BTC Is mixed up! Up or Down?? FALSE BREAK OUTS AND Breakdowns.
SO-
The Long tern downtrend resistance and Long term up trend support are meeting and people do not know what to do? ( The red line from lower left to upper right and the red line from upper left to lower right are the MOST IMPORTANT LINES IN BTC right not. Keep it simple!!!)
Obviously one thing is there are so many new tradersin the market that finding the trend and ESPECIALLY break outs has been baffling!
In all rights we violated the short uptrends and then broke out through the longterm downtrend line and we should be sailing now BUT WE ARE NOT! That was a false breakout BULL TRAP!
RED ARROWS
If we break above 10,000 then we are heading up up up.
If we do not go higher right now then we might head back to the long term support line ( green circle area) and break through for a false breakdown and then pop higher. This would be 6950-7350 area.
DO NOT THINK IN TERMS OF BTC 3,500 or 15,000! Get through the next few weeks of choppy markets and deal with reality. Both of those numbers night be real in the future but not probable RIGHT NOW!
If we break the long term support line and close under it on the weekly chart then next stop is 4365 at the Fib line. I would count on a beartrap false breakdown there (as marked with the red arrow going down and up)
and a rally that would destroy shorts and rip your face off and trigger FOMO in everyone that doesn't play the bounce at support. Stay out if you don't know what you are doing there though.
I AM IN USDT waiting. If you HODL then just look at the WEEKLY CHART. Draw the support line on the bottom and see it looks fine.
If you day and swing trade like me then obey RSI for entry and exits, check the market direction, use fib lines and support resistance and after you buy use STOP LIMIT ORDERS as safety to get out if market falls apart.
Cut your losers, let your winners run in bull markets. Sell rallies in bear markets and lock in profits. And stay safe.
Look at volume and RSI trend (down) for indicators here. And note the bearish Moving Average Cross marked with a blue X where the moving average inverted.
The Long tern downtrend resistance and Long term up trend support are meeting and people do not know what to do? ( The red line from lower left to upper right and the red line from upper left to lower right are the MOST IMPORTANT LINES IN BTC right not. Keep it simple!!!)
Obviously one thing is there are so many new tradersin the market that finding the trend and ESPECIALLY break outs has been baffling!
In all rights we violated the short uptrends and then broke out through the longterm downtrend line and we should be sailing now BUT WE ARE NOT! That was a false breakout BULL TRAP!
RED ARROWS
If we break above 10,000 then we are heading up up up.
If we do not go higher right now then we might head back to the long term support line ( green circle area) and break through for a false breakdown and then pop higher. This would be 6950-7350 area.
DO NOT THINK IN TERMS OF BTC 3,500 or 15,000! Get through the next few weeks of choppy markets and deal with reality. Both of those numbers night be real in the future but not probable RIGHT NOW!
If we break the long term support line and close under it on the weekly chart then next stop is 4365 at the Fib line. I would count on a beartrap false breakdown there (as marked with the red arrow going down and up)
and a rally that would destroy shorts and rip your face off and trigger FOMO in everyone that doesn't play the bounce at support. Stay out if you don't know what you are doing there though.
I AM IN USDT waiting. If you HODL then just look at the WEEKLY CHART. Draw the support line on the bottom and see it looks fine.
If you day and swing trade like me then obey RSI for entry and exits, check the market direction, use fib lines and support resistance and after you buy use STOP LIMIT ORDERS as safety to get out if market falls apart.
Cut your losers, let your winners run in bull markets. Sell rallies in bear markets and lock in profits. And stay safe.
Look at volume and RSI trend (down) for indicators here. And note the bearish Moving Average Cross marked with a blue X where the moving average inverted.
Komen:
Log scale chart below looks different and more clear. thanks jay
