Hello Traders!
Another day has passed yet not a lot has changed with the Bitcoin...
- BTC got a bounce as expected, however there is still some more room for profits but not much.
- Upon further analysis I have updated my "Take Profit' from the analysis yesterday.
- Now I will be closing the entire position at $40K instead of $39.5K and $40.7K.
Why you ask??
- After zooming out to the daily chart, I noticed that price has failed to close above the yellow trend line in 7 days.
- The yellow trend line currently falls right at $40K.
**Trading is a game of probabilities, if price has failed to close above that trend line for 7 days, the probabilities favor it being repeated.
- Now it's possible BTC could temporarily break above the trend line before heading back below it like it has before, but why take the risk?
- $38K to $40K is 5% and I'm happy with that. Even if you got in at $38.5K thats still nearly 4% which is great.
***Remember, nobody ever went broke taking profits!
What's Next for BTC?
- To be honest I'm a little unsure as to what to expect in the coming days / week at this moment.
- We need to wait and see what happens with the stock market and earnings reports.
- If poor earnings continue and stocks trend lower, BTC will follow.
- So again, I'm confident BTC will hit $40K but until I see how the stock market handles earnings, it's very hard to make a high probability prediction for a longer time frame.
***As soon as there is stock news that affects the market I will update everyone and explain what that means for BTC and Crypto.
***I do think a relief rally is possible in the next week if all goes well, if so I will look for another position entry!
Thanks Everyone, Happy Trading and Best of Luck!
Another day has passed yet not a lot has changed with the Bitcoin...
- BTC got a bounce as expected, however there is still some more room for profits but not much.
- Upon further analysis I have updated my "Take Profit' from the analysis yesterday.
- Now I will be closing the entire position at $40K instead of $39.5K and $40.7K.
Why you ask??
- After zooming out to the daily chart, I noticed that price has failed to close above the yellow trend line in 7 days.
- The yellow trend line currently falls right at $40K.
**Trading is a game of probabilities, if price has failed to close above that trend line for 7 days, the probabilities favor it being repeated.
- Now it's possible BTC could temporarily break above the trend line before heading back below it like it has before, but why take the risk?
- $38K to $40K is 5% and I'm happy with that. Even if you got in at $38.5K thats still nearly 4% which is great.
***Remember, nobody ever went broke taking profits!
What's Next for BTC?
- To be honest I'm a little unsure as to what to expect in the coming days / week at this moment.
- We need to wait and see what happens with the stock market and earnings reports.
- If poor earnings continue and stocks trend lower, BTC will follow.
- So again, I'm confident BTC will hit $40K but until I see how the stock market handles earnings, it's very hard to make a high probability prediction for a longer time frame.
***As soon as there is stock news that affects the market I will update everyone and explain what that means for BTC and Crypto.
***I do think a relief rally is possible in the next week if all goes well, if so I will look for another position entry!
Thanks Everyone, Happy Trading and Best of Luck!
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.
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.