$BTC #XBTUSD - Daily Update - Day Trader Explains
Hello Lads and Ladies,
This is a daily Update on Bitcoin from our private mentoring group.
As one can see and identify, we are technically still inside a bear flag formation with a double support.
This is definitely not a bullish sign. Normally looking at this, we would be seeing a breakdown to 4k and with a break of it another crash to 3550.
Now, what is the bets way to normally trade this?
Take a look at what day we have. (Saturday -> weekend -> low volatility, liquidity and price movement)
Based on this, we can see that a break of any of these lines is rather not possible.
We are near the green line, which would give us the lowest loss should we actually break the green line. -> short
We are in a bear flag -> short
StochRSI is pretty high and momentum is about to turn make bigger moves done -> short
OVERALL -> SHORT
Why?
Close above the green line on 4h would be your SL. -> minimal loss
Many, many indications are bearish. -> short
TP?
set up TPs at the supports and make sure to take out 75% before 4k.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
This is a daily Update on Bitcoin from our private mentoring group.
As one can see and identify, we are technically still inside a bear flag formation with a double support.
This is definitely not a bullish sign. Normally looking at this, we would be seeing a breakdown to 4k and with a break of it another crash to 3550.
Now, what is the bets way to normally trade this?
Take a look at what day we have. (Saturday -> weekend -> low volatility, liquidity and price movement)
Based on this, we can see that a break of any of these lines is rather not possible.
We are near the green line, which would give us the lowest loss should we actually break the green line. -> short
We are in a bear flag -> short
StochRSI is pretty high and momentum is about to turn make bigger moves done -> short
OVERALL -> SHORT
Why?
Close above the green line on 4h would be your SL. -> minimal loss
Many, many indications are bearish. -> short
TP?
set up TPs at the supports and make sure to take out 75% before 4k.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
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