Traders,
Today, I update the #BTC situation and make sure to follow the market as “Trade the chart, trend is friend”, let’s go.
In weekly chart, we got #Btc recovery 16k-32k since beginning 2023 with a sideway range within 25k-32k region. #Btc had a dump from 29k to 25k and currently at nearly the lower end of the sideway range of 25k region.
In daily chart, Rsi in 1D showed us a very big selling pressure and momentum as it bellows 30.
All such market behavior is considered as Fed interest rate hikes, crypto legal actions, #Btc ETF and together with weak economy cycle.
So what next from #Btc chart? The chart showed us 2 potential cases:
1. The #Btc plan as such previous dump usually required a slowly build up (up/down in a small sideway range to make altcoins recovery) to the upside if #Btc can stay and keep current support.
2. The bad scenarios for #Btc is broken down to test the next support at 22k region, this is not much priority plan since #Btc still in recovery structure at Fib retracement0,618 until the trend invalid.
How to earn something from such current market?
Traders, we may have some profit if we can catch such above 2 scenarios, the trade plan shall be considered in H/D charts, and there shall be some trend waves for us to ride on:
Case 1: if #Btc can hold and slowly build up to the upside, some altcoins may pop out, the plan is to trade some strong alts to earn something in the downturn time.
Case 2: If #Btc cannot hold the current support, we have a chance to Short #Btc as long as the current structure got invalid and broken confirm.
That’s all for today, trade safe & good luck and don’t foget to put your SL right at the time place any orders.
Today, I update the #BTC situation and make sure to follow the market as “Trade the chart, trend is friend”, let’s go.
In weekly chart, we got #Btc recovery 16k-32k since beginning 2023 with a sideway range within 25k-32k region. #Btc had a dump from 29k to 25k and currently at nearly the lower end of the sideway range of 25k region.
In daily chart, Rsi in 1D showed us a very big selling pressure and momentum as it bellows 30.
All such market behavior is considered as Fed interest rate hikes, crypto legal actions, #Btc ETF and together with weak economy cycle.
So what next from #Btc chart? The chart showed us 2 potential cases:
1. The #Btc plan as such previous dump usually required a slowly build up (up/down in a small sideway range to make altcoins recovery) to the upside if #Btc can stay and keep current support.
2. The bad scenarios for #Btc is broken down to test the next support at 22k region, this is not much priority plan since #Btc still in recovery structure at Fib retracement0,618 until the trend invalid.
How to earn something from such current market?
Traders, we may have some profit if we can catch such above 2 scenarios, the trade plan shall be considered in H/D charts, and there shall be some trend waves for us to ride on:
Case 1: if #Btc can hold and slowly build up to the upside, some altcoins may pop out, the plan is to trade some strong alts to earn something in the downturn time.
Case 2: If #Btc cannot hold the current support, we have a chance to Short #Btc as long as the current structure got invalid and broken confirm.
That’s all for today, trade safe & good luck and don’t foget to put your SL right at the time place any orders.
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.