I'm still waiting for this BTC confirmation b4 I go long again!
Be careful here folks. This could be a BTC headfake. I remain skeptical that the bulls are back in control until we cross above the TOP BLACK line of my long time BULL channel and open a new candle ABOVE this TL on the DAILY.
As of now, it looks to me like this could just be the first candle of a bear flag. If so, we would continue down below the $4000 support to hit our 50MA OR UPWARD ASCENDING BLUE TRENDLINE, whichever would come first at that point. I have my doubts that we'll go any lower than this. Currently the price of the 50MA sits at around $3850. The BLUE TL is higher (right now) at $3950. These two could intersect with our $4000 support at about the time BTC comes back down. If that happens there will be MASSIVE BUYING and we will blow right through the TOP BLACK TL and our current all time high of nearly $5000 to continue our upwards tragectory. I would update my charts again at that point.
My recommendation is not to buy nor sell at this point. If you do buy, realize it is a high risk trade as we have not properly developed solid confirmation and put in some tight STOPs.
If you're looking to buy, hold tight for confirmation OR a final drop to our supports: $4000, BLUE TL, or 50 MA. Buying here is too rich of a risk for my blood.
If you're looking to sell short, DON'T. Not here.
Best of luck my fellow crypto traders!
As of now, it looks to me like this could just be the first candle of a bear flag. If so, we would continue down below the $4000 support to hit our 50MA OR UPWARD ASCENDING BLUE TRENDLINE, whichever would come first at that point. I have my doubts that we'll go any lower than this. Currently the price of the 50MA sits at around $3850. The BLUE TL is higher (right now) at $3950. These two could intersect with our $4000 support at about the time BTC comes back down. If that happens there will be MASSIVE BUYING and we will blow right through the TOP BLACK TL and our current all time high of nearly $5000 to continue our upwards tragectory. I would update my charts again at that point.
My recommendation is not to buy nor sell at this point. If you do buy, realize it is a high risk trade as we have not properly developed solid confirmation and put in some tight STOPs.
If you're looking to buy, hold tight for confirmation OR a final drop to our supports: $4000, BLUE TL, or 50 MA. Buying here is too rich of a risk for my blood.
If you're looking to sell short, DON'T. Not here.
Best of luck my fellow crypto traders!
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
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