BTC:USD 4 hour chart DAILY UPDATE (day 107)
We have been consolidating into a bear flag pattern over the last 36 hours. However I believe that we are too far oversold for it to complete any time soon (next 1-2 days). I am basing that on how far away we are from the moving averages on the 4 hour chart as well as the daily.
I am still feeling good about my prediction from yesterday, that we will either bounce to $7,000 - $7,200 or consolidate until finding equilibrium. In my opinion we would need to retest the 12 period EMA on the daily chart before we will create a new local low below $6,636.
If not in a position then there should be a couple very good opportunities over the next couple days. Here are a few ideas:
1) Layer orders to sell spot or open a short from $7,000 - $7,200 as outlined in yesterday’s post
2) If we consolidate below $7,000 then sell spot or open short at the 12 & 26 period EMA’s on the daily chart
3) Short ETH:BTC and/or sell spot today. Facing strong resistance from trend and moving averages. Open with 50% of intended position. Add the rest after it breaks below 0.618 fib support (0.07529)
4) Short LTC:BTC and/or sell spot if breaks down below 0.015. Profit target is 0.01
Don’t let yourself get caught up in the fear and doubt that comes with bear markets/big drawdowns. That is how you miss golden opportunities. Right now is the time to be thinking ahead and preparing your next move. Also don't let yourself get overwhelmed with all of the possibilities. Focus on one trade and execute it to the best of your ability.
Be like a chess player who is always thinking multiple moves in advance. Be confident in your plan and stick to your guns.
Be like a sniper who is always checking the conditions and steadily taking aim, but rarely taking a shot. When the target is finally in the crosshairs do not hesitate pulling the trigger!
Thank you for reading! Comment below if you have something to say, smash the follow if you found this helpful and remember that clicking like is good karma!
I am still feeling good about my prediction from yesterday, that we will either bounce to $7,000 - $7,200 or consolidate until finding equilibrium. In my opinion we would need to retest the 12 period EMA on the daily chart before we will create a new local low below $6,636.
If not in a position then there should be a couple very good opportunities over the next couple days. Here are a few ideas:
1) Layer orders to sell spot or open a short from $7,000 - $7,200 as outlined in yesterday’s post
2) If we consolidate below $7,000 then sell spot or open short at the 12 & 26 period EMA’s on the daily chart
3) Short ETH:BTC and/or sell spot today. Facing strong resistance from trend and moving averages. Open with 50% of intended position. Add the rest after it breaks below 0.618 fib support (0.07529)
4) Short LTC:BTC and/or sell spot if breaks down below 0.015. Profit target is 0.01
Don’t let yourself get caught up in the fear and doubt that comes with bear markets/big drawdowns. That is how you miss golden opportunities. Right now is the time to be thinking ahead and preparing your next move. Also don't let yourself get overwhelmed with all of the possibilities. Focus on one trade and execute it to the best of your ability.
Be like a chess player who is always thinking multiple moves in advance. Be confident in your plan and stick to your guns.
Be like a sniper who is always checking the conditions and steadily taking aim, but rarely taking a shot. When the target is finally in the crosshairs do not hesitate pulling the trigger!
Thank you for reading! Comment below if you have something to say, smash the follow if you found this helpful and remember that clicking like is good karma!
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