Bitcoin: What to look for this coming weekend.
It's a make it or break it time for Bitcoin. After 3 major rejects just below 
25K, Bear look to control the area. Nevertheless, as a trader, I have to recognize there are possibilities of scenario where Bitcoin can react different from what I am thinking. So only way to not surprise myself is to plan out counter idea to my original (ending diagnoal).
As you can see, fix range from the entire up trend Point of Control (POC), untapped Daily level, Diagnoal & Motified Pitchfork trendline and local wave retracement level 0.786 is all confluent together. So if all the level line up, there is a chance, the reaction or rejection can be significant.
If you charted or even is a long position, it will be an area to take profit. If you are looking to scalp or day trade, this could be an area for a Long. If long at the support, first take profit must be aggressive with a tight Stop-Loss. Bitcoin is still trending DOWN is a macro and up locally.
25K, Bear look to control the area. Nevertheless, as a trader, I have to recognize there are possibilities of scenario where Bitcoin can react different from what I am thinking. So only way to not surprise myself is to plan out counter idea to my original (ending diagnoal). As you can see, fix range from the entire up trend Point of Control (POC), untapped Daily level, Diagnoal & Motified Pitchfork trendline and local wave retracement level 0.786 is all confluent together. So if all the level line up, there is a chance, the reaction or rejection can be significant.
If you charted or even is a long position, it will be an area to take profit. If you are looking to scalp or day trade, this could be an area for a Long. If long at the support, first take profit must be aggressive with a tight Stop-Loss. Bitcoin is still trending DOWN is a macro and up locally.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.