Happy Money Monday, 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 got rejected by its 50D MA and reverted to the Green Ascending Channel plus it broke the previously printed Higher Low although currently price is still above $37,716 (last confirmed Higher Low). At this time of writing, Bitcoin is still in the channel but has broken the previous support at $39,535.
So, what am I expecting to happen next?
The next critical support is $37,716 (Weekly Candle), if Bitcoin manages to stay above is then that market structure will remain intact and possibly give the Bulls another chance.
Bears continue to have the upper hand at this time as Bitcoin continues to trade below its 50D MA.
MACD (4Hr TF): Watching the Green Trend Line on the MACD , possibly an area of support. MACD is forming a potential Bullish Divergence against price action.
If Bitcoin Bulls are able to defend the Green Ascending Channel this week then the MACD Bullish Divergence will come to fruition.
Note To Self: Still making myself being aware of the upcoming month of May, as the saying goes "Sell In May And Go Away!".
Fear and Greed Index: 23 - Extreme Fear
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 got rejected by its 50D MA and reverted to the Green Ascending Channel plus it broke the previously printed Higher Low although currently price is still above $37,716 (last confirmed Higher Low). At this time of writing, Bitcoin is still in the channel but has broken the previous support at $39,535.
So, what am I expecting to happen next?
The next critical support is $37,716 (Weekly Candle), if Bitcoin manages to stay above is then that market structure will remain intact and possibly give the Bulls another chance.
Bears continue to have the upper hand at this time as Bitcoin continues to trade below its 50D MA.
MACD (4Hr TF): Watching the Green Trend Line on the MACD , possibly an area of support. MACD is forming a potential Bullish Divergence against price action.
If Bitcoin Bulls are able to defend the Green Ascending Channel this week then the MACD Bullish Divergence will come to fruition.
Note To Self: Still making myself being aware of the upcoming month of May, as the saying goes "Sell In May And Go Away!".
Fear and Greed Index: 23 - Extreme Fear
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
