Will Bitcoin Break Out Now? And Something about TA in General!
Updated
Hello my dear Friends <3
D4rkEnergY is back with another exciting update on Bitcoin. We are at this very moment witnessing a break out attempt - Will the bulls succeed?
Let's take a closer look at the 4h BTCUSD Chart. In yesterdays chart I told you about a scenario, where the bulls had a last chance to go into a reversal. And that is exactly what we are witnessing at this moment - I drew the ascending triangle (in green) for you, and as you can see, they managed in the end to escape.
We are right now fighting with the down channel line (black) and the the downtrend resistance line (dotted black line).
I also told you, that if the bulls managed to get this far, I still don't think they will succeed in the attack (that doesn't mean it will not happen - Ill come back to that later). The reason for that is:
- The 2 resistance lines I told you about before
- 8,5xx USD (red dotted line) huge resistance too
- Overall lack of trust in the market at the moment
As you can see we are in a triangle descending wedge'ish pattern - black dotted lines - and I think, it's more plausible, everything taking into consideration - that we will follow this path down to around 7,2xx USD (yellow line, 78,6 % fib), where we will try another bounce back into a reversal.
IMPORTANT ABOUT TRADING AND TA IN GENERAL
I will say some last words before I wrap up. I can see in the comments, that some people out there, think whenever I make a post and a prediction, that this also means, that I will trade it and go ALL IN with ALL my money on the most likely scenario.
Let me make it very clear. No trader is right all the time - me neither. Peter Brandt, a famous well-known trader and TA-Author, says in his books that the best traders usually only are right 20 % of the time. But THAT IS enough to win in the long run if you know how to manage your money the right way.
My mission here is to give you some ideas, how the market will go, and I try based on historical data and different tools to give you the most plausible scenarios.
If you want to become a good trader you first need to have a good bankroll management. And you should consider carefully when to enter a trade. Sometimes it's just better to be patient. And last but not least we also want confirmation on our ideas before we make a trade.
Thank you so much guys for your love and support!
D4 loves you <3
Remember to give me a BIG LIKE - It really means a lot to me. Thx in advance <3
D4rkEnergY is back with another exciting update on Bitcoin. We are at this very moment witnessing a break out attempt - Will the bulls succeed?
Let's take a closer look at the 4h BTCUSD Chart. In yesterdays chart I told you about a scenario, where the bulls had a last chance to go into a reversal. And that is exactly what we are witnessing at this moment - I drew the ascending triangle (in green) for you, and as you can see, they managed in the end to escape.
We are right now fighting with the down channel line (black) and the the downtrend resistance line (dotted black line).
I also told you, that if the bulls managed to get this far, I still don't think they will succeed in the attack (that doesn't mean it will not happen - Ill come back to that later). The reason for that is:
- The 2 resistance lines I told you about before
- 8,5xx USD (red dotted line) huge resistance too
- Overall lack of trust in the market at the moment
As you can see we are in a triangle descending wedge'ish pattern - black dotted lines - and I think, it's more plausible, everything taking into consideration - that we will follow this path down to around 7,2xx USD (yellow line, 78,6 % fib), where we will try another bounce back into a reversal.
IMPORTANT ABOUT TRADING AND TA IN GENERAL
I will say some last words before I wrap up. I can see in the comments, that some people out there, think whenever I make a post and a prediction, that this also means, that I will trade it and go ALL IN with ALL my money on the most likely scenario.
Let me make it very clear. No trader is right all the time - me neither. Peter Brandt, a famous well-known trader and TA-Author, says in his books that the best traders usually only are right 20 % of the time. But THAT IS enough to win in the long run if you know how to manage your money the right way.
My mission here is to give you some ideas, how the market will go, and I try based on historical data and different tools to give you the most plausible scenarios.
If you want to become a good trader you first need to have a good bankroll management. And you should consider carefully when to enter a trade. Sometimes it's just better to be patient. And last but not least we also want confirmation on our ideas before we make a trade.
Thank you so much guys for your love and support!
D4 loves you <3
Remember to give me a BIG LIKE - It really means a lot to me. Thx in advance <3
Note
The Evening Star - Hello dear friends! We are back with an update on Bitcoin. FirstIy I want you to pay attention to the yellow circle. This is what we call an Evening Star pattern, which is a reversal pattern. Look at that strong bearish Marubozu candle after the Doji. But please also pay attention to the volume bars. The last 2 bearish bars were a lot under the Ma20 Volume.
How I choose to interpret it, is also what I mentioned above. We didn't need a lot of volume to take us down due to the lack of trust in the attempt to break out.
So far we can expect to follow the path I drew from you. Let's check up on that later.
Thank you for reading this. I appreciate it - remember to give a like <3
Note
Hey guys! :) So we went down. That was very important for the bears. As you can see a HS pattern is now taking form. Due to the descending wedge and the downtrend resistance line it will be very hard to make 3 higher highs, which means, we very soon will see a right shoulder be created.We can therefore expect that we most likely will go down, and continuing our path to 7,200 USD.
I will keep getting you updated :) Thank you guys for following me. I really appreciate it. Remember to give a like <3
Note
Welcome back, guys! We are still in process of making the right shoulder. As you can see it's following my predictions so far. The bulls are struggling making higher highs.The MACD histogram shows that the bulls slowly are losing momentum.
Next time I will make another chart for you, when I get back. See you soon again :)
Note
Bears About to Drag Bulls Down in the Mud! Next Stop: 7,200 USD
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