Bitcoin - Bullish Divergence
Hello Intrepid Traders!
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
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Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
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Price action got rejected (first week of Nov. 2022) at the white resistance trend line of the falling wedge but with an RSI having a bullish divergence on this 1-week time frame. RSI is currently trending below the RSI-Based MA during this time of writing.
The 50 MA (green) may cross the 200 MA (red) if price continues to drop possibly when a capitulation event occurs. If a capitulation event occurs, price may drop to about 84%-85% from the ATH which could bring price down to the low 11K to mid 10K.
My thoughts on going long:
I am still awaiting for the RSI to go into BULLISH Territory, look at my previous post.
Look back at July 26th 2021, RSI's move towards the BULLISH Territory signaled a continuation of the BULL Trend.
Take a look at RSI's move towards the BULLISH Territory on April 20th, 2020 where the price action went on its BULLISH Rally.
Although, I may start to DCA when a capitulation happens which would also be a very profitable strategy.
Thanks for viewing my post.
Always remember to place your Stop Loss.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
Price action got rejected (first week of Nov. 2022) at the white resistance trend line of the falling wedge but with an RSI having a bullish divergence on this 1-week time frame. RSI is currently trending below the RSI-Based MA during this time of writing.
The 50 MA (green) may cross the 200 MA (red) if price continues to drop possibly when a capitulation event occurs. If a capitulation event occurs, price may drop to about 84%-85% from the ATH which could bring price down to the low 11K to mid 10K.
My thoughts on going long:
I am still awaiting for the RSI to go into BULLISH Territory, look at my previous post.
Look back at July 26th 2021, RSI's move towards the BULLISH Territory signaled a continuation of the BULL Trend.
Take a look at RSI's move towards the BULLISH Territory on April 20th, 2020 where the price action went on its BULLISH Rally.
Although, I may start to DCA when a capitulation happens which would also be a very profitable strategy.
Thanks for viewing my post.
Always remember to place your Stop Loss.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
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