BitcoinLong
$BTC Market Overview - Is This Fakeout?
Good day,
Is There Still Hope?
Over the last few months Crypto markets have been very emotional, we have seen markets from "Extreme Greed" to "Extreme Fear" in 4 months. As you know smart money - "Whales", "Big Players" like to play with emotions and move market exactly to most painful points to liquidate over leveraged postions & catch stop losses. In Crypto Markets we have a lot of rookies coming into to space trying "Get Rich Quick" which causing them to not follow correct risk management strategy and use unnecessary amounts of leverage in Futures Markets like BitMEX, ByBit... In market conditions where price moves 2000$ either side, even 15x leverage is too much, Trading is not a game of flipping coin it's a game of possibilites. So i encourage everybody to find out correct risk management strategy for themselves and follow it, that's only way to be succesful and survive in this World of Trading.
As of right now BTC have flashed us Death Cross on Daily Chart while price hovering below 200MA which means we have officially entered Bear Market. At the same time there's still hope that it's possible fakeout and we will continue moving higher to our ATH target at 20000$. As of 15.11.19 price is still holding above 50MA which is good sign in my opinion, 50MA have been trending downwards since 13.08.19 but for now as long as price stays above 8500$ - 50MA is slowing starting to change direction moving upwards.
Ichimoku Cloud is flashing us bullish cross on Daily Chart, Weekly oscillators and momentum are showing some beautiful bullish divergence. Moving on it would be good sign for bulls if BTC manages to close and open above 11000$ which would paint structurally good picture for bullish perspective.
For bearish point of view, bears need to close and open below 8500$ and for final confirmation close and open below 8000$ would make me flip the switch.
Thanks for taking time to read this analysis.
I wish everybody much luck and stay safe!
Is There Still Hope?
Over the last few months Crypto markets have been very emotional, we have seen markets from "Extreme Greed" to "Extreme Fear" in 4 months. As you know smart money - "Whales", "Big Players" like to play with emotions and move market exactly to most painful points to liquidate over leveraged postions & catch stop losses. In Crypto Markets we have a lot of rookies coming into to space trying "Get Rich Quick" which causing them to not follow correct risk management strategy and use unnecessary amounts of leverage in Futures Markets like BitMEX, ByBit... In market conditions where price moves 2000$ either side, even 15x leverage is too much, Trading is not a game of flipping coin it's a game of possibilites. So i encourage everybody to find out correct risk management strategy for themselves and follow it, that's only way to be succesful and survive in this World of Trading.
As of right now BTC have flashed us Death Cross on Daily Chart while price hovering below 200MA which means we have officially entered Bear Market. At the same time there's still hope that it's possible fakeout and we will continue moving higher to our ATH target at 20000$. As of 15.11.19 price is still holding above 50MA which is good sign in my opinion, 50MA have been trending downwards since 13.08.19 but for now as long as price stays above 8500$ - 50MA is slowing starting to change direction moving upwards.
Ichimoku Cloud is flashing us bullish cross on Daily Chart, Weekly oscillators and momentum are showing some beautiful bullish divergence. Moving on it would be good sign for bulls if BTC manages to close and open above 11000$ which would paint structurally good picture for bullish perspective.
For bearish point of view, bears need to close and open below 8500$ and for final confirmation close and open below 8000$ would make me flip the switch.
Thanks for taking time to read this analysis.
I wish everybody much luck and stay safe!
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.