BTC longs and shorts, S/R analysis
Updated
Just some analysis I put together- after a rather interesting (but not quite unexpected) change of course in the DOW last week, BTC decided to take the downtrend along with it (one could postulate such). This chart is just averaging multiple VWAPs, using the Schiff fan on the trendline -that has continued now since breaking into lower lows, and the Fib circle Support and resistance tool as a visual aid to show the possible locations of rejection. I added a price note around ~34000- I'm speculating that if BTC rejects this area we will see a return to a rather tremendous downside where the buyer support is waiting once more, however if it breaks through this, chances are we may gain the FOMO again (even if temporarily) which will put us back on course for the Wyckoff, and going by how you read that chart- we still may likely be in for a turn BACK to a much further downside. It's just supply and demand- someone's getting paid either way.
Trade cautiously. Do not throw your entire portfolio into a single coin or a single trade, and do not overleverage, I would also caution shorting right now. DO NOT BE EMOTIONAL TRADERS, I don't know how many damn Youtube videos (or TV comments sections) I come across of people thinking every green candle is a bull market or every red candle is a bear market: I have information- this market is not influenced by any of us, we are just here to take what little gains we can while the big kids get to plain in the sandbox- you will lose money if you think that this is your sandbox; but I digress- you may do whatever you wish, these are just my words, I just want you guys to make money and learn. My charts aren't perfect, I lose money and I make money, and I learn everyday. If you have any questions at all, let me know.
Trade cautiously. Do not throw your entire portfolio into a single coin or a single trade, and do not overleverage, I would also caution shorting right now. DO NOT BE EMOTIONAL TRADERS, I don't know how many damn Youtube videos (or TV comments sections) I come across of people thinking every green candle is a bull market or every red candle is a bear market: I have information- this market is not influenced by any of us, we are just here to take what little gains we can while the big kids get to plain in the sandbox- you will lose money if you think that this is your sandbox; but I digress- you may do whatever you wish, these are just my words, I just want you guys to make money and learn. My charts aren't perfect, I lose money and I make money, and I learn everyday. If you have any questions at all, let me know.
Note
Just an update: we may be seeing a good long entry opportunity at around (I'll have to rechart a bit) 27.6k. I didn't chart out the long positions in the immediate case that we'd continue our venture to test the next leg of support below 29.8k~Note
We've broken and held above a key point of 35.7k it just retested. I've opened a long and expect max pain to be somewhere in 46k, and a downtrend to consolidate. I'll have to re-chart a bit to address the swing in momentum. I hope everyone has made some gains. ;)Note
disregard this chart ^_^ lol. I've made an updated one. I re-evaluated the meaning of "hold" when I said it "held" the price point of 35.7k. it did indeed hold it, but not for very long, that's definitely important, and I've since returned to my original hypothesis of a return downward.
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