Welcome to the Upside Down
-=BTC/USDT Weekly Chart=-
==========================
Greetings fellow investors and crypto enthusiasts,
This is my personal BTC chart, only it's upside down. Why? Well imagine for a second that this formation was on a Bullish chart with green filled in weekly candles closing higher and higher....
What kinds of patterns would be drawn on this chart? How many Elliot Wave counts would be all over it?
To help see a different perspective, I decided on thinking on this for a while. I realized that in the past I have underestimated how far a bear rally can go, and when the charts are bullish, many individuals will give ridiculous price targets, completely overestimating how far things already have run...
Point is, we are slow to react to things because we are humans and not a machine. We also have emotions, but in order to manage those emotions, it's best to come up with a trading plan and stick to it.
==========================
-=Tech Analysis=-
Orange = EMA 21
Green = SMA 50
Yellow = SMA 100
Trend lines and curves represent ideas of predictions towards resistances and supports. They are also there to display an ongoing record of these things. With that in mind...
1) Clear bear rally, every single green candle has not held more than a single week.
2) There is breaking of upwards momentum and if the 100MA is breached, the chance of a long squeeze increases.
3) Currently price action is at previous resistance area.
If the bears cannot rally this beyond the 100MA, I believe support will be found and the bulls have a great chance of reversing the downtrend. However, before it can happen, I caution patience.
And above all else, create a trading plan, stick to it. The most important thing to manage? Position size and risk. And if you are entering the markets, consider Dollar Cost Averaging.
Ofcourse these are all just ideas, any risk that you choose to incur is your responsibility. None of this is financial advice and purely for education purposes.
May BTC reach the moon,
==========================
Greetings fellow investors and crypto enthusiasts,
This is my personal BTC chart, only it's upside down. Why? Well imagine for a second that this formation was on a Bullish chart with green filled in weekly candles closing higher and higher....
What kinds of patterns would be drawn on this chart? How many Elliot Wave counts would be all over it?
To help see a different perspective, I decided on thinking on this for a while. I realized that in the past I have underestimated how far a bear rally can go, and when the charts are bullish, many individuals will give ridiculous price targets, completely overestimating how far things already have run...
Point is, we are slow to react to things because we are humans and not a machine. We also have emotions, but in order to manage those emotions, it's best to come up with a trading plan and stick to it.
==========================
-=Tech Analysis=-
Orange = EMA 21
Green = SMA 50
Yellow = SMA 100
Trend lines and curves represent ideas of predictions towards resistances and supports. They are also there to display an ongoing record of these things. With that in mind...
1) Clear bear rally, every single green candle has not held more than a single week.
2) There is breaking of upwards momentum and if the 100MA is breached, the chance of a long squeeze increases.
3) Currently price action is at previous resistance area.
If the bears cannot rally this beyond the 100MA, I believe support will be found and the bulls have a great chance of reversing the downtrend. However, before it can happen, I caution patience.
And above all else, create a trading plan, stick to it. The most important thing to manage? Position size and risk. And if you are entering the markets, consider Dollar Cost Averaging.
Ofcourse these are all just ideas, any risk that you choose to incur is your responsibility. None of this is financial advice and purely for education purposes.
May BTC reach the moon,
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