DCA is the way for BTC now. SL below 37k.
Failed to break the Bull Market Support Band. Slightly touched the Resistance region with a high of 42.976k.
Now at the time of writing, BTC sitting at the Support of the uptrend channel, we have reacted nicely against this Support since end Jan '22 but a wick down is very much in the cards.
Approaching the weekend: A huge selloff might occur and BTC may wick down to 37k-38.1k region which we have seen in the past.
BEST TO DCA buy from now onwards to the 37k region.
"No one can call bottoms with absolute certainty consistently"
SL below 37k region. Be careful because anything below 37k is danger and if we look at Daily/Weekly TF we see a Bear Flag.
Now at the time of writing, BTC sitting at the Support of the uptrend channel, we have reacted nicely against this Support since end Jan '22 but a wick down is very much in the cards.
Approaching the weekend: A huge selloff might occur and BTC may wick down to 37k-38.1k region which we have seen in the past.
BEST TO DCA buy from now onwards to the 37k region.
"No one can call bottoms with absolute certainty consistently"
SL below 37k region. Be careful because anything below 37k is danger and if we look at Daily/Weekly TF we see a Bear Flag.
Note
So BTC did go down below to the region I circled in orange. What I expected was a nice wick down, it doesnt seem that way and it slowly goes down accumulating more liquidation. Is the 37k SL region still valid? Is it retail SL region? will the big money take advantage? could be a possibility now that it went low slowly.
Im still sticking to my initial SL 36.3k despite all this info i mentioned because the odds are still in favour of Long for me
Trade closed: stop reached
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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.