Bitcoin - Bullish Diamond Top
Updated
Happy Sunday, Traders!
Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
This is going to be a great start of the week!
Let's Get Started.
Chart Timeframe: 1 Hr
Char Pattern: Diamond Top. Technically speaking, Diamond Tops arising from a bullish trend/momentum is a continuation pattern majority of the time, but it still has a lesser probability that would price would result to a reversal.
Local Trend: Upwards
Weekly Trend: Upwards
Price Action: Respecting the 200EMA as support (strong bullish sign) and staying above the RED 200EMA. When price action goes below the RED 200EMA, it will tend to continue staying below it util it reaches a local bottom, consolidates, accumulates and may reverse back up. But that would be an analysis for another day, we'll cross that bridge when we get there.
Resistance Price Target: 30K up to 30.8K
Support Price Targets: 25.2K down to 24.4K
RSI & MACD: Currently, both are above their respective 50% levels, although both have BEARISH DIVERGENCES - buyers' momentum weakening so watch out for that. But in a bull market, the bearish divergence may not hold water, it may just mean that momentum is building up for another possible bullish move.
The Fib Ex 1.272 is sitting on that red resistance bar, potential price target there.
Never let your guard down.
Always remember to place your Stop Loss.
And watch out for stop-hunting bots, they can liquidate stops and once they've taken out those stops will allow price to continue on its merry little way.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
This is going to be a great start of the week!
Let's Get Started.
Chart Timeframe: 1 Hr
Char Pattern: Diamond Top. Technically speaking, Diamond Tops arising from a bullish trend/momentum is a continuation pattern majority of the time, but it still has a lesser probability that would price would result to a reversal.
Local Trend: Upwards
Weekly Trend: Upwards
Price Action: Respecting the 200EMA as support (strong bullish sign) and staying above the RED 200EMA. When price action goes below the RED 200EMA, it will tend to continue staying below it util it reaches a local bottom, consolidates, accumulates and may reverse back up. But that would be an analysis for another day, we'll cross that bridge when we get there.
Resistance Price Target: 30K up to 30.8K
Support Price Targets: 25.2K down to 24.4K
RSI & MACD: Currently, both are above their respective 50% levels, although both have BEARISH DIVERGENCES - buyers' momentum weakening so watch out for that. But in a bull market, the bearish divergence may not hold water, it may just mean that momentum is building up for another possible bullish move.
The Fib Ex 1.272 is sitting on that red resistance bar, potential price target there.
Never let your guard down.
Always remember to place your Stop Loss.
And watch out for stop-hunting bots, they can liquidate stops and once they've taken out those stops will allow price to continue on its merry little way.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Note
4 HOURLY CHART, 200EMA Note
1 Hourly Chart
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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.