The most challenging moment!
Hello investors! BTC did some bearish movements during this weekend, and we are going to study it now. I always like to look at the hourly chart to search for some early signs of reversion, and it did a double top around $ 9.3k (blue line), and it lost the thin black line around $ 9.1k, which was support and resistance about seven times in the past.
If BTC is going to test the $ 9.1 again, the price must trade above this pink line, which coincides with the 21 ema. If that’s not the case, BTC will seek lower supports, and the daily chart can give us more clues:
BTC should react quickly because it has no immediate supports, just the 8k (red line) and around $ 7.5k (blue line). Also, the 21 ema is pointing downwards, the price lost the green trendline and it failed in surpassing the light blue line, which was something determinant in my view.
Personally, I’m out of BTC now, I set a stop at my entry point, which was the high of the bullish engulf evidenced in the chart, and I’m just waiting now. I’ll focus more in my stocks, while BTC does nothing interesting to me.
If you missed our last trades and analyses, the links to them are below. Remember to follow me, 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.
Now, let’s see the weekly chart for some insights:
Yes, BTC failed completely in escaping this descending channel, and it may drop all the way back to the ema if we don’t see a clear reaction here. Now BTC is at a very decisive moment, let’s see how it will behave this week.
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. *
If BTC is going to test the $ 9.1 again, the price must trade above this pink line, which coincides with the 21 ema. If that’s not the case, BTC will seek lower supports, and the daily chart can give us more clues:
BTC should react quickly because it has no immediate supports, just the 8k (red line) and around $ 7.5k (blue line). Also, the 21 ema is pointing downwards, the price lost the green trendline and it failed in surpassing the light blue line, which was something determinant in my view.
Personally, I’m out of BTC now, I set a stop at my entry point, which was the high of the bullish engulf evidenced in the chart, and I’m just waiting now. I’ll focus more in my stocks, while BTC does nothing interesting to me.
If you missed our last trades and analyses, the links to them are below. Remember to follow me, 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.
Now, let’s see the weekly chart for some insights:
Yes, BTC failed completely in escaping this descending channel, and it may drop all the way back to the ema if we don’t see a clear reaction here. Now BTC is at a very decisive moment, let’s see how it will behave this week.
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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