The OBVIOUS trades are the BEST ones.
Since our last long trade (about 10 days ago!) I thought it would be a good idea to wait for the next interesting move. The links of our last trade, the entry point and target, are bellow. We did catch a bull trend from U$ 7k to U$ 9.2k, and if you missed it, remember to follow me to keep updated of our trades and analyses.
And just as I warned, BTC did a classic double top pattern (which seems to be an Adam & Eve type) under that pink line we draw earlier (previous top), after the price fails to stay above the ascending channel. And that’s the kind of obvious trade I like! I warned about this trade in my last BTC analysis, and again, link bellow.
You could’ve shorted when it confirmed a pivot, or wait for a pullback, but keep in mind that Adam & Eve double tops have a pullback rate of 64%, so, there’s a chance it won’t happen sometimes (in this particular case happened, so there’re no excuses here).
I’m out already, I’d put a buy order at U$ 8590 (red line). I saw an opportunity to hedge my positions in other cryptos with this move, and in the end, I even could manage to profit a little with all of this. More details about it in future analyses, keep in touch!
But for now, let’s see the daily chart:
A Harami under the pink line, that’s the kind of dangerous sign the bulls should be afraid. Also, it was triggered when the price lost that blue line (harami’s low), which is the same point it did a pivot in the hourly chart. Coincidence? No, this is the bears coming. Now we should just wait for the next move. The next supports are the trendlines (green and purple) and the blue line at U$ 7,481 (previous top).
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
And just as I warned, BTC did a classic double top pattern (which seems to be an Adam & Eve type) under that pink line we draw earlier (previous top), after the price fails to stay above the ascending channel. And that’s the kind of obvious trade I like! I warned about this trade in my last BTC analysis, and again, link bellow.
You could’ve shorted when it confirmed a pivot, or wait for a pullback, but keep in mind that Adam & Eve double tops have a pullback rate of 64%, so, there’s a chance it won’t happen sometimes (in this particular case happened, so there’re no excuses here).
I’m out already, I’d put a buy order at U$ 8590 (red line). I saw an opportunity to hedge my positions in other cryptos with this move, and in the end, I even could manage to profit a little with all of this. More details about it in future analyses, keep in touch!
But for now, let’s see the daily chart:
A Harami under the pink line, that’s the kind of dangerous sign the bulls should be afraid. Also, it was triggered when the price lost that blue line (harami’s low), which is the same point it did a pivot in the hourly chart. Coincidence? No, this is the bears coming. Now we should just wait for the next move. The next supports are the trendlines (green and purple) and the blue line at U$ 7,481 (previous top).
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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