Bitcoin - Horizontal Triangle Due Sunday Or Monday - Read Post
Happy Sweet Saturday, Traders!
Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
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Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
We have on this post a horizontal triangle and expecting a breakout possibly Sunday in the evening or in the wee hours of Monday.
Chart Timeframe: 3 Hour
Mid-Term Momentum: Bullish
Short-Term Momentum: Neutral
Very-Short Term Momentum: Bearish
Stoch RSI & RSI Momentum on this 3-Hr Chart: Downwards
We can expect a possible STOP-LOSS hunting by trading bots as the price dips lower towards the support level and could then create a "waterfall" or cascading effect which could bring Bitcoin down to $24.5K.
Conversely, if price does revert towards the resistance line then STOP-HUNTING trading bots could liquidate all LONG STOP LOSS positions and could push price higher. The top target would be around $31.9K to $32K.
There's another scenario which sometimes happen where both the LONG STOP LOSS and SHORT STOP LOSS positions get liquidated on both ends and depending on which one gets liquidated first will result the the exact opposite of where the price then continues to proceed. So be very watchful of that. I've had my share of experiences of getting my STOP LOSSES liquidated.
The smarter way to go about preventing getting liquidated is going for trend trading where the trader awaits confirmation of either the support or resistance being converted to the flip condition of the level.
So, if the price breaks out to the UPSIDE then the Red Bar above is resistance and when Bitcoin continue to rally upwards, most of the time it would re-test that Red Bar and hold it as support if the market continues to hold a bullish momentum - Long Position is then Opened.
The opposite scenario is if price breaks out to the DOWNSIDE then the Green Bar below is support, and when Bitcoin continue dip downwards, most of the time it would re-test that Green Bar and hold is as support if the market continues to hold a bearish momentum - Short Position is then Opened.
No emotions, stick to your rules.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
We have on this post a horizontal triangle and expecting a breakout possibly Sunday in the evening or in the wee hours of Monday.
Chart Timeframe: 3 Hour
Mid-Term Momentum: Bullish
Short-Term Momentum: Neutral
Very-Short Term Momentum: Bearish
Stoch RSI & RSI Momentum on this 3-Hr Chart: Downwards
We can expect a possible STOP-LOSS hunting by trading bots as the price dips lower towards the support level and could then create a "waterfall" or cascading effect which could bring Bitcoin down to $24.5K.
Conversely, if price does revert towards the resistance line then STOP-HUNTING trading bots could liquidate all LONG STOP LOSS positions and could push price higher. The top target would be around $31.9K to $32K.
There's another scenario which sometimes happen where both the LONG STOP LOSS and SHORT STOP LOSS positions get liquidated on both ends and depending on which one gets liquidated first will result the the exact opposite of where the price then continues to proceed. So be very watchful of that. I've had my share of experiences of getting my STOP LOSSES liquidated.
The smarter way to go about preventing getting liquidated is going for trend trading where the trader awaits confirmation of either the support or resistance being converted to the flip condition of the level.
So, if the price breaks out to the UPSIDE then the Red Bar above is resistance and when Bitcoin continue to rally upwards, most of the time it would re-test that Red Bar and hold it as support if the market continues to hold a bullish momentum - Long Position is then Opened.
The opposite scenario is if price breaks out to the DOWNSIDE then the Green Bar below is support, and when Bitcoin continue dip downwards, most of the time it would re-test that Green Bar and hold is as support if the market continues to hold a bearish momentum - Short Position is then Opened.
No emotions, stick to your rules.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Comment:
Noteworthy chart of unfulfilled Bearish Divergence of Indicators against Price Action.
