Bitcoin - Spectators are safe from stop-loss hunting.
Updated
If you followed my last post, we were ready for this retrace and it accurately happened at the right time. But this is crypto market and odd things are usual. Bears were a little more emotional than what I expected and price dropped below our desired zone. However, fortunately we closed at 10170 and took profit. Sorry for not informing you. I couldn't be that quick and only had 30 mins to call some friends and let them know about the possible drop.
WHAT NOW?
Because "keeping our capital safe" is the most important thing and some odds happened, being an spectator is wisely recommended. There is a stop-loss hunting on the play. Bitcoin is moving up and down so fast to test if there are more stop-market orders (stop-losses) right above the tops or below the bottoms.
I'm looking at weekly chart to see what are people doing. We are still in the support zone (9150-9550). While it's holding the price, it's bullish. Bearish breakouts are false flags (specially this recent one because of low volume). Weekly chart shows a very nice retrace to get ready for another bullish move and shaping another channel.
Golden cross is shaped at daily chart. It's a good sign, but not that important which most of the people believe in. We have still a very important obstacle above us. The strongest one. If we can't cross over it, we may experience a long term consolidation or a big drop to 8K again.
WHEN IS SAFE TO ENTER?
I have no idea right now. Looking at a closer view (daily chart), I'm just waiting to see if price closes above or under the zone to find another high reward opportunity to go long or short. But now, enjoy watching a battle.
WHAT NOW?
Because "keeping our capital safe" is the most important thing and some odds happened, being an spectator is wisely recommended. There is a stop-loss hunting on the play. Bitcoin is moving up and down so fast to test if there are more stop-market orders (stop-losses) right above the tops or below the bottoms.
I'm looking at weekly chart to see what are people doing. We are still in the support zone (9150-9550). While it's holding the price, it's bullish. Bearish breakouts are false flags (specially this recent one because of low volume). Weekly chart shows a very nice retrace to get ready for another bullish move and shaping another channel.
Golden cross is shaped at daily chart. It's a good sign, but not that important which most of the people believe in. We have still a very important obstacle above us. The strongest one. If we can't cross over it, we may experience a long term consolidation or a big drop to 8K again.
WHEN IS SAFE TO ENTER?
I have no idea right now. Looking at a closer view (daily chart), I'm just waiting to see if price closes above or under the zone to find another high reward opportunity to go long or short. But now, enjoy watching a battle.
Note
Price closed above the support zone yesterday. It's a good sign for bulls, but still moving between Tekan-sen and Kijun-sen. This fundamentally means neutral and the battle isn't finished yet.Note
I see a falling wedge and probability of a drop to the bottom of support zone again. This is an important momentum.
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.