Raising the Bitcoin Flag
As we can see bitcoin had quite a nice move depending on your disposition and management. This flag forming right now is of HIGH SIGNIFICANCE, and I won't be explaining it as I fear if one is not able to interpret autonmously, neither will they be able to trade what IS GOING TO BE an absolutely CHAOTIC and RISK FILLED area, and consequently will end up REKT.
Risk management, risk management, risk management. I really can not stress this enough! We are essentially nearing the end of very little space for price fluctuation, and you should know this by the drop we saw, which then rose and broke sidways forming a flag, with a recent breakout.
Pay attention to trend lines and the interaction of price movement, but also the stretching of the flag to a trend line, that stops bang on the DAILY. This is so highly indicative.
However, this kind of movement and the 'FLAG' we have right now, correlated with recent price action, with cross-correlation to historical trending and price action; SHOULD be able to inform your position with a bit more clarity now.
This is an area I would advocate to so many to sit out, and simply watch it play out as YOU WILL NOT be missing out.
However, trade this with risk management as the primary consideration and this will be A HIGHLY LUCRATIVE trading zone.
Good luck
Risk management, risk management, risk management. I really can not stress this enough! We are essentially nearing the end of very little space for price fluctuation, and you should know this by the drop we saw, which then rose and broke sidways forming a flag, with a recent breakout.
Pay attention to trend lines and the interaction of price movement, but also the stretching of the flag to a trend line, that stops bang on the DAILY. This is so highly indicative.
However, this kind of movement and the 'FLAG' we have right now, correlated with recent price action, with cross-correlation to historical trending and price action; SHOULD be able to inform your position with a bit more clarity now.
This is an area I would advocate to so many to sit out, and simply watch it play out as YOU WILL NOT be missing out.
However, trade this with risk management as the primary consideration and this will be A HIGHLY LUCRATIVE trading zone.
Good luck
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.