Time to PANIC?
Hello guys! So, the bulls are taking a break now, and BTC lost its strength, which is something acceptable, since the volume decreased a lot this week. There’s no way BTC could break through U$ 10k with such volume. But no, there's no reason for us to panic.
I see this movement as a regular and healthy pullback, and there are three supports here (the light blue line; the 21 ema; and the green trendline), and if BTC does a bullish pattern in this zone, it’s a clear long trade.
It’s the bulls gathering the strength they need, and sometimes this can be misleading, because people may think the trend is changing. The trend will only change if BTC loses these three supports I mentioned, and what I see now it’s just an opportunity. Now, to the hourly chart, as usual:
I warned in my previous analyses if BTC loses this red line you could book your profits, if you are a swing trader, but if you like to keep your positions for a longer period of time I think it’s worth to hold the trade, because the daily chart is still bullish. Personally, I’m holding it, since we did such good trades recently on BTC, ETH, UKOIL, and other assets, so I think I can afford to take my chances here and set my stop at my entry price. So, as I said, why should we panic?
If you missed my previous analyses and trades the link to them are below, and I invite you to follow me to keep in touch! I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
I see this movement as a regular and healthy pullback, and there are three supports here (the light blue line; the 21 ema; and the green trendline), and if BTC does a bullish pattern in this zone, it’s a clear long trade.
It’s the bulls gathering the strength they need, and sometimes this can be misleading, because people may think the trend is changing. The trend will only change if BTC loses these three supports I mentioned, and what I see now it’s just an opportunity. Now, to the hourly chart, as usual:
I warned in my previous analyses if BTC loses this red line you could book your profits, if you are a swing trader, but if you like to keep your positions for a longer period of time I think it’s worth to hold the trade, because the daily chart is still bullish. Personally, I’m holding it, since we did such good trades recently on BTC, ETH, UKOIL, and other assets, so I think I can afford to take my chances here and set my stop at my entry price. So, as I said, why should we panic?
If you missed my previous analyses and trades the link to them are below, and I invite you to follow me to keep in touch! I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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