The longer the upper and lower wicks of a monthly candlestick, the more likely it is that the trend will reverse. This can be a key indicator when analyzing market trends.
Note
When conducting short-term analysis, there may be worst-case scenarios, but when looking at the patterns of monthly or weekly candlesticks, the best-case scenario is statistically more likely. As long as the price doesn't fall below the previous wick, we consider the analysis to remain valid.Note
Therefore, if you agree that the state of this month's closing candlestick suggests a significant trend reversal, you can consider placing a long bet with the lower wick of this month's candlestick as your stop-loss level. The timing for entering the position can likely be identified through short-term analysis on daily or weekly candlesticks. Whether to take this challenge, hold your position, sell, or even buy back after selling is a decision you will need to make.Note
From an Elliott Wave perspective on the current Bitcoin bull cycle, we have already reached the 3rd wave, and it is analyzed that the 4th wave is either in progress or completed. Therefore, if the 5th wave begins, it will be possible to confirm the completion of the 4th wave and set a target range, making this a significant indicator as well. Keep in mind that no expert or whale can easily predict, manipulate, or achieve their profit targets in this market.Note
The most important thing is your own decisiveness and resilience, rather than relying on others' opinions or news.Note
Successful investors tend to share a few key traits. They have strong conviction in the assets they invest in, view panic selling as a buying opportunity, avoid excessive leverage, and maintain a long-term perspective. While their approach may not always be correct, statistically, it has proven to be effective.
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.
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.