BTCUSD WEEKLY UPDATE - 21/06/2018
In weekly, bitcoin has ended a sequence from inception to reach 19,666.00 high last yeast and since then we have seen a correction (past 6 months).
I proposed to end the correction at 5,920.72 but as mentioned before, this is a soft support because there is no bullish sequence as of now and true support is 0.00! The end of the correction will be validated once we break above 19,666.00 as a reminder.
Now, before jumping to catastrophic scenarios as 5,920.72 is challenged, we have to see it step by step.
Bearish? People selling bitcoin are either gamblers or institutions (big players) trying to buy lower (thus selling massively at specific time to "dump" small payers - refer to Rodrigue chart) in an attempt to manipulate the market.
Bullish? Yes. But what level? From a trading perspective, there is nothing to do here because we do not have any real support and I cannot buy longs with stop loss at 0. So, investing is the right thing to do, little by little and HODL. And like any investment, I have to accept that I can lose it all. (on the contrary of trading where I cannot lose my capital because otherwise I am out of job).
Now, back to the chart, let's zoom in daily and see what are the levels of interest.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
In weekly, bitcoin has ended a sequence from inception to reach 19,666.00 high last yeast and since then we have seen a correction (past 6 months).
I proposed to end the correction at 5,920.72 but as mentioned before, this is a soft support because there is no bullish sequence as of now and true support is 0.00! The end of the correction will be validated once we break above 19,666.00 as a reminder.
Now, before jumping to catastrophic scenarios as 5,920.72 is challenged, we have to see it step by step.
Bearish? People selling bitcoin are either gamblers or institutions (big players) trying to buy lower (thus selling massively at specific time to "dump" small payers - refer to Rodrigue chart) in an attempt to manipulate the market.
Bullish? Yes. But what level? From a trading perspective, there is nothing to do here because we do not have any real support and I cannot buy longs with stop loss at 0. So, investing is the right thing to do, little by little and HODL. And like any investment, I have to accept that I can lose it all. (on the contrary of trading where I cannot lose my capital because otherwise I am out of job).
Now, back to the chart, let's zoom in daily and see what are the levels of interest.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
