The simple BTC trading idea
GM, everyone.
Unfortunately, BTC is starting to look ugly. Bulls are failing to reverse the trend (clearly bearish since 69k). They begin to look tired, and to my eyes, the failure to gain momentum on the bounce yesterday and keep the price above the 46800 is the proof. Nevertheless, we do not panic.
Right now, as I explained well in the last week, I am looking at the two major levels, 52k and 45450.
I won't sugar coat you the pill, and if we close below the 45450, we will likely see 40 k.
Despite this bearishness, if bulls can fight back significantly and bring volume in, BTC will likely complete an Adam and Eve bullish pattern, which is again played only on the breakout or retest. I talked about this pattern in a previous post.
So now keep an eye on the critical level 45450 and short a close below that level. If the price temporarily closes below the level and re-enter the price range above 45450, you should exit the trade immediately, risk management.
Now, if you ask me, I am long since 45700 with a stop loss at 45000. Why? I am playing support and resistance, buying on support (45450) and selling on-resistance (52k). If any of these levels are violated, I will automatically switch strategy and follow the trend...becoming Perma bear or Perma bull will only damage your pockets...a trader has to be able to change quickly to adapt to the market. This is excellent news for retail traders that play with relatively small capital as the orders are easy to be filled. Imagine an institution that has billion. How hard it must be for them to play it right.
So eyes open and be ready for anything.
Unfortunately, BTC is starting to look ugly. Bulls are failing to reverse the trend (clearly bearish since 69k). They begin to look tired, and to my eyes, the failure to gain momentum on the bounce yesterday and keep the price above the 46800 is the proof. Nevertheless, we do not panic.
Right now, as I explained well in the last week, I am looking at the two major levels, 52k and 45450.
I won't sugar coat you the pill, and if we close below the 45450, we will likely see 40 k.
Despite this bearishness, if bulls can fight back significantly and bring volume in, BTC will likely complete an Adam and Eve bullish pattern, which is again played only on the breakout or retest. I talked about this pattern in a previous post.
So now keep an eye on the critical level 45450 and short a close below that level. If the price temporarily closes below the level and re-enter the price range above 45450, you should exit the trade immediately, risk management.
Now, if you ask me, I am long since 45700 with a stop loss at 45000. Why? I am playing support and resistance, buying on support (45450) and selling on-resistance (52k). If any of these levels are violated, I will automatically switch strategy and follow the trend...becoming Perma bear or Perma bull will only damage your pockets...a trader has to be able to change quickly to adapt to the market. This is excellent news for retail traders that play with relatively small capital as the orders are easy to be filled. Imagine an institution that has billion. How hard it must be for them to play it right.
So eyes open and be ready for anything.
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