BTC Daily - While everyone is freakin out...we stay Zen
Hi all,
We continue to range trade in the dumb zone (grey box area). This is a price area that we do not need to be concerned with. Let the bulls and bears battle it out. People often get emotional in this area and either feel captivated to go all in or sell everything. When you trade emotionally the market usually ends up taking your capital.
If you bought with me around the 3.2-3.4 area we are in solid shape. I have listed where you should place your stop loss/profit (red line).
If you have not purchased and waiting for a trend to take hold I have listed the earliest entry point (green line). This is an aggressive target so please assess your risk/reward at this point. Technically BTC has to break above 6k again for us to officially with no doubt say we have bottomed at 3.1k.
Moving averages:
Blue = 15 DMA
Pink = 20 EMA
Orange = 50 DMA
The 15 DMA is about to do a bullish cross over the 20 EMA. The 50 DMA is still headed down and the 20 EMA is flattening. This is telling us that bears are trying to stay in control, but the sell side pressure is weakening. The RSI is still neutral at 50 and has a positive divergence.
At this point many of us are still thinking the inverse H&S pattern will play out. However if BTC goes below where I signaled stop loss this pattern will become invalidated and a retest of the Dec lows will probably take hold.
Being we aren't fortune tellers I say we take our profit and wait for the next trade setup which could come quickly. We will wait either for a significant double bounce off the Dec lows or in the unlikely event we do break 3k, will have to wait for extreme oversold conditions again. Even the OG HODLer's will probably sell.
But I doubt this happens. The 200 Week MA is sitting around 3.1k and should act as solid support so I'm expecting there to be a double bounce off this low and we start trending upward. Best case scenario we skip this all together and our inverse H&S pattern plays out testing the Fib extension levels all the way to 5.1k, then back over 6k eventually.
Keep calm. Ignore the dumb zone. Wait for a clear trade setup if you've been sitting on the sidelines.
Bobby
We continue to range trade in the dumb zone (grey box area). This is a price area that we do not need to be concerned with. Let the bulls and bears battle it out. People often get emotional in this area and either feel captivated to go all in or sell everything. When you trade emotionally the market usually ends up taking your capital.
If you bought with me around the 3.2-3.4 area we are in solid shape. I have listed where you should place your stop loss/profit (red line).
If you have not purchased and waiting for a trend to take hold I have listed the earliest entry point (green line). This is an aggressive target so please assess your risk/reward at this point. Technically BTC has to break above 6k again for us to officially with no doubt say we have bottomed at 3.1k.
Moving averages:
Blue = 15 DMA
Pink = 20 EMA
Orange = 50 DMA
The 15 DMA is about to do a bullish cross over the 20 EMA. The 50 DMA is still headed down and the 20 EMA is flattening. This is telling us that bears are trying to stay in control, but the sell side pressure is weakening. The RSI is still neutral at 50 and has a positive divergence.
At this point many of us are still thinking the inverse H&S pattern will play out. However if BTC goes below where I signaled stop loss this pattern will become invalidated and a retest of the Dec lows will probably take hold.
Being we aren't fortune tellers I say we take our profit and wait for the next trade setup which could come quickly. We will wait either for a significant double bounce off the Dec lows or in the unlikely event we do break 3k, will have to wait for extreme oversold conditions again. Even the OG HODLer's will probably sell.
But I doubt this happens. The 200 Week MA is sitting around 3.1k and should act as solid support so I'm expecting there to be a double bounce off this low and we start trending upward. Best case scenario we skip this all together and our inverse H&S pattern plays out testing the Fib extension levels all the way to 5.1k, then back over 6k eventually.
Keep calm. Ignore the dumb zone. Wait for a clear trade setup if you've been sitting on the sidelines.
Bobby
交易進行:
A bit bearish now that we dipped below the 20 day EMA...but still I consider this all noise. There was some news that came out that Baakt might be delaying the launch of futures platform. I mean isn't this expected people? And who cares. It's gonna get approved by the regulators. They've raised 190M dollars. So to me this price action is just noise and we're still trading inside the black box...nothing to do but enjoy your NYE.
交易進行:
So many stupid predictions coming from the Richard Hearts and Tony Vayes of the crypto world. We're still in the dumb zone. Nothing to do but wait for BTC to decide if it's going to setup a near term bull or bear trend. It's nice to see BTC move back up the 20 Day EMA. We want to see this candle end the week above 4k. That's the goal for bulls.
交易進行:
BTC well on it's way testing the 50 DMA (orange line) at 4.1k. The fibs are listed on the right. 4.4k will be key and if we break through this with volume I'm confident this inverse H&S will provide a pattern target to 5.1k.
交易進行:
Still trading in the dumb zone. yup equities took a hit today and crypto's seem to be more correlated to tech stock movements lately. Nothing for us to freak out about tho. If you are long like me from the 3.2-3.3 range do nothing and keep stops in place for a profit. we will reinforce if there is a breakout above 4.258
交易進行:
My expectation of BTC move within a week.