Bitcoin - Setting Up A Plan Of Attack
Happy Thirsty Thursday, Traders!
Hope you find value from this post.
If you did, please give it a 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.
==============================
Bitcoin pushed towards the RED got rejected at the 25.2K level, and the bearish divergence created by the price action and RSI signaled Bitcoin's correction.
Bitcoin is now headed down towards the 61.8% Fib level (19.2K-18.9K Golden Pocket) where it could potentially find support and bounce back up potentially creating an Inverse H&S.
So, what am I expecting to happen next?
The rules I have set for my long entry are:
1. Wait for the appearance of a Price Action-RSI bullish divergence.
2. Stronger Confirmation: RSI (white) must go above its MA (yellow).
3. An even stronger confirmation of a bullish trend is when the RSI is above it MA and crossed the GREEN 50% Horizontal Line
4. An ideal entry is when Price Action has gone above the GREEN 50EMA and has created higher highs and higher lows plus a retest and respects the 50EMA as support, plus the RSI is above its MA and its green 50% Horizontal Line, plus the Laguerre RSI has crossed its 20% level towards the upside.
Until then, I'm sitting on my hands and wait for the perfect moment to enter a long position.
For now, it's time for some workout in my home gym, spend precious time with family, study and read books, cook, eat, sleep and then check the chart next week.
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, please give it a 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.
==============================
Bitcoin pushed towards the RED got rejected at the 25.2K level, and the bearish divergence created by the price action and RSI signaled Bitcoin's correction.
Bitcoin is now headed down towards the 61.8% Fib level (19.2K-18.9K Golden Pocket) where it could potentially find support and bounce back up potentially creating an Inverse H&S.
So, what am I expecting to happen next?
The rules I have set for my long entry are:
1. Wait for the appearance of a Price Action-RSI bullish divergence.
2. Stronger Confirmation: RSI (white) must go above its MA (yellow).
3. An even stronger confirmation of a bullish trend is when the RSI is above it MA and crossed the GREEN 50% Horizontal Line
4. An ideal entry is when Price Action has gone above the GREEN 50EMA and has created higher highs and higher lows plus a retest and respects the 50EMA as support, plus the RSI is above its MA and its green 50% Horizontal Line, plus the Laguerre RSI has crossed its 20% level towards the upside.
Until then, I'm sitting on my hands and wait for the perfect moment to enter a long position.
For now, it's time for some workout in my home gym, spend precious time with family, study and read books, cook, eat, sleep and then check the chart next week.
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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