Welcome dear friends & followers,
To begin, congratulations to those who have followed my recent calls on Bitcoin. Hope you are enjoying your profits so far. In Chinese, we called it “eat chicken” when we make profits. Have you had some chicken yet?
Recently we have been making decent profits, however, don’t get too excited too soon as technically speaking we are still in a bearish market. Daily 200EMA is still above and $7900 & $8400 are all huge resistance levels. Plus, Weekly 200EMA is still below @ $3700 in which we need to pay close attention to.
At the current price level, there are not many buyers or sellers are willing to buy/sell. Buyers are waiting to buy-in between $6700 - $7200 as they feel missing out the recent big moves, while sellers are waiting for the $7800/$8400 resistance levels to short. In other words, I expect Bitcoin to consolidate a bit before making the next move, which is also in line with my previous TA from 3 weeks ago that I expect some consolidation between these levels.
Please keep in mind, Bitcoin does NOT necessary have to retrace back to the $6700 price level. If you zoom in to the 30mins chart you can clearly identify a minor support at the $7260 level. There is no bearish sign yet on any given time frame. I can see some traders are shorting the market now thinking Bitcoin will def go down, after a huge pump. But does the market go up and down in one straight line?
Yesterday, goldbug1 on TradingView said – “Now that the market has turned so has the sentiment of most so called "technical analysts", and they are feeding into the herd. Many are just guessing at direction, and do not understand how markets work in general. We could go here, we could go there, and then grandstand when it happens, of course often they are taking both sides of the trade yet never post an actual one.”
The reason I am quoting his words here is because I see too many top “technical analysts” who always give both sides of the market yet they always claim their calls as perfect. Please tell me, how could they be wrong? I feel the need to give out a warning to people who is new to trading – don’t trust anyone who never post an actual trade. “Execution” and “A possible market movement” are completely different things. One could be right with his predictions but still lose money.
Please don’t fall into the trap of – “Trade signals are for VIP/Paid subscribers only”. Would you trust your money with these people? Personally, I wouldn’t.
Taiwan Bear
**************************************************************************************************************************************************************************************************************
This analysis is for informational purpose only. Please keep in mind there is a huge risk in trading. Don’t expect you can make profits from every trade. 50% winning ratio is considered as good ratio as long as the risk/reward is good.
To begin, congratulations to those who have followed my recent calls on Bitcoin. Hope you are enjoying your profits so far. In Chinese, we called it “eat chicken” when we make profits. Have you had some chicken yet?
Recently we have been making decent profits, however, don’t get too excited too soon as technically speaking we are still in a bearish market. Daily 200EMA is still above and $7900 & $8400 are all huge resistance levels. Plus, Weekly 200EMA is still below @ $3700 in which we need to pay close attention to.
At the current price level, there are not many buyers or sellers are willing to buy/sell. Buyers are waiting to buy-in between $6700 - $7200 as they feel missing out the recent big moves, while sellers are waiting for the $7800/$8400 resistance levels to short. In other words, I expect Bitcoin to consolidate a bit before making the next move, which is also in line with my previous TA from 3 weeks ago that I expect some consolidation between these levels.
Please keep in mind, Bitcoin does NOT necessary have to retrace back to the $6700 price level. If you zoom in to the 30mins chart you can clearly identify a minor support at the $7260 level. There is no bearish sign yet on any given time frame. I can see some traders are shorting the market now thinking Bitcoin will def go down, after a huge pump. But does the market go up and down in one straight line?
Yesterday, goldbug1 on TradingView said – “Now that the market has turned so has the sentiment of most so called "technical analysts", and they are feeding into the herd. Many are just guessing at direction, and do not understand how markets work in general. We could go here, we could go there, and then grandstand when it happens, of course often they are taking both sides of the trade yet never post an actual one.”
The reason I am quoting his words here is because I see too many top “technical analysts” who always give both sides of the market yet they always claim their calls as perfect. Please tell me, how could they be wrong? I feel the need to give out a warning to people who is new to trading – don’t trust anyone who never post an actual trade. “Execution” and “A possible market movement” are completely different things. One could be right with his predictions but still lose money.
Please don’t fall into the trap of – “Trade signals are for VIP/Paid subscribers only”. Would you trust your money with these people? Personally, I wouldn’t.
Taiwan Bear
**************************************************************************************************************************************************************************************************************
This analysis is for informational purpose only. Please keep in mind there is a huge risk in trading. Don’t expect you can make profits from every trade. 50% winning ratio is considered as good ratio as long as the risk/reward is good.
Note
Hi guys, below is a debate between the top trader on TradingView and me. I will let you be the judge and see who makes more sense. Since he left a comment my post have been removed from the idea page in which no where can be seen. I do not care how many followers I have as I do not intend to make money from my followers. But what TradingView did has pixxxx me off.
There have been several companies who approached me and asked me to either to advertise their products/services, I rejected them all.
Because of that, I have decided to move to the Chinese platform until TradingView gives me a good explanation. As part of my verbal agreement with Chinese TradingView platform, I receive free TV subscription if I constantly post my ideas on the Chinese platform. This does not include the English version. However, I still spent most of the time here answering questions and post my ideas for free. I have only been posting only about 4 charts in the Chinese TV platform within the past 5 months.
Related publications
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.
Related publications
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.