Summary: Hold cash in your trading funds for a breakout to the upside and hold your investment positions.
Trading on margin is a fools game in this market it's screaming short squeeze.
We have been in a Bulkowski's Descending Broadening Wedge formation for the last 8 days or so. According to the rules for a long term bull market we have touched the bottom of the wedge for the 3rd time at March 30th and that should have been a buy.
However I did not buy, since the volume was not supportive of a buy in my opinion. I am also considering Bitcoin to be in a short to mid term bear market with a long term bull market still in place. If you take a look at the ellipse on my chart it highlights what I consider to be a very dangerous area. A cross of the price at the intersection of the line labeled previous downtrend support, the bottom of the descending wedge, and the descending red dotted line of the long term decent would be very bad. If the price were to cross the 4560 area in any case it would be likely that prices could decent to the 3627 quickly and then lower.
The RSI wants to go up as well as the MACD. Watch for a breakout over the upper yellow line of the descending wedge. That will be a sign to go on alert for a possible trade. If we should get a breakout above the 7250 range, then the current downtrend should be over and a new trade can be opened. If a trade opens then be watchful of the 60 Period EMA in Red above which is currently around 7557 for strong resistance and a possible pullback. A close above the EMA would be very postitive.
When the market breaks to the upside on Bitcoin, I will also add to my alts, top of my list currently are Verge XVG, Lumens XLM, OmiseGo OMG, Dash, Waves, and Golem. All of these are solid projects with good teams and have the ability to quickly rebound by 300% to 500% in price.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac `
Trading on margin is a fools game in this market it's screaming short squeeze.
We have been in a Bulkowski's Descending Broadening Wedge formation for the last 8 days or so. According to the rules for a long term bull market we have touched the bottom of the wedge for the 3rd time at March 30th and that should have been a buy.
However I did not buy, since the volume was not supportive of a buy in my opinion. I am also considering Bitcoin to be in a short to mid term bear market with a long term bull market still in place. If you take a look at the ellipse on my chart it highlights what I consider to be a very dangerous area. A cross of the price at the intersection of the line labeled previous downtrend support, the bottom of the descending wedge, and the descending red dotted line of the long term decent would be very bad. If the price were to cross the 4560 area in any case it would be likely that prices could decent to the 3627 quickly and then lower.
The RSI wants to go up as well as the MACD. Watch for a breakout over the upper yellow line of the descending wedge. That will be a sign to go on alert for a possible trade. If we should get a breakout above the 7250 range, then the current downtrend should be over and a new trade can be opened. If a trade opens then be watchful of the 60 Period EMA in Red above which is currently around 7557 for strong resistance and a possible pullback. A close above the EMA would be very postitive.
When the market breaks to the upside on Bitcoin, I will also add to my alts, top of my list currently are Verge XVG, Lumens XLM, OmiseGo OMG, Dash, Waves, and Golem. All of these are solid projects with good teams and have the ability to quickly rebound by 300% to 500% in price.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac `
Nota
Caution, it looks like a Red Spinning Top Candle is forming on the chart just above the upper yellow trend line. This is a negative candlestick and often signals downward movement in the next candle.When the Spinning Top pattern forms, traders must wait and see the next price movement. In an uptrend, if a bullish candle forms after the Spinning Top pattern at a support level, it could be used as an entry point. In an uptrend, if a bearish candle forms after the Spinning Top pattern at a resistance level, it could be used as an exit point. It’s advisable to use a combination of patterns and indicators to determine your trading strategy.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.