Bitcoin: Back To 64K Again?
Bitcoin has rejected the 70k to 72K resistance area AGAIN. This failed breakout may lead to a retest of the 64K to 66K support zone in the coming week. IF 64K is compromised, it will imply that the current minor impulse structure is not valid and reinforces the argument that price is likely to consolidate further. This scenario opens the possibilities of testing 60K and 56K in the coming weeks.
The arrow on my chart points to the 64,500 area where waves (i) and (iv) can potentially overlap. This is key to maintaining the impulse structure and short term bullish expectations. IF this area continues to hold, it implies wave (iv) is still in play and a bullish leg higher is within reason. For this reason, the 64K to 66K area is an ideal location to anticipate bullish setups on smaller time frames. The confirmation is the key to capitalizing effectively and this is where my Trade Scanner Pro shines and what I demonstrate during my streams.
IF wave (v) follows, the 73K resistance is likely to be tested and favored to break. This level still represents a place reduce risk (take profits) and look for low expectation short setups. A strong break should see price close in the 74K area at LEAST. Keep in mind "probability" means there is still a chance price can fail. A favorable pattern on a chart does NOT guarantee certainty.
Knowing your levels in advance and evaluating them within the scope of a relevant trend is a key component to success in this game. Being able to adjust to new information will serve you better than clinging to an opinion, no matter how logical it may be. The collective perception of market participants is what determines the value of an asset or price. This "perceived value" is constantly changing as new information reaches the market. Having an opinion, especially a "logical" one offered by an expert is ineffective because it typically operates under the assumption that nothing material will change. This is why NO ONE was able to forecast the infamous pullback to 15K. Remember that?
By utilizing a LESS IS MORE framework, I am able to anticipate short term movements but MORE importantly evaluate them in terms of RISK. If you see my articles written over previous weeks my anticipated scenarios (illustrated on the chart) have been inline with the actual outcome. These forecasts are a result of ONLY 2 components: Relevant TREND, SUPPORT/RESISTANCE level, NOTHING more.
I don't aim to be right, I aim to contain RISK. Markets are MOSTLY RANDOM, which means to successfully navigate, the focus should be on what we can control. How you manage risk will shape your entire decision making process, techniques and strategies you choose to employ. By filtering out most information and purely focusing on the limited information that carries any relevance at all I am able to gain an actionable point of reference. From there it is totally up to the market to show its hand. Managing risk is about ADJUSTING to new information while following a set of rules to keep losses and expectations proportional to ones account.
Thank you for considering my analysis and perspective.
The arrow on my chart points to the 64,500 area where waves (i) and (iv) can potentially overlap. This is key to maintaining the impulse structure and short term bullish expectations. IF this area continues to hold, it implies wave (iv) is still in play and a bullish leg higher is within reason. For this reason, the 64K to 66K area is an ideal location to anticipate bullish setups on smaller time frames. The confirmation is the key to capitalizing effectively and this is where my Trade Scanner Pro shines and what I demonstrate during my streams.
IF wave (v) follows, the 73K resistance is likely to be tested and favored to break. This level still represents a place reduce risk (take profits) and look for low expectation short setups. A strong break should see price close in the 74K area at LEAST. Keep in mind "probability" means there is still a chance price can fail. A favorable pattern on a chart does NOT guarantee certainty.
Knowing your levels in advance and evaluating them within the scope of a relevant trend is a key component to success in this game. Being able to adjust to new information will serve you better than clinging to an opinion, no matter how logical it may be. The collective perception of market participants is what determines the value of an asset or price. This "perceived value" is constantly changing as new information reaches the market. Having an opinion, especially a "logical" one offered by an expert is ineffective because it typically operates under the assumption that nothing material will change. This is why NO ONE was able to forecast the infamous pullback to 15K. Remember that?
By utilizing a LESS IS MORE framework, I am able to anticipate short term movements but MORE importantly evaluate them in terms of RISK. If you see my articles written over previous weeks my anticipated scenarios (illustrated on the chart) have been inline with the actual outcome. These forecasts are a result of ONLY 2 components: Relevant TREND, SUPPORT/RESISTANCE level, NOTHING more.
I don't aim to be right, I aim to contain RISK. Markets are MOSTLY RANDOM, which means to successfully navigate, the focus should be on what we can control. How you manage risk will shape your entire decision making process, techniques and strategies you choose to employ. By filtering out most information and purely focusing on the limited information that carries any relevance at all I am able to gain an actionable point of reference. From there it is totally up to the market to show its hand. Managing risk is about ADJUSTING to new information while following a set of rules to keep losses and expectations proportional to ones account.
Thank you for considering my analysis and perspective.
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