At the time I charted this but never published, it was a possible bearish set up. Now I am publishing it, it seems more the likely option to play out.
The purple trend lines drawn are weekly and daily S/R. The dotted white lines, more recently added to the chart and also S/R.
The MA lines shown are: 21MA in red, 50MA in yellow, 100MA in purple and 200MA in white. This would be a longer term trade set-up with possible profit targets along the way in the event of a major drop as Bitcoin looks to more and more correlated with the stock market at the minute, which I fully expect to have a bad week ahead.
I hope the chart explains itself but I have added the extra details needed to understand the expectations.
Using this set-up, the targets pointed out on the MA's and S/R, could also be used for a bullish set-up trade, if taken as intended.
NOT TRADING ADVICE AND DO YOUR OWN RESEARCH.
Thanks!
The purple trend lines drawn are weekly and daily S/R. The dotted white lines, more recently added to the chart and also S/R.
The MA lines shown are: 21MA in red, 50MA in yellow, 100MA in purple and 200MA in white. This would be a longer term trade set-up with possible profit targets along the way in the event of a major drop as Bitcoin looks to more and more correlated with the stock market at the minute, which I fully expect to have a bad week ahead.
I hope the chart explains itself but I have added the extra details needed to understand the expectations.
Using this set-up, the targets pointed out on the MA's and S/R, could also be used for a bullish set-up trade, if taken as intended.
NOT TRADING ADVICE AND DO YOUR OWN RESEARCH.
Thanks!
Note
The date I charted this was 8th June, and the white dotted lines are where the 100MA and 200MA would likely to be.Note
*Also at that time, the VPVR PoC was around the 8850 mark*
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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.
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.