Bitcoin: How candlesticks can show us the direction now!
Hello dear crypto friends, hope you're doing well guys! ;)
In this analysis I'm going to show you, how we can analyse the current Bitcoin chart with candlesticks perfectly.
First of all, for my subscribers, let's first of all look at our Trading Plan from yesterday, and how that played out:
=> I didn't take the drawings away, so you could perfectly see, how well the market reacted at the target zones. If not already done so, now is definitely the time to take partial profit, and let the rest run, until the trend gets reversed.
If we now look on the Daily chart, we can see a very nice bullish Hammer having shaped up from yesterday. Together with the Spinning Top from the day prior, we can see the psychology of a nice Morning Star reversal pattern, albeit with a group of candles, instead of just one.
If we look on the Weekly chart, we can see a very ugly Doji candle with a huge up wick of profit taking from last week. This had led my colleague Vaido Veek to conclude in his analysis that we might see a reversal for this week:
=> He was right in the conclusion, but the reversal didn't happen. Instead we're currently seeing the bulls shaping up a potential Hammer/Hanging Man, however you wanna frame it. Usually the Hammer occurs at the bottom of a trend reversal, so obviously the bears tried to see follow through after the Doji candle. Since we're still on the way up, we could also see it as a Hanging Man, the bulls basically buying the dip, but obviously loosing on steam compared to the prior bullish move.
So conclusion: It is currently likely that we will further consolidate between the ranges of 10k and $12,5k, before we see clear patterns shaping up on the Daily. Depending on how far the bulls come, we can look towards an Equilibrium between those ranges, or more of a descending pattern.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
In this analysis I'm going to show you, how we can analyse the current Bitcoin chart with candlesticks perfectly.
First of all, for my subscribers, let's first of all look at our Trading Plan from yesterday, and how that played out:
=> I didn't take the drawings away, so you could perfectly see, how well the market reacted at the target zones. If not already done so, now is definitely the time to take partial profit, and let the rest run, until the trend gets reversed.
If we now look on the Daily chart, we can see a very nice bullish Hammer having shaped up from yesterday. Together with the Spinning Top from the day prior, we can see the psychology of a nice Morning Star reversal pattern, albeit with a group of candles, instead of just one.
If we look on the Weekly chart, we can see a very ugly Doji candle with a huge up wick of profit taking from last week. This had led my colleague Vaido Veek to conclude in his analysis that we might see a reversal for this week:
=> He was right in the conclusion, but the reversal didn't happen. Instead we're currently seeing the bulls shaping up a potential Hammer/Hanging Man, however you wanna frame it. Usually the Hammer occurs at the bottom of a trend reversal, so obviously the bears tried to see follow through after the Doji candle. Since we're still on the way up, we could also see it as a Hanging Man, the bulls basically buying the dip, but obviously loosing on steam compared to the prior bullish move.
So conclusion: It is currently likely that we will further consolidate between the ranges of 10k and $12,5k, before we see clear patterns shaping up on the Daily. Depending on how far the bulls come, we can look towards an Equilibrium between those ranges, or more of a descending pattern.
Do you have a trading plan with sheets, or are you trading from your head? Do you revenge trade, trying to make the money you lost back immediately, taking huge risk, losing even more? Are you already making gains over the long-term, like a casino, or are you still losing huge amounts, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. Psychology is half the rent in trading, if you don't take it seriously, you will crush your account. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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