When you trade enough of time. You start seeing repetitive patterns.
You probably have been reading the news.. Bitcoin Cash getting upgraded, Price Manipulation, Seg2x cancelled, Bitcoin Getting spammed etc...
This kind of news have huge effect towards the market prices. Personally I won't be adding Bitcoin Cash in portfolio or will be trading it. I have personal opinions why I won't.
Anyways... Let's be aware and cautious of the news that are out there. Why? Because it's having huge effect towards the markets.
In these times we have to play smart and be careful at the same time.
If you look at the chart in daily time line you see that the price movement has been repetitive. The price makes new ATH and falls (pointed out in my previous Bitcoin charts) in between 0.382 and 0.5 Fibonacci levels. Also if the price falls at these levels, the ma100 has been formed right under the 0.382 Fibonacci level which is giving to us great support level.
The price is retesting trend line and confirmation for further upward movement the price has to break two orange lines.
If the price does not reach either of these. Waiting is a great tactic and we have to wait for another buy signal. This is too risky to trade as the price has climbed so high.
Be careful while trading!
Things to remember:
-> To trade safely we need to use stop losses in case something goes wrong.
-> Note this is a long term trade! Requires patience and flexibility to adjust the sails of the market movement.
-> Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
Any questions or need help? Feel free to leave comments and feedback!
Yarr!
You probably have been reading the news.. Bitcoin Cash getting upgraded, Price Manipulation, Seg2x cancelled, Bitcoin Getting spammed etc...
This kind of news have huge effect towards the market prices. Personally I won't be adding Bitcoin Cash in portfolio or will be trading it. I have personal opinions why I won't.
Anyways... Let's be aware and cautious of the news that are out there. Why? Because it's having huge effect towards the markets.
In these times we have to play smart and be careful at the same time.
If you look at the chart in daily time line you see that the price movement has been repetitive. The price makes new ATH and falls (pointed out in my previous Bitcoin charts) in between 0.382 and 0.5 Fibonacci levels. Also if the price falls at these levels, the ma100 has been formed right under the 0.382 Fibonacci level which is giving to us great support level.
The price is retesting trend line and confirmation for further upward movement the price has to break two orange lines.
If the price does not reach either of these. Waiting is a great tactic and we have to wait for another buy signal. This is too risky to trade as the price has climbed so high.
Be careful while trading!
Things to remember:
-> To trade safely we need to use stop losses in case something goes wrong.
-> Note this is a long term trade! Requires patience and flexibility to adjust the sails of the market movement.
-> Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
Any questions or need help? Feel free to leave comments and feedback!
Yarr!
Kommentar:
BTC is forming Rising Wedge pattern that is trend reversal pattern and is formed during uptrend. MACD and RSI indicators are giving us pointers they have ascended pretty high, which means that the possibility of price to retrace is way too high.
Kommentar:
The price is at the crossing point. Previous trendline has turned in to resistance even the price is hovering a bit above it. Rising Wedge, RSI is super high and the price hovering around resistance levels are indicating that the price might drop soon. I won't be trading this as it's dangerously high at the moment. But if you decide to trade this then I recommend to be extra careful!
This seems to be final push before the price starts to falling.
If the price reversals downwards then the markets are heading to the buy target.
Elliot wave ABC correction theory is supporting this buy target. Because usually ABC correction is ending near low of prior WAVE 4 which is around 5100 level.
Yarr!