I don't personally trade Bitcoin, but we were talking about this is our chat forum earlier and wanted to share my thoughts. We've just had a nice bearish Head & Shoulders completion. which is a classic reversal pattern. Price has broken the neckline and the question that we want to ask ourselves now is "where will it stop falling at?" Starting at the 8K level is where we have our previous structure support zone starting at. So for anybody looking for longs, IF price comes down into this zone THEN I would start thinking about what you need to happen next in order to involve yourself in a long trade.
Sweet mother of Jesus .. worked on BTC as well!
Please continue analyzin' crypto markets whenever you find something !
.. and jkeep on rockin' Akil!
- Just another old student from you guys at tradeempowered ;)
Akil_Stokes
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@malotiin, Thanks man! I'm not too familiar with the market but if something comes up I'll share
Nico.Muselle
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Exactly the zone I was looking for. We might be helped by the expiry of the CME Bitcoin Futures on the 26th to bring us down into that zone.
Short term I see a potential upwards movement towards the 13.500 previous support level and a pullback from there to your kill zone.
And who knows ... we might even see that bat pattern complete :)
Akil_Stokes
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@Nico.Muselle, Great minds Nico! I think today's close will tell us a lot
j9rdy
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he akil also a gartley right?
thnx for the post . trading Btc is stressful :(
Akil_Stokes
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@j9rdy, You're welcome, and not a Gartley but a potential bat. I didn't see it yesterday but followed up on it in today's video
soonnokta
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great. thx
Akil_Stokes
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@htgorgulu, You're welcome
Alacron
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Hey Akil I am having a hard time jumping on this Bitcoin bus. The price action fits 'normal' currency flow, but it is not a normal currency. I guess the fundamental analysis is what's confusing me. I see some of the technical stuff working but my old eyes are just not getting it...
Akil_Stokes
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@Alacron, My advice would be to stay away, especially if you're uncomfortable with it. Don't let this Crypto hype persuade you into trading something that you don't want to. There are more than enough opportunities elsewhere
Please continue analyzin' crypto markets whenever you find something !
.. and jkeep on rockin' Akil!
- Just another old student from you guys at tradeempowered ;)