=> CHARTS = (MEDIUM/LONG) TERM - Please Don't Be Confused => Takes (weeks/months) to Complete <=
Hi, Followers and Friends,
So, as we saw on the last chart, a pause and a correction just happened on BTC market.
Now, It is probably time for Number # 3 - DROP TIME.
When there is a Down Trend = Correction is Up. When there is a Up Trend = Correction is Down.
Since BTC is still on a Downtrend, correction was up, and now many bulls are trapped, because price should not go any higher.
At first, on May 25th, I posted a possibility for a Bull Trap to 8k. But then, on May 29th, I saw a very strong resistance at 7.800, so I told everyone that 8k was out, and that price could not reach 8k.
So far, this bull trap could only hit $ 7.770.
Now, correction is stressed out, and there is no more power to get price higher than $7800 resistance.
So, if there is no result, and Bears feel Weakness, that start to come for another massacre.
MA 100 is now in charge of the Daily Chart.
It is still possible that all the Bulls try one last attempt before dying, trying to survive. So, let's see if it is going to be a calm death or if there will be a resistance. But, M.W. still shows that $ 7.800 is the limit as a resistance for BTC now.
It is so weird how many people keep using higher lows to do technical analysis on daily charts. Some types of charts and only on specific moments, could help, not like this. So, because they see higher lows on BTC on daily chart, they just think price is going to 13K now.
It is not time to go long yet. Hold On, time for that is probably very near. Beginners and Intermediate just wait for price to get lower to buy, others check below.
Remember This is Very Dangerous Market so try to not Lose All Your Money on This, and You can already call yourself a winner:
Beginners: Don't Trade (Bullish/Bearish) Market - Don't Trade Bull Trap - Don't Borrow Money Intermediate : Trade Bullish Market Only (Low Risk) - Don't Short - Don't Borrow Money Advanced: Trade Bullish or Bearish Market ( Low Risk) - Don't Trade Bull Trap - Don't Borrow Money Experienced: Trade Bullish or Bearish Market ( Medium Risk) - Trade Bull Trap (Low Risk) - Borrow Some Money Top: Trade Bullish or Bearish Market (High Risk - Big Money) - Trade Bull Trap (High Risk) - Borrow Some Money
Follow This and the Risk of Losing Everything Falls to 90%. ___________________________________________________________ ADVICE: -------- => MARKET FLOW: Market never happens at once, there will always be many moves inside the waves if you look close enough. When I spot a Trend and post it here, it does not mean it will go at once, or at that exact moment I post. These Charts I post are Medium/Long Term - so takes weeks/months to complete.
=> CHARTS = (MEDIUM/LONG) TERM - Please Don't Be Confused (Takes weeks/months to Complete)
=> PLACING ORDERS: At this moment, I am NOT offering buy and sell signals, you need to Do Your Own Research when Placing Your Orders and Stop Loss.
=> STOP LOSS: That's a responsibility a person should have with their own money, I don't have the influence on that. I strongly advise you to use a stop loss. Try to catch the waves, but with a secure area, and limit your risks, considering a loss you can afford. _________________________________________ => For MORE INFORMATION check Related Ideas Below.
=> Feel free to: Comment, Suggest better ideas, Ask questions inbox, Help me improve, Give a Like and Follow. _________________________________________
@lemosedmirf, do you think that the probability of achieving 5800 is less now?
I'm asking because you have corrected bottom target from "5800" to "6000 probable retest".
That's a big difference for me in terms of trading)
What's your currrent expectaions?
Could you please tell us)?
Jessica_H
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"It is so weird how many people keep using higher lows to do technical analysis on daily charts . Some types of charts and only on specific moments, could help, not like this. So, because they see higher lows on BTC -2.39% on daily chart , they just think price is going to 13K 0.64% now. "
Completely agree with this statement of yours. The problem is people trying to day trade are using all sorts of TA on a short time frame. This is a very very bad strategy. If you are day trading then you are basically a SNIPER! To snipe successfully only use RSI and be in and out super fast. High frequency trading and don't give the market any time to hit you with a loss. Day trading or should I say snipping is too much work for not enough profit for me personally so I don't day trade.
When trading normally for those big profit moves you really need to look at the bigger picture and larger time frames to work out what is actually going on. The manipulation as savage as it can seem can only affect those on shorter unprofitable time frames. But the biggest killer of smaller traders is not that they don't see what is coming, but that they trader OVER LEVERAGED. This is bad bad bad. My advice on leverage traders is don't trader over 5x. Anything over 5x and you are asking for losses, to be constantly stopped out or at worse liquidated. Trades need room to breath and grow. When you trade at over 5x leverage you do not give your trade to grow and breath.
E.g. say someone last week entered a short in the high 7,4's region with 25x. They would either take the loss (it's still bad being stopped out no matter what anyone says) or suffer from a weak hand and at worse get liquidated. But when you made that trade you just knew looking at the TA the price was going to go down (AND NOW IT HAS). See what happens with being over leveraged. Now if you were in the same trade with a 2 or 5x guess what? You would now be in a nice profit and profit growing on your short. Because there is no way in hell price would have reached your liquidation level.
Guys you need to trade smart. Don't be over leveraged and that way the zig zag movements are just all noise you don't have to worry about until your targets are hit. Catching tops and falling knives is a mugs game. You don't need to do that to make money in this market and not being screwed by the manipulation. Just don't over leverage!
Could happen a pause, but not right now. Big drop just started.
Good Luck and Good Profit.
Nash88
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@lemosedmirf, rsi oversold,so i think local bottom is 6600 or near that. Rsi go up and we take small bull trap for all who take short position(6900-7100), after that it drop to 5800-5500(my personal target 4700)