BITCOIN - Price correction to retest the 20 Week SMA then 🚀
Hey everyone,
Welcome to my first post on Trading View. I've been personally trading cryptocurrencies for a few years and I've decided to help my fellow traders by sharing my analysis whenever I do some. Do note that everything I share is NOT financial advice. Instead, grab a bag of popcorns and enjoy the story~
Buckle up because we're riding to the moon together. So let's get started.
For those who weren't aware, it was altcoin season for a few weeks as Bitcoin struggles to push for higher targets and was in a range. I still believe that we're still at it but not for long. Let me tell you why.
Since July 21st, Bitcoin was on a crazy ride from 29k. But do remember that most altcoins bled against bitcoin at FIRST. The reason? Whenever Bitcoin explodes up, it bleeds. When it crashes, altcoins fall into the abyss. That's why we say that Bitcoin is KING for a reason. 👑
Currently, we're at the top of a RISING WEDGE. We failed to conquer the 51k mark and started losing momentum with a sideway movement before correction. This can be proven as Bitcoin experienced lower volume the higher we go. For those who are new to technical analysis, a rising wedge pattern indicates the more likely potential of falling prices after a breakout of the lower trend line.
An interesting point is that the rejection price action was exactly at the Fibonacci Golden Pocket as seen with the 0.65 and 0.618 level. The beauty of mathematics isn't it?
While we still have a bit time before testing the lower trend line, this means that it might be the last moment (in a day or two) for altcoins to shine before a BIG CORRECTION expected during September.
Now you're asking, ALEX. What's the plan? Well, you should have taken a part of your profits by now. But for those who haven't, it's time to DOLLAR COST AVERAGE which means to buy whenever there's a good pull back and average down your positions! We're currently at the support level of 48.5k so don't do anything yet. I'm waiting for a breakout to the downside as we do have the massive 42k~44k support level. Not only that, there's the 0.382 fib at that level and there's also the 20 Week SMA (the red line) from the bull market support band. Historical data showed that a bounce from the 20 Week SMA officially confirms the bull market and we can expect to moon 🚀
The risk will be lower to re-accumulate for my crypro bag and jump back-in for longs at that zone! That's my plan for now.
If the 42k~44k support level breaks, as a trader, that's when it's time to short with a target of 31k or even lower.
That's all for this analysis. I would like to personally thank FX_Professor WyckoffMode and @Ether2020 . While they probably won't have a clue regarding who am I, they were the very first people I followed on Trading View a while back and inspired me to share my content to the public.
Yours truly,
Aloo2k
Welcome to my first post on Trading View. I've been personally trading cryptocurrencies for a few years and I've decided to help my fellow traders by sharing my analysis whenever I do some. Do note that everything I share is NOT financial advice. Instead, grab a bag of popcorns and enjoy the story~
Buckle up because we're riding to the moon together. So let's get started.
For those who weren't aware, it was altcoin season for a few weeks as Bitcoin struggles to push for higher targets and was in a range. I still believe that we're still at it but not for long. Let me tell you why.
Since July 21st, Bitcoin was on a crazy ride from 29k. But do remember that most altcoins bled against bitcoin at FIRST. The reason? Whenever Bitcoin explodes up, it bleeds. When it crashes, altcoins fall into the abyss. That's why we say that Bitcoin is KING for a reason. 👑
Currently, we're at the top of a RISING WEDGE. We failed to conquer the 51k mark and started losing momentum with a sideway movement before correction. This can be proven as Bitcoin experienced lower volume the higher we go. For those who are new to technical analysis, a rising wedge pattern indicates the more likely potential of falling prices after a breakout of the lower trend line.
An interesting point is that the rejection price action was exactly at the Fibonacci Golden Pocket as seen with the 0.65 and 0.618 level. The beauty of mathematics isn't it?
While we still have a bit time before testing the lower trend line, this means that it might be the last moment (in a day or two) for altcoins to shine before a BIG CORRECTION expected during September.
Now you're asking, ALEX. What's the plan? Well, you should have taken a part of your profits by now. But for those who haven't, it's time to DOLLAR COST AVERAGE which means to buy whenever there's a good pull back and average down your positions! We're currently at the support level of 48.5k so don't do anything yet. I'm waiting for a breakout to the downside as we do have the massive 42k~44k support level. Not only that, there's the 0.382 fib at that level and there's also the 20 Week SMA (the red line) from the bull market support band. Historical data showed that a bounce from the 20 Week SMA officially confirms the bull market and we can expect to moon 🚀
The risk will be lower to re-accumulate for my crypro bag and jump back-in for longs at that zone! That's my plan for now.
If the 42k~44k support level breaks, as a trader, that's when it's time to short with a target of 31k or even lower.
That's all for this analysis. I would like to personally thank FX_Professor WyckoffMode and @Ether2020 . While they probably won't have a clue regarding who am I, they were the very first people I followed on Trading View a while back and inspired me to share my content to the public.
Yours truly,
Aloo2k
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.