BTC greed level high for the past 30 days, correction imminent
Not only that greed level is high for the past 30+ days, BTC just hit all time high. And just few minutes passed as the uptrend channel was broken
My plan for today's trade:
We just hit all time high, what does BTC past all time high have taught us so far? Now add that to the greed level that have been going above 75 for the past 30+ days. You obviously will and have already seen the pattern on how BTC will soon behave.
A correction is now unavoidable, especially a few minutes before I wrote this post, the uptrend channel and 67k was broken. A new downtrend channel is now visible (blue dotted lines).
Can BTC still push further up? Yes
Can BTC make another new all time high at such a short time? Possible, but more than likely, no
Great traders will never be a permanent bear nor bull, we accept the chart and adapt to it, never the otherway around.
Next step for now? We wait. We want to enter the highest possible value to put our short. I have outlined to you some possible movement based on the ongoing channels.
For me personally, I will wait to partially short at the top light blue dotted lines. Should BTC breaks that downtrend channel, I will average up and add more short at or near the yellow dotted lines. Another path is to long now and short later as it hit the top channels. But it is very risky as BTC is now more likely to fall deep rather than rising up high.
Whatever decision you take, I wish you the best of luck and hope my idea can help you in some ways.
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
My plan for today's trade:
We just hit all time high, what does BTC past all time high have taught us so far? Now add that to the greed level that have been going above 75 for the past 30+ days. You obviously will and have already seen the pattern on how BTC will soon behave.
A correction is now unavoidable, especially a few minutes before I wrote this post, the uptrend channel and 67k was broken. A new downtrend channel is now visible (blue dotted lines).
Can BTC still push further up? Yes
Can BTC make another new all time high at such a short time? Possible, but more than likely, no
Great traders will never be a permanent bear nor bull, we accept the chart and adapt to it, never the otherway around.
Next step for now? We wait. We want to enter the highest possible value to put our short. I have outlined to you some possible movement based on the ongoing channels.
For me personally, I will wait to partially short at the top light blue dotted lines. Should BTC breaks that downtrend channel, I will average up and add more short at or near the yellow dotted lines. Another path is to long now and short later as it hit the top channels. But it is very risky as BTC is now more likely to fall deep rather than rising up high.
Whatever decision you take, I wish you the best of luck and hope my idea can help you in some ways.
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
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.