Wave is building with fib. 0,618
Trading is like riding waves. It's like the market is an organism. Every action will create a reaction which is by itself a action for the next reaction.
What does this mean to this chart?
First wave: Someone bought the bitcoin price up (action). Someone follow that trend to earn some profit and also buy (reaction). It's starts to scalable. And more reactions comming in to create new actions.
Exect the same is happening to the opposite. ppl taking profit, bagholder etc.
I guess the rest of my points you already know, so that I don't need to write them down.
Next point of this chart are the Fibonacci levels. In both waves we hit 0.618 which is usual a good selling point.
RSI could give us in the comming hours also sell signals. ...already very high, ready for a cross. It will be confirm by gitting level 80%.
But never trade by just have a look into one timeframe/TA.
What does this mean to this chart?
First wave: Someone bought the bitcoin price up (action). Someone follow that trend to earn some profit and also buy (reaction). It's starts to scalable. And more reactions comming in to create new actions.
Exect the same is happening to the opposite. ppl taking profit, bagholder etc.
I guess the rest of my points you already know, so that I don't need to write them down.
Next point of this chart are the Fibonacci levels. In both waves we hit 0.618 which is usual a good selling point.
RSI could give us in the comming hours also sell signals. ...already very high, ready for a cross. It will be confirm by gitting level 80%.
But never trade by just have a look into one timeframe/TA.
Related publications
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.