Analysis of March 2020 Shakeout - Signs of Bullishness
Hey Team,
Don't understand why the world gets surprised when something goes down and neither should you; as a trader it does not matter whether the market rallies or falls, trade accordingly. I love all these gurus coming out saying "I told you should not have got in BTC or crypto". They miss the point and the gains that were made on the way up. These gurus say - "look BTC fell 40% in a day, you are so stupid for getting in", yet the methods they teach would have tight stop losses that would have got them out with a small loss missing the larger correction and locking in gains. BE CAREFUL WHO YOU LISTEN TO AND TRADE YOUR OWN STYLE AND PLAN.
So this chart I have laid out is the March 2020 low and what I see as a path to higher prices if we are to rally from the current area BTC is.
I'll keep it short and sweet with most of the main points on the chart
* Multiple test with weak supply bars followed by strong high volume green bars. Each bar engulfs the supply bar
* 2 significant strength bars pushing through resistance with high volume and no retrace in price on following bars.
* Decreasing volume yet solid rally back into the TR showing Ease of Movement - no significant supply
* KEY POINT - we hold the lower support of the TR after multiple test and show strength
Keep in mind I am actually bearish at the moment and see a test back to around $30,000 or even lower but it gives you some signs to look for to validate a bullish scenario.
Good luck
Don't understand why the world gets surprised when something goes down and neither should you; as a trader it does not matter whether the market rallies or falls, trade accordingly. I love all these gurus coming out saying "I told you should not have got in BTC or crypto". They miss the point and the gains that were made on the way up. These gurus say - "look BTC fell 40% in a day, you are so stupid for getting in", yet the methods they teach would have tight stop losses that would have got them out with a small loss missing the larger correction and locking in gains. BE CAREFUL WHO YOU LISTEN TO AND TRADE YOUR OWN STYLE AND PLAN.
So this chart I have laid out is the March 2020 low and what I see as a path to higher prices if we are to rally from the current area BTC is.
I'll keep it short and sweet with most of the main points on the chart
* Multiple test with weak supply bars followed by strong high volume green bars. Each bar engulfs the supply bar
* 2 significant strength bars pushing through resistance with high volume and no retrace in price on following bars.
* Decreasing volume yet solid rally back into the TR showing Ease of Movement - no significant supply
* KEY POINT - we hold the lower support of the TR after multiple test and show strength
Keep in mind I am actually bearish at the moment and see a test back to around $30,000 or even lower but it gives you some signs to look for to validate a bullish scenario.
Good luck