwards momentum
4. BTC seems to have formed higher low based on latest dips so should bring market up again.
Bearish signals:
1. Can't close above the 6900sats level 2nd time, maybe forming a double top?
2. Rocket fuel was depleted on this 900 sats run this morning?
3. There is a hidden bearish divergence that I forgot to show on the chart (price: lower high oscilattor: higher high)
4. Fake breakout could lead us further down to more stable support levels like the 5800sats area even though the 6000sats held well.
Strategy:
Buy on retest of support at 6720 sats. Stop loss: 6500 sats Take profit: 7700 if possible
If you have been checking out my charts you have seen that each chart is a piece of the story that we are the main protagonists in. In the previous chapter I got burnt due to relying too much on a falling trend line and wishful thinking - check graph below. I attempted afterwards to catch a falling knife and guess what, I am missing 2 toes now and slightly in the red, but I just added more to my long on lower levels today, so I essentially missed a good short opportunity but can't catch them all (pokemon slogan)
So what's the deal now you ask? Well, I have adjusted that same falling black trend line and we are now above it again and have tested it this time on a larger time frame so that's good you say, we have tested the support to reload on rocket fuel, right? I want to say yes but we should not trade with emotions and see only 1 outcome all the time.
Let's look at bullish signals:
1. MACD crossover.
2. Tested support above descending wedge
3. RSI almost at bullish territory so upwards momentum
4. BTC seems to have formed higher low based on latest dips so should bring market up again.
Bearish signals:
1. Can't close above the 6900sats level 2nd time, maybe forming a double top?
2. Rocket fuel was depleted on this 900 sats run this morning?
3. There is a hidden bearish divergence that I forgot to show on the chart (price: lower high oscilattor: higher high)
4. Fake breakout could lead us further down to more stable support levels like the 5800sats area even though the 6000sats held well.
Strategy:
Buy on retest of support at 6720 sats. Stop loss: 6500 sats Take profit: 7700 if possible
