Short

Bitcoin D-Trend Broken (Bearish Below Resistance)

Updated

Bitcoin broke a local descending trendline (D-Trend); low volume; continues bearish below "resistance."

We define resistance here as arbitrary levels we chose at random just by looking at the chart... But it is clear, easy to see, how these randomly chosen lines actually represent true resistance levels based on past-price action.

👉 The targets can be seen on the lower portion of the chart... Just notice the trading volume.

More shakeouts; more swings.
Remember, these sideways periods are when traders lose the most...

Beginners rookie-mini whales got their behinds handed to them by expert-mega whales. The rookie-mini whales were trading based on position size while the mega whales were trading on time... They got liquidated so often and so much, that they completely gave up.

After this period, the market is about to resume its normal trajectory based on market cycle. A correction follows a period of growth.

I know I am blessed because you are reading this today.
My blessing is your support.

Namaste.

Note

Let's expand on the mini-rookie whales situation so that this can be avoided in the future.

The main reason for the big losses are greed, lack of patience and planning. No understanding of the market dynamics.

The Cryptocurrency market —Bitcoin— is an amazing market.
The owners of this market are very descent people and they support the majority, always, as much as possible.

If one wants to become successful in this market, it is important to approach it with a sense of respect and longevity, fairness and not greed.

If one decides to jump in with tens of millions of dollars thinking of getting rich over night, this won't work. The experienced, old-timers, advanced market participants will quickly adapt and kick these people out.

The way to enjoy massive profits with very large positions is by "easing" into the position. A big position can be built over a long period of time. In this case, a short position can be built slowly, over the months, by increasing the position at each rise. It cannot be done all at once, once a reaction happens but rather slowly but surely when the market is relaxed and stable.

If too much pressure is put on the market, the market stops its movement and looks for direction; in short, the market adapts.

When a group of people come in, only a few months into Crypto-trading and think they are going to get-rick quick, this is problematic. Everything in life requires dedication and work. Everything worth having has a price.

So, for the next opportunity which will be on the long side, the first negative emotion to remove is greed.

Yes, we can spot the bottom low, but we have "ease" into it if we are staying in.
If too much of a big position shows up, out of nowhere once the "bottom is in," instead of the bottom we will surely get another low. If people get greedy at the lows, the market will continue to move down and down until all the greed is gone.

Instead, we buy some; portions at each support... Building the position all the way down, as well as all the way up. We have to support the market in both ways.

If you can build your position over a period of 4-6 months, the market will support and allow you to take home the big bucks. If you decide to jump in yesterday to takeout millions today, the market has its way of folding this type of plan... It just doesn't pay.

This is just my experience of course but many professionals and long-term traders can confirm what I just shared.

This is a community and while we trade for money, we built this market for the people, as an alternative to an already established system; for freedom, prosperity, growth and success.

We cannot let it be destroyed due to a lack of consciousness... Comeback and try again. This time, make sure to study before you play.

A well developed plan can lead to massive success... And time, time of course... Always think long-term.

Thanks a lot for your continued support through these hard times.

We will have a great green bullish market soon enough... I can't wait to write on each and everything single trade idea, "Bitcoin is going up! ... For now, we have to wait for the correction or either confirmation that no correction will show up.

Keep in mind that I am Bitcoin's #1 fan but my job here is to read the charts.

Namaste.

Note

🅱️ It will be exciting... That's for sure.

What can catch many people off-guard, is the duration of each cycle; of each wave... Think about it... Bitcoin bottomed November 2022 and started to accumulate at really low prices. It came out of the bottom the same year and by February 2023, we started to look green but still really low compared to now.

A bear-market drives away many people.

Bitcoin peaked November 2021 at a price of $69,000.
From November 2021 through November 2022 it was all red... Nobody that isn't making a living stays around to experience the pain and discomfort that such a bearish cycle produces.

Now, things change, always... No matter what we say, what we like, what we think or what we do... Change is always around the corner and nothing stays forever the same.

So the bear market ended and Bitcoin started its recovery in early 2023.
Imagine, there was nobody "new" around in those days, then, the entire bullish wave lasted 16 months.

With the start of 2024; new All-Time High, Spot ETF, hype and the rest; many new people jumped in but guess what? They don't know how the market works they've only seen it go up and that's what can catch people off-guard.

16 months is a long time for a human being that is used to thinking about next week or next month at the maximum. When you add up 3.5 months of sideways, you have more than 19 months. This simply means that even if you've been around for 18 months you still would not have a clue as to how a correction really looks like, what it feels... We don't know how it works; we don't know what it is.

So it is normal to see and witness what we are about to experience and see.
The reaction the people will have; nothing can prepare you for this.

That's why the correction will be really strong... When fear and panic sets in, everybody will start to sell as prices move down or very close to the bottom because of the market force.

It is like an energy; no, an impulse... It pulls on you and makes you take the wrong choice. The only way to protect against this impulse is through knowledge; "knowledge is power," is a true saying.

Even with knowledge, experience is the best tool in this type of situation, specially when you are here just looking around; a hobby; you come and you go. If you were doing this for a living, you would have the capacity to grasp different scenarios but if you joined for the excitement, for the news or for the potential profits, you can only see one side and that's whats wrong.

👉 It is not the end of the world... After the correction is over; Bitcoin will grow.
After the major flush, extreme bad news and panic all across; slowly but surely the market will recover and we will go from the worst ever, to peace, pleasure and joy.

Make sure to wear your seatbelts because this will be an interesting ride... We can go down fast, but it will be a long-term rise. It is better this way.

Namaste.

Trade closed: target reached

AlanSantana

🔝 Daily Cryptocurrency Technical Analysis
followalan.com

🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)

🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com

Also on:

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.