Bitcoin TA series 1/180
Hello Tradingview, welcome to my trading journey, I'm Felix, as known as the Chartwizzard,
I'm going to publish my TA for consecutive 180 days to improve my persistance and my focus on the market again, learnb from mistakes and basically improve my TA for my personal purposes by trading, DYOR.
Quick TA: For the bears to remain in control, and take over from a medium-term perspective, we need a break below the L1-L2 yellow zone. If broken, a movement till the 16k support would be expected.
Detailed arguments of TA:
Bitcoin broke out of the ascending triangle this morning heading to a support zone between the last HL
If bears breakdown the L1 - L2 Zone and fundamentaly we see more FUD because of Binance Proof of Reserves, we expect bears takeover and fall lower with price target at L3
If the L1-L2 zone acts as Support (old resistance) it‘s possible that Bitcoin goes to confirm the downtrend with a small relief rally and testing the channel before falling to L1 or breaking down to L3
L1-L2 can act as support because of old resistance there, accumulate and bounce inside the ascending channel creating a fakeout
If FUD and Bears get more aggressive we can see a quick breakdown heading towards L3 (under L2 forming a new LL)
Remember: Bearish setups in a bearmarket are more probably to play out well than reversal setups.
I'm going to publish my TA for consecutive 180 days to improve my persistance and my focus on the market again, learnb from mistakes and basically improve my TA for my personal purposes by trading, DYOR.
Quick TA: For the bears to remain in control, and take over from a medium-term perspective, we need a break below the L1-L2 yellow zone. If broken, a movement till the 16k support would be expected.
Detailed arguments of TA:
Bitcoin broke out of the ascending triangle this morning heading to a support zone between the last HL
If bears breakdown the L1 - L2 Zone and fundamentaly we see more FUD because of Binance Proof of Reserves, we expect bears takeover and fall lower with price target at L3
If the L1-L2 zone acts as Support (old resistance) it‘s possible that Bitcoin goes to confirm the downtrend with a small relief rally and testing the channel before falling to L1 or breaking down to L3
L1-L2 can act as support because of old resistance there, accumulate and bounce inside the ascending channel creating a fakeout
If FUD and Bears get more aggressive we can see a quick breakdown heading towards L3 (under L2 forming a new LL)
Remember: Bearish setups in a bearmarket are more probably to play out well than reversal setups.
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