bitcoin is fibonnaci freak and all its peaks correspond to fibonnaci sequences.
maybe the big guys are using such algos.
the chart is self explanatory and what i feel is that rally is going to be left for retail traders
the professional traders are going to enter horizontal distribution phase before another final dump
maybe the big guys are using such algos.
the chart is self explanatory and what i feel is that rally is going to be left for retail traders
the professional traders are going to enter horizontal distribution phase before another final dump
Note
since i dont trade bitcoin i didnt look at its chart for many months now and was more focussed on indian equities.....if you have been reading my posts then correct way to enter this trade was looking for multiple confirmations -
1) higher low
2) macd cross
3) bullish signal bar and trade entry with stop below signal bar
Note
so is the time to short bitcoin.....NO!the rally should peak some where around 5800-6200 level
we can expect a double top variant reversal after such strong bullish bars
please look for MACD crosses on 4hr or daily chart before exiting this rally
Note
if you understand the setup i explained (higher low, signal bar crossing or moving away from some moving average), some sort of confirmation on MACD......then you can profitably trade any time frame chartDisclaimer
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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.