Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the daily time frame pulled up after a dump. We fell and there is no way to sugar coat it. The bears finally made their move and we see the results on the charts. We managed to cling to 10k but will we be able to make it through the weekend with 5 figure Bitcoin? Lets take a look at the chart.
I noticed this yesterday and it may not look like the cookie cutter version of a head and shoulders but it looks close enough to me. I drew the pattern on the chart so you could see it easier. The dump yesterday would indicate that I am not the only trader that noticed this. A head and shoulder is bearish and the I haven't seen a million head and shoulders in my time in the trading world. But this sure looks like one to me. The results sort of speak for themselves don't they?
Now we fell to the bottom of the daily cloud. Now if the bulls want to reverse this we need to fight our way above all the resistance above us. The resistance was support less than 24 hours ago. Now the bulls have their work cut out for them. 10450 seems to be the first resistance we need to conquer on the way back to the yearly high of 12500. We are a long way off from there but what goes up must come down.
We managed to hold onto 5 figure BTC and I guess I will take that as a win today. The bulls are licking their wounds this morning and lets hope they are plotting to strike back. Drops like the one we just saw is why I always recommend setting a stop loss. I know a lot of people that lost a lot of money. My inbox is full of people all over the globe begging me to help them recover their lost investments. I wish I could help everyone but I am only one man. My best advice is dont trade without a strategy. Have an exit strategy. Take profit. At least to the point where you can remove the original investment and simply play with house money. A trading strategy requires patience... But its better than the alternative of losing all your $. Lets see if the bulls want to retake lost ground. Have a great day everyone and make good choices! WTFDIK???
TLDR: Bears stabbed the bulls in the back. We have a lot of work to do if we want to retake 11k.
I noticed this yesterday and it may not look like the cookie cutter version of a head and shoulders but it looks close enough to me. I drew the pattern on the chart so you could see it easier. The dump yesterday would indicate that I am not the only trader that noticed this. A head and shoulder is bearish and the I haven't seen a million head and shoulders in my time in the trading world. But this sure looks like one to me. The results sort of speak for themselves don't they?
Now we fell to the bottom of the daily cloud. Now if the bulls want to reverse this we need to fight our way above all the resistance above us. The resistance was support less than 24 hours ago. Now the bulls have their work cut out for them. 10450 seems to be the first resistance we need to conquer on the way back to the yearly high of 12500. We are a long way off from there but what goes up must come down.
We managed to hold onto 5 figure BTC and I guess I will take that as a win today. The bulls are licking their wounds this morning and lets hope they are plotting to strike back. Drops like the one we just saw is why I always recommend setting a stop loss. I know a lot of people that lost a lot of money. My inbox is full of people all over the globe begging me to help them recover their lost investments. I wish I could help everyone but I am only one man. My best advice is dont trade without a strategy. Have an exit strategy. Take profit. At least to the point where you can remove the original investment and simply play with house money. A trading strategy requires patience... But its better than the alternative of losing all your $. Lets see if the bulls want to retake lost ground. Have a great day everyone and make good choices! WTFDIK???
TLDR: Bears stabbed the bulls in the back. We have a lot of work to do if we want to retake 11k.
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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.
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.