Let's do the point !
Finally back on the support, the pattern is complete so I remind it :
First time we worked on this support and especially on the volume candle of the 4th February I expected the price to come back (LDTP#4). Notably because of the lateralization which is a structure in his own and can't be integrate in a pattern. Which make this candle of volume not a buying volume candle but an exhaust candle.
Here it's different and the setup is, for me, the opportunity to find a bottom in the weekly trend. I will not post it as a signal because, like I said in the past LDTP#6 (you can find it attached to this one), with the actual conflict, some news will heavily influence the price on good or wrong side. So shorter your time on market is, less the risk to be trapped in a news is. In this case I speak of a reverse on the daily timeframe so it will, if I say true, give us a movement for weeks.
Also I spoke of the possibility to see this conflict having a good end for bitcoin (notably SWIFT sanctions) and I believe it played his part today.
Another interesting AND encouraging thing for future is the capacity to move against the dollar trend. If bitcoin continue to increase as dollar this will be precursor of a strong movement and a confirmation for this setup to become a bullrun.
Even if I don't post a signal idea, I added on the chart the perspectives I have for this setup, defense area for stop loss, profit target area for first profitability target (breakeven on bottom, target on top), speculative area for my own vision of evolution of bitcoin. I see it to go back to the resistance of the channel, and on the retest of the resistance it will be time to gauge for next steps (break of the channel or reverse to the support).
Like always : "Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions". Even more in this times of conflicts where lower your risk exposure on market seems to be wise.
NB : Like, follow or comment if you like, it give me some strength to continue! This idea will be probably update until I did a new idea.
Peace !
Finally back on the support, the pattern is complete so I remind it :
- Level (Here yellow line = primary support)
- Exhaust (Bottom down arrows)
- Pressure (Bottom up arrows)
- Volumes (Top up arrows)
First time we worked on this support and especially on the volume candle of the 4th February I expected the price to come back (LDTP#4). Notably because of the lateralization which is a structure in his own and can't be integrate in a pattern. Which make this candle of volume not a buying volume candle but an exhaust candle.
Here it's different and the setup is, for me, the opportunity to find a bottom in the weekly trend. I will not post it as a signal because, like I said in the past LDTP#6 (you can find it attached to this one), with the actual conflict, some news will heavily influence the price on good or wrong side. So shorter your time on market is, less the risk to be trapped in a news is. In this case I speak of a reverse on the daily timeframe so it will, if I say true, give us a movement for weeks.
Also I spoke of the possibility to see this conflict having a good end for bitcoin (notably SWIFT sanctions) and I believe it played his part today.
Another interesting AND encouraging thing for future is the capacity to move against the dollar trend. If bitcoin continue to increase as dollar this will be precursor of a strong movement and a confirmation for this setup to become a bullrun.
Even if I don't post a signal idea, I added on the chart the perspectives I have for this setup, defense area for stop loss, profit target area for first profitability target (breakeven on bottom, target on top), speculative area for my own vision of evolution of bitcoin. I see it to go back to the resistance of the channel, and on the retest of the resistance it will be time to gauge for next steps (break of the channel or reverse to the support).
Like always : "Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions". Even more in this times of conflicts where lower your risk exposure on market seems to be wise.
NB : Like, follow or comment if you like, it give me some strength to continue! This idea will be probably update until I did a new idea.
Peace !
Comment:
Let me know if you want a special update about setups on ETH and others altcoins !
