Short term bearishness long term bullishness
Nothing goes up in a straight line although I wish it did, there's some different scenarios id like to share and hopefully stop someone making a trade on based on emotions
A. Long term uptrend usually experience a decending channel as a breathe of fresh air
B. We have support ( yellow line ) since may 2020 and not even the april 2021 crash had broken that, there should be no cause of worry besides a break of this support in the immediate short/medium term.
C. The short term bearish trend has found support @ the $55 918 area , if we close an hourly candle above the decending channel resistance I will become slightly convinced in the move and increase exposure slightly, a four hour close would increase my confidence
D. The yellow support line is at the 51-53K levels, we have historically had major bounces at these levels, going down to these levels will provide the best possible buying opportunity if the almost 2yr support holds. I would say the possibility to break below these levels is between 10-15%, this is because of the over-leverage in the crypto space
E. If we do resume the bull-trend I expect sufficient resistance @ the $60 593 - $63 344 levels. 1... In a perfect scenario we shoot past the $60 593 level and then fail to stay above $63 344 then we trade between that range before the next big bounce . 2... We could very easily go to one of these levels then retest the $59 000 levels, that is another possibility
There are so many possible outcomes, someone elses chart could be giving them an indication that we can bounce of $49 000, the best thing to do is realize others possible outcomes and encorporate plans if they do materialize.
This is my first idea published and if I help atleast one person I would be happy. ;)
Nothing goes up in a straight line although I wish it did, there's some different scenarios id like to share and hopefully stop someone making a trade on based on emotions
A. Long term uptrend usually experience a decending channel as a breathe of fresh air
B. We have support ( yellow line ) since may 2020 and not even the april 2021 crash had broken that, there should be no cause of worry besides a break of this support in the immediate short/medium term.
C. The short term bearish trend has found support @ the $55 918 area , if we close an hourly candle above the decending channel resistance I will become slightly convinced in the move and increase exposure slightly, a four hour close would increase my confidence
D. The yellow support line is at the 51-53K levels, we have historically had major bounces at these levels, going down to these levels will provide the best possible buying opportunity if the almost 2yr support holds. I would say the possibility to break below these levels is between 10-15%, this is because of the over-leverage in the crypto space
E. If we do resume the bull-trend I expect sufficient resistance @ the $60 593 - $63 344 levels. 1... In a perfect scenario we shoot past the $60 593 level and then fail to stay above $63 344 then we trade between that range before the next big bounce . 2... We could very easily go to one of these levels then retest the $59 000 levels, that is another possibility
There are so many possible outcomes, someone elses chart could be giving them an indication that we can bounce of $49 000, the best thing to do is realize others possible outcomes and encorporate plans if they do materialize.
This is my first idea published and if I help atleast one person I would be happy. ;)