Bitcoin Channel Surfing Update 2
This is another update on my previous post on bitcoin using the same chart to guide our investment.
In the last post we hit our short term sell zone. If you were patient then hopefully you made some profits or maybe you held. Everyone has a different strategy with trading but as long as you make money at the end of it then that's all that matters.
Now that we've broken through that short term trend line, we see it coming back to find support. Assuming we find support, the only destination left is the sell zone. There is a trend line that I have drawn which is the dashed green line that will act as resistance but it lines up with the sell zone so there is no worries there.
*If we break down then look for the dashed blue line to act as support. The trend line that we are sitting on is at a steep angle down so if we don't immediately bounce off we can see it trade down to 6.5k or 6.4k before going back up. To do this I usually look on smaller time frames to confirm an uptrend. If I know we're on support then I expect to see an uptrend begin on smaller time frames. Eventually the uptrend will show on the higher time frames.
In the last post we hit our short term sell zone. If you were patient then hopefully you made some profits or maybe you held. Everyone has a different strategy with trading but as long as you make money at the end of it then that's all that matters.
Now that we've broken through that short term trend line, we see it coming back to find support. Assuming we find support, the only destination left is the sell zone. There is a trend line that I have drawn which is the dashed green line that will act as resistance but it lines up with the sell zone so there is no worries there.
*If we break down then look for the dashed blue line to act as support. The trend line that we are sitting on is at a steep angle down so if we don't immediately bounce off we can see it trade down to 6.5k or 6.4k before going back up. To do this I usually look on smaller time frames to confirm an uptrend. If I know we're on support then I expect to see an uptrend begin on smaller time frames. Eventually the uptrend will show on the higher time frames.
Note
Be cautious if we break that trend line. Set a stop loss to ensure profits if you've been following these tradesNote
This is why you always have a stop lossNote
Again this is why we set a stop lossNote
This is what I think will happen
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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.
Related publications
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.