Short
Inverted Cup & Handle and Head & Shoulder
I want to start off by saying, I'm not all that great at trading or TA. I started last February when Bitcoin piqued my interest. Well, I lost my job to the madness outside. So, I've been trying to make a living trading crypto throughout the day and I want to be good at it. There so many things I wish someone had told me in the beginning; I'm 100x better now than I was then. Even so, I still feel as though I know nothing, and it feels kind of bad.
That being said, I have looked at this chart a lot over the past year. In the beginning of '21 there was a massive run up and then huge drop, since then we made a new all-time high and heading back down again. At this moment we are losing an important level of support ($40,000 - $42,000), If we lose this level I will be looking to the next level of support ($29,000 - $30,000)
There is a massive Cup & Handle on the daily time frame, if it plays out, we can expect to see Bitcoin as low $17,000. There is confluence: A stellar Example of a Head & Shoulders pattern forming on the weekly time frame. 17k is also the .786 fib level from the coronavirus dump to the all-time high. All of this assuming that price does NOT hold at 29k. That would invalidate my plan.
I am not a fundamental trader, but I've heard more experienced traders say that "dumb" money is leaving the market it and I really can see that being a possible reality. An overwhelming amount of bearish news could easily have the normal guy taking his finances into serious consideration.
Indeed, I am short on Bitcoin
That being said, I have looked at this chart a lot over the past year. In the beginning of '21 there was a massive run up and then huge drop, since then we made a new all-time high and heading back down again. At this moment we are losing an important level of support ($40,000 - $42,000), If we lose this level I will be looking to the next level of support ($29,000 - $30,000)
There is a massive Cup & Handle on the daily time frame, if it plays out, we can expect to see Bitcoin as low $17,000. There is confluence: A stellar Example of a Head & Shoulders pattern forming on the weekly time frame. 17k is also the .786 fib level from the coronavirus dump to the all-time high. All of this assuming that price does NOT hold at 29k. That would invalidate my plan.
I am not a fundamental trader, but I've heard more experienced traders say that "dumb" money is leaving the market it and I really can see that being a possible reality. An overwhelming amount of bearish news could easily have the normal guy taking his finances into serious consideration.
Indeed, I am short on Bitcoin
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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.
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.