BTC losing its upward momentum, are we going to 58k?
BTC is showing signs of bearish as it fail to continue its previous upward momentum. Risk to ratio wise is in my opinion, better to currently go short unless 62500 is breached cleanly
My plan for today's trade:
The last chart I made few days ago still hold pretty well, I actually used the same chart to make the short earlier today (at the dotted orange line on 62300)
Should you follow my chart, the total profit was around $4000 on its way up and another $1600 if you short at 61699.99 like I did, congratulations!
It then goes sideways just like what my chart has shown before it broke resistance but unable to continue its push upwards.
I am currently still holding my short of 62300, will set it take profit at 60150 (near the bottom of the consolidation zone) with stop profit slowly lowered following the green straight line.
I will leave this short to sleep, and at the moment have readied my long at 60099.9. It probably wont reach until here, realistically maybe to 60700, but I am sleeping so I prefer to play it safe.
The rest is pretty straight forward. Short now - then long - short - long - short with the final one I think will drop us to 58 - 56k.
I believe this chart should hold well for the next 2 days or so, if any change happen before then Ill make a new one to update it
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
My plan for today's trade:
The last chart I made few days ago still hold pretty well, I actually used the same chart to make the short earlier today (at the dotted orange line on 62300)
Should you follow my chart, the total profit was around $4000 on its way up and another $1600 if you short at 61699.99 like I did, congratulations!
It then goes sideways just like what my chart has shown before it broke resistance but unable to continue its push upwards.
I am currently still holding my short of 62300, will set it take profit at 60150 (near the bottom of the consolidation zone) with stop profit slowly lowered following the green straight line.
I will leave this short to sleep, and at the moment have readied my long at 60099.9. It probably wont reach until here, realistically maybe to 60700, but I am sleeping so I prefer to play it safe.
The rest is pretty straight forward. Short now - then long - short - long - short with the final one I think will drop us to 58 - 56k.
I believe this chart should hold well for the next 2 days or so, if any change happen before then Ill make a new one to update it
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
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