To be honest, I thought there was no point in the past few weeks to publish anything because of the charts were not giving anything to go with. Hence I stayed away.
Many people publish the "if this happens or that happens, then this is to be assumed" or still stating the long vision...Durrrh.
No kidding.
It is does not help for the daily trader or weekly trader. Plus they have no clue and really no-one does, but both bearish and bullish scenarios.
I think now we have some positive news even though its too early to say.
Observations:
The triangle bottom trendline , not approached
The Fib. retracement level of 61.8% has come into play
Market sentiment is good with ETF and Dec 12th with ICE: Bakkt futures and a few others
BTC has some green daily candle sticks in play and 1 consolidation
BTC has moved out the initial wedge resistance and to confirm it needs to pass the 6500 resistance
* Concern is the volume, its dropped alot with this last 2 weeks
* MACD is divergent
* RSI is approaching 80% on the daily but looks good for the 2 Daily or weekly
Nov. is traditionally bullish
Other markets are bearish meaning some money can flow to the Crypto market
Gut feel says BTC is not going to go much higher than 6750 and it feels like the steam or buying pressure has dropped off along with volume. Its moving upwards but not with volume and hence I believe it will pullback soon unless Dec 12th gets there first.
Many people publish the "if this happens or that happens, then this is to be assumed" or still stating the long vision...Durrrh.
No kidding.
It is does not help for the daily trader or weekly trader. Plus they have no clue and really no-one does, but both bearish and bullish scenarios.
I think now we have some positive news even though its too early to say.
Observations:
The triangle bottom trendline , not approached
The Fib. retracement level of 61.8% has come into play
Market sentiment is good with ETF and Dec 12th with ICE: Bakkt futures and a few others
BTC has some green daily candle sticks in play and 1 consolidation
BTC has moved out the initial wedge resistance and to confirm it needs to pass the 6500 resistance
* Concern is the volume, its dropped alot with this last 2 weeks
* MACD is divergent
* RSI is approaching 80% on the daily but looks good for the 2 Daily or weekly
Nov. is traditionally bullish
Other markets are bearish meaning some money can flow to the Crypto market
Gut feel says BTC is not going to go much higher than 6750 and it feels like the steam or buying pressure has dropped off along with volume. Its moving upwards but not with volume and hence I believe it will pullback soon unless Dec 12th gets there first.
Note
for some reason, using the Brave browser, it didn't capture my lines.Trade active
A healthy consolidation and we are looking for the .618 retracement before entering back in.Trade active
On the money, question is , is this the right time. I placed my orders and now waiting. This is the game changer moment, bullish or bearish. As stated, traditionally Nov. is bullish and hence I'm going with this sentiment, nothing more than a gut feel. Volume is not great.Note
Holistic view Trade active
Some additional information rather than words.Trade active
Trade active
Not much to go with, more sideways trading and RSI for 4 hrs overbought. So we might see a more likely scenario of a drop soon. Trade active
I think it can go a little more based on the RSI. But will you get rich for waiting for it to go lower? Trade closed: stop reached
Everyone expected to prices to drop but we wanted to make money on the way down. This drop was difficult to say in the least to get right... I personally thought it will be much slower based on the support lines on the way down. They came crashing. Hence why its good to have some cash for reserves to buy for such scenarios. I bought some on the way down but still lost because 5800 was my lowest expectation if there was to be a sudden downturn.The Daily's give me the support lines and the weekly candle sticks gives a nice picture to where we are heading. I am in it for the long with most of my holdings, with this drop I am prepared to HODL for the next uptrend to hopefully recoup some of my $$ then wait patiently for the next opportunity.
Trade closed: stop reached
30 min candle and seems to be a downward wedge.Trade closed: stop reached
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.