BTC is now on a crossroad. Although it is still currently bullish, bears are starting to put strong pressure towards bullish dominance.
My plan for today's trade:
The bull run from our last chart was quite weak. We end up closing profit for $2100 on the long. Not bad but not great either, I was really expecting a stronger push, but BTC broke down its minor uptrend channel.
It is still going to be quite choppy today, but we are currently still on the bullish path and thus will try to take advantage of that. The first green arrow is a strong support, crisscrossed by three support lines, it will most likely hold and provide a strong rebound up.
Breaking the yellow line will confirm BTC back on its bullish path, watch that area closely for you can either continue your long or reverse your position to short. It will probably try a few times or hanging around that area before a pullback or a breakout occurs.
The purple arrow is a minor scenario where BTC may simply breakthrough the blue channel and directly goes up to yellow line, but I think this is risky and unlikely. U are better off entering long near the bottom of the blue channel or at my first green icon.
I am a little busy today and have not been able to reply back, will get back to you all soon! Sorry and thank you
The arrow icons 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.
My plan for today's trade:
The bull run from our last chart was quite weak. We end up closing profit for $2100 on the long. Not bad but not great either, I was really expecting a stronger push, but BTC broke down its minor uptrend channel.
It is still going to be quite choppy today, but we are currently still on the bullish path and thus will try to take advantage of that. The first green arrow is a strong support, crisscrossed by three support lines, it will most likely hold and provide a strong rebound up.
Breaking the yellow line will confirm BTC back on its bullish path, watch that area closely for you can either continue your long or reverse your position to short. It will probably try a few times or hanging around that area before a pullback or a breakout occurs.
The purple arrow is a minor scenario where BTC may simply breakthrough the blue channel and directly goes up to yellow line, but I think this is risky and unlikely. U are better off entering long near the bottom of the blue channel or at my first green icon.
I am a little busy today and have not been able to reply back, will get back to you all soon! Sorry and thank you
The arrow icons 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.