Hello, friends welcome to this analysis on BTC,
to be honest I was expecting lower prices from BTC but last week that huge green candle caused by the short squeeze got all of us by surprise, that plus the low volume that followed the action are things that make me be suspicious about this rally and shows that market is in an uncertain state. However, we have achieved to get above the log and linear downtrend trend lines and find support above them which are bullish actions. At this moment we are in a technical no trade zone due to having mixed signals. however, looking at the zoomed out chart, it appears that we are about to make an Adam and eve bottom which is not complete yet. Above us we gonna have the 1200 4hr EMA which is equal to 200 days EMA if we manage to get above it, it's going to be a clear bullish sign but that's not going to be a buy signal. In order for us to make sure we have an Adam and Eve bottom in action, we have to manage to get above the 9000 resistant and manage to open and close candles above that which is gonna be a super bullish sign with a stop loss below the resistant.
Remember guys trading is not about finding the bottom or the top, it's about the meat in the middle of the sandwich. patient is virtue. please wait for confirmation of the bottom before getting bull trapped and chop your hard earned money.
Good luck trading. ;)
to be honest I was expecting lower prices from BTC but last week that huge green candle caused by the short squeeze got all of us by surprise, that plus the low volume that followed the action are things that make me be suspicious about this rally and shows that market is in an uncertain state. However, we have achieved to get above the log and linear downtrend trend lines and find support above them which are bullish actions. At this moment we are in a technical no trade zone due to having mixed signals. however, looking at the zoomed out chart, it appears that we are about to make an Adam and eve bottom which is not complete yet. Above us we gonna have the 1200 4hr EMA which is equal to 200 days EMA if we manage to get above it, it's going to be a clear bullish sign but that's not going to be a buy signal. In order for us to make sure we have an Adam and Eve bottom in action, we have to manage to get above the 9000 resistant and manage to open and close candles above that which is gonna be a super bullish sign with a stop loss below the resistant.
Remember guys trading is not about finding the bottom or the top, it's about the meat in the middle of the sandwich. patient is virtue. please wait for confirmation of the bottom before getting bull trapped and chop your hard earned money.
Good luck trading. ;)
Note
Note
these are 2 scenarios that I can see in BTC, I'll explain tomorrow. when I wake up.zzzz... *sleepy*
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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.