From top to bottom:
-Double top in the regression channel with the second being lower doesn’t bode well for a quick turnaround in momentum. Bad news if you FOMO’d in at the top. Good news if you’re looking for value priced BTC or a new long position closer to the 50 MA.
-Price still solidly above the buy/sell line (50 MA)
-5 RSI isn’t very decisive. Looks like the market wants to consolidate and range.
-MACD red with inconsistent pattern on the histogram and the fast average remains on the bottom. Expect more down or sideways days and keep an eye on the 4h chart for a turnaround.
Not financial advice, but don’t be afraid to scale in at intervals with bite-sized pieces of a normal position to leave yourself room for down side without losing sleep. Much easier to average in lower than to catch the bottom. Or just wait for upward momentum to re-establish and use the 5 RSI method for appreciation with minimum draw down.
-Double top in the regression channel with the second being lower doesn’t bode well for a quick turnaround in momentum. Bad news if you FOMO’d in at the top. Good news if you’re looking for value priced BTC or a new long position closer to the 50 MA.
-Price still solidly above the buy/sell line (50 MA)
-5 RSI isn’t very decisive. Looks like the market wants to consolidate and range.
-MACD red with inconsistent pattern on the histogram and the fast average remains on the bottom. Expect more down or sideways days and keep an eye on the 4h chart for a turnaround.
Not financial advice, but don’t be afraid to scale in at intervals with bite-sized pieces of a normal position to leave yourself room for down side without losing sleep. Much easier to average in lower than to catch the bottom. Or just wait for upward momentum to re-establish and use the 5 RSI method for appreciation with minimum draw down.