BTC - This Is How The Market Could Flush Out More Weak Hands
Updated
Happy Super Saturday, Traders!
Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
The sentiment around the crypto market, and largely around BTC, is that there has been Bitcoins that were not moved from exchanges and a lot of retail traders continue to HODL since the beginning of this bear cycle (Nov. 2021) thus there's no BTCs lying around for institutional investors to scoop up. Institutional investors are in CASH and are awaiting for more weak hands to give up their BTCs as the economy continues to destroy the middle class with skyrocketing prices of basic needs such as food, fuel, services, etc.
Currently, BTC is range bound, consolidating between
25K and 15K. Theses are the levels to watch. BTC breaking upwards, breaking red bar resistance will bring price back up to 30K and this invalidates this chart. But if BTC breaks support (green bar) resulting to a CLE - Capitulation Level Event, then BTC might end up at the 10K level (institutional investors' dream buy in) confirming validity of this chart idea of where BTC might go from this day of writing this post.
So, what am I expecting to happen next?
The rules I have set for my long entry are:
This is based on my previous post you can view here:
1. Wait for the appearance of a Price Action-RSI bullish divergence .
2. Stronger Confirmation: RSI (white) must go above its MA (yellow).
3. An even stronger confirmation of a bullish trend is when the RSI is above it MA and crossed the GREEN 50% Horizontal Line
4. An ideal entry is when Price Action has gone above the GREEN 50EMA and has created higher highs and higher lows plus a retest and respects the 50EMA as support, plus the RSI is above its MA and its green 50% Horizontal Line, plus the Laguerre RSI has crossed its 20% level towards the upside.
Until then, I'm sitting on my hands and wait for the perfect moment to enter a long position.
For now, it's time for some weekend BBQ and grilling.
Always remember to place your Stop Loss.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope you find value from this post.
If you did, please give it a like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
The sentiment around the crypto market, and largely around BTC, is that there has been Bitcoins that were not moved from exchanges and a lot of retail traders continue to HODL since the beginning of this bear cycle (Nov. 2021) thus there's no BTCs lying around for institutional investors to scoop up. Institutional investors are in CASH and are awaiting for more weak hands to give up their BTCs as the economy continues to destroy the middle class with skyrocketing prices of basic needs such as food, fuel, services, etc.
Currently, BTC is range bound, consolidating between
25K and 15K. Theses are the levels to watch. BTC breaking upwards, breaking red bar resistance will bring price back up to 30K and this invalidates this chart. But if BTC breaks support (green bar) resulting to a CLE - Capitulation Level Event, then BTC might end up at the 10K level (institutional investors' dream buy in) confirming validity of this chart idea of where BTC might go from this day of writing this post. So, what am I expecting to happen next?
The rules I have set for my long entry are:
This is based on my previous post you can view here:
1. Wait for the appearance of a Price Action-RSI bullish divergence .
2. Stronger Confirmation: RSI (white) must go above its MA (yellow).
3. An even stronger confirmation of a bullish trend is when the RSI is above it MA and crossed the GREEN 50% Horizontal Line
4. An ideal entry is when Price Action has gone above the GREEN 50EMA and has created higher highs and higher lows plus a retest and respects the 50EMA as support, plus the RSI is above its MA and its green 50% Horizontal Line, plus the Laguerre RSI has crossed its 20% level towards the upside.
Until then, I'm sitting on my hands and wait for the perfect moment to enter a long position.
For now, it's time for some weekend BBQ and grilling.
Always remember to place your Stop Loss.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Note
Capitulation Level Event
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.