SELL YOUR BITCOIN (BTC) NOW! Better Opportunities Coming!
Updated
Hey everyone! Hope you are doing well.
So Bitcoin... how many of us bought at the fake out, comment below if you did. Don't worry, it was tempting, but as I always say to traders, we need to look for confirmation, whether that be bullish momentum or a solid retest with confirmation on the 4H.
Anyway, I'm sure you all set your stop loss so didn't lose too much! 😉
TECHNICALS
Falling Wedge
We are currently in a bear market. Whether you like it not, the last impulse was the fifth wave. You need to learn to remove emotion and trade Bitcoin as you would anything else. Yes, it has provided unbelievable returns, but so have many other assets. A falling wedge means we have an opportunity for Bitcoin to rally back up to 48K and then we will see another big move down.
Pennant
We see a pennant formation with little consolidation. This is not a bullish signal, this is considered a very bearish move. If Bitcoin even moves up from here, it will continue down. In order for this to be a retracement in a bull cycle, we would need to see consolidation 3 weeks longer than we currently have. Remember, you are trading a speculative market.
Downwards Channel
Bitcoin will most likely move downwards in this channel. This is a really great way to measure your take profit. Either midway or the other side of the channel. We see crypto's following these trends very prevalently.
Sentiment
The market is unsure. We all are. It is a self fulfilling prophecy. We are talking of a crash - so there will be a crash. Dont worry though, this is opportunity to either trade the market short or wait for opportunities long.
Please let me know your ideas, this is a platform to discuss - not attack or ridicule. Let's all become wealthy together!
Love, peace, Seb.
So Bitcoin... how many of us bought at the fake out, comment below if you did. Don't worry, it was tempting, but as I always say to traders, we need to look for confirmation, whether that be bullish momentum or a solid retest with confirmation on the 4H.
Anyway, I'm sure you all set your stop loss so didn't lose too much! 😉
TECHNICALS
Falling Wedge
We are currently in a bear market. Whether you like it not, the last impulse was the fifth wave. You need to learn to remove emotion and trade Bitcoin as you would anything else. Yes, it has provided unbelievable returns, but so have many other assets. A falling wedge means we have an opportunity for Bitcoin to rally back up to 48K and then we will see another big move down.
Pennant
We see a pennant formation with little consolidation. This is not a bullish signal, this is considered a very bearish move. If Bitcoin even moves up from here, it will continue down. In order for this to be a retracement in a bull cycle, we would need to see consolidation 3 weeks longer than we currently have. Remember, you are trading a speculative market.
Downwards Channel
Bitcoin will most likely move downwards in this channel. This is a really great way to measure your take profit. Either midway or the other side of the channel. We see crypto's following these trends very prevalently.
Sentiment
The market is unsure. We all are. It is a self fulfilling prophecy. We are talking of a crash - so there will be a crash. Dont worry though, this is opportunity to either trade the market short or wait for opportunities long.
Please let me know your ideas, this is a platform to discuss - not attack or ridicule. Let's all become wealthy together!
Love, peace, Seb.
Note
Breakout Confirmation. Note
Bear Flag Continuation Pattern
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