BITCOIN - Ho Ho Ho, Merry Christmas!Hello TradingView Family, this is Richard, and I want to wish you all a Merry Christmas.
Hope you will enjoy this Christmas Theme Idea.
After breaking the 🎄 Christmas Tree neckline downward (30k zone), 🎅Santa Clause has been heading South to grab the 🎁 gifts from the demand zone 10,000 - 12,000 in green.
📉 BTC has been and would be overall bearish as long as it is trading inside the falling green channel.
📈For the bulls to take over from a medium-term perspective , we need a break above the upper green trendline. Then we will be expecting a shift in momentum from bearish to bullish for BTC to start trading inside the rising green channel.
📊For the bulls to take over from a long-term perspective , we need a break above the 30k red zone again.
Which scenario do you think is more probable? why and when?
Always follow your trading plan regarding entry, risk management, and trade management.
And Remember: All Strategies Are Good; If Managed Properly!
Merry Christmas Everyone 🎄
~Rich
Santaclause
Cup and Handle on E-mini FuturesVery nice Cup and Handle Pattern formed on /ES. PT of 4686.75. Time for $SPY to run.
S&P Analysis Week of 12/27/2020: Goodbye 2020It's the last week of the year and it looks like the market will be making a move here soon.
Price is in an uptrend but consolidating inside a wedge pattern. This means price is building energy and ready to make a move to the upside or downside. Since it's difficult to predict, I would wait on the sideline until confirmation.
The trend is your friend until the very end, so I will not be shorting unless there is a major technical breakdown and trade setup 2 occurs.
Otherwise I think the trade setups described are easy to read and understand.
Do not play the breakouts, wait for the retrace and resumption. My experience is that 90% or more of breakouts result in a retrace or failed breakout. Wait for the confirmation.
Safe trading and happy new year!
S&P Analysis Week of 12/20/2020: Wall Street Naughty or Nice?We've made it to the last two weeks of the year which has traditionally been called the 'Santa Clause Rally' because markets tend to rise during this time (usually because of low volume).
Will we see a 'Santa Clause Rally' this year?
The first thing that really sticks out in the chart is that we are in a strong upward trend. The trend is your friend until the very end. I would not be quick to short this market until that trend line is broken.
How many people were whiplashed last week trying to short. Friday was a good example of how easily and quickly price can bounce off the lows during an uptrend. It's hard to kill a bull.
Here are the trade setups I see:
Trade Setup 1 (long): Wait for a break above the final resistance line (3720) with a retest and we are going higher.
Note: For those that want to be aggressive. Price technically broke out above 3700 with a retest last week and is starting to make a higher high. You wouldn't be wrong if you decided to take the trade as soon as price goes above 3720 without a retest since there was a retest just below at 3700
Trade Setup 1 (short): Wait for a break of the strong upward trendline (with retest). To be safe I recommend waiting for both the trend line and the strong support at 3642. Be very careful trying to short. I'm primarily looking for a long trade this week so I probably won't take this trade unless I see some strong selling taking place. Not the small dips we have been seeing that get bought up the next day (or even same day).
Never play the breakouts, wait for the retest. In my experience, 90% or more of the breakouts result in a retest.
Happy trading and Merry Christmas!
