BTC multiple bearish channels observed. Visible stair pattern
I have decided to change my format of post to help some private messages that I have received. From now on I will post in fix format to make it less cluttered and help people understand better. On that note, here is today's observation:
BTC observing downtrend with multiple channels switching from previously heading up to now heading down.
My plan for today's trade:
Shorting at each point where BTC hit the channel line (never chase a trade, be patient).
Everytime the channel is broken and BTC continue its climb up, I will average down on the next channel (as indicated by the arrow icons)
I will not open any long trade unless the yellow channel breaks cleanly as staircase like downtrend pattern is already observed with only 1 uptrend channel left.
The icon arrows are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
BTC observing downtrend with multiple channels switching from previously heading up to now heading down.
My plan for today's trade:
Shorting at each point where BTC hit the channel line (never chase a trade, be patient).
Everytime the channel is broken and BTC continue its climb up, I will average down on the next channel (as indicated by the arrow icons)
I will not open any long trade unless the yellow channel breaks cleanly as staircase like downtrend pattern is already observed with only 1 uptrend channel left.
The icon arrows are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
Comment:
I have one short active from 61678.9. A bit disappointed as I didnt enter much expecting possibility of whipsaw to 625xx and 65xxx to average down further. But ill take what I have. Stop profit is now at 61300, no plan to take profit directly atm unless 59xxx rebounded strongly
Trade closed: target reached:
Trade is closed. Entry 61678.9 hit my closing at 59678.9.
We are hitting buying area and a rebound is expected. Will re enter short still according to chart with some changes that I will post tomorrow.
We are hitting buying area and a rebound is expected. Will re enter short still according to chart with some changes that I will post tomorrow.