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BITCOIN TARGETING ALL TIME HIGHS - BTC LONG IDEAI projected and shared the idea that Bitcoin would reach $70,000 and potentially $73,000 within a few days. It happened in just two days! I hope you took the trade and made some profits, as I did. Now, I’m preparing to position myself with the expectation that we’ll reach all-time highs within a week or two. We recently broke a massive bearish trendline that has held since March 2024. Just before that, a daily demand zone formed, which helped break the trendline, making it a key area for me. Additionally, the equilibrium level of the bullish leg aligns perfectly with my point of interest. I expect the price to retrace to the daily demand zone, hit the discount Fibonacci area, test the trendline, and take off from there toward new all-time highs. Of course, I’ll be looking for lower time-frame confirmations before initiating a long position.
Long
by UA_CAPITAL
2
BTC AI Thesis TodayInvestment Thesis As a trader specializing in intraday scalping strategies, the current market conditions for Bitcoin (BTC) present a mix of bullish momentum and cautionary signals. Over the next 14 hours, we will dynamically adjust our positions to optimize profits and minimize losses based on the following detailed analysis. News Recent Developments SEC Review of Bitcoin ETFs The U.S. Securities and Exchange Commission (SEC) is actively reviewing multiple applications for Bitcoin Exchange-Traded Funds (ETFs). Approval of a Bitcoin ETF could significantly enhance institutional investment and liquidity, potentially driving Bitcoin prices higher. Global Regulatory Updates Recent regulatory announcements in key markets, including the European Union and Japan, have introduced clearer guidelines for cryptocurrency trading and taxation. Enhanced regulatory clarity can boost investor confidence and participation. Macro-Economic Factors Concerns over inflation and potential interest rate hikes by central banks are influencing investor behavior towards cryptocurrencies as a hedge against traditional financial market volatility. Institutional Adoption Several large financial institutions have announced plans to integrate Bitcoin services into their offerings, including custody solutions and trading platforms, which may enhance Bitcoin's accessibility and appeal to a broader investor base. Technological Upgrades Ongoing upgrades to the Bitcoin network, such as the implementation of the Taproot upgrade, aim to improve scalability and privacy, potentially enhancing Bitcoin's utility and attractiveness to users and investors. Impact Analysis Positive Impact: Approval of Bitcoin ETFs and increased institutional adoption are likely to drive demand and liquidity, supporting upward price momentum. Negative Impact: Potential regulatory crackdowns or unfavorable macroeconomic developments could introduce volatility and downside risks. Data Analysis Open Interest: Increasing, indicating strong market participation. Weighted Funding Rate: Slightly positive, suggesting that long positions are favored. Liquidation Levels: Critical around the $68,000 mark, where significant liquidations could occur if the price reverses sharply. Analysis: The increasing open interest and positive funding rate support the bullish sentiment observed in the market, while monitoring liquidation levels is essential to mitigate risks associated with sudden price drops. Binance Data Trading Volume: Robust over the last 24 hours, with a notable increase in buy orders. Trader Sentiment: Cautiously optimistic, with many experts predicting a potential breakout above the $72,000 level if current trends continue. Expert Consultations: CryptoCred and Rekt Capital have highlighted the importance of monitoring key support levels and the potential for a continuation of the upward trend post-halving. Analysis: The consensus among experts emphasizes monitoring key resistance and support levels and considering long positions as BTC approaches these levels. CoinMarketCap Data 24-Hour Trading Volume: Approximately $1.5000 billion. Circulating Supply: 19 million BTC. Market Capitalization: Around $1.3600 trillion. Analysis: Strong liquidity and high trading volume indicate significant interest in BTC, supporting the bullish outlook. However, traders should remain vigilant for any sudden changes in volume that could indicate a reversal. Sentiment Analysis Sentiment Score: 75%, indicating a predominantly bullish sentiment towards Bitcoin. Top Crypto Sentiments: "Bullish" and "Buy". Implications: A favorable environment for long positions, as positive sentiment can drive further price appreciation. Technical Analysis Daily (1d) Analysis RSI: 68.7300, approaching overbought levels. Bollinger Bands: Price is near the upper band at $71,452.91, suggesting potential resistance. MACD: Remains bullish, but the trend is weak according to the ADX. 4-hour (4h) Analysis RSI: 72.6400, indicating overbought conditions. ADX: Indicates a strong trend, supporting the bullish sentiment. 1-hour (1h) Analysis RSI: 53.5900, suggesting a neutral position. MACD: Suggests potential bearish momentum, indicating indecision. 15-minute (15m) Analysis RSI: 49.7300, indicating potential oversold conditions, suggesting a possible short-term reversal. Moving Averages MA20: $71,500. Price Position: Above the MA20, suggesting a continuation of the bullish trend. Support/Resistance Levels Support: $70,100. Resistance: $72,931.8400. Trend Indicators ADX: Indicates a strong trend on shorter timeframes, supporting the bullish outlook. Bollinger Bands: Proximity to the upper band on the daily chart warns of a possible pullback if resistance is not breached. Summary of Technical Indicators RSI: Shows overbought conditions on the daily and 4-hour charts, while remaining neutral on the 1-hour and indicating potential oversold on the 15-minute chart. MACD: Bullish on longer timeframes but shows potential bearish momentum on the 1-hour chart. Moving Averages: Price above MA20 supports the bullish trend. Bollinger Bands: Approaching upper band suggests resistance and potential for consolidation or pullback. Top BTC Pairs Performance Strong Performance: BTC/ETH, BTC/USDT, BTC/BNB Weak Performance: BTC/XRP, BTC/ADA, BTC/DOT Analysis: Strong performance in major pairs like BTC/ETH, BTC/USDT, and BTC/BNB indicates robust liquidity and market interest, while weaker performance in smaller pairs like BTC/XRP, BTC/ADA, and BTC/DOT suggests limited momentum in those areas. Summary The current market conditions for Bitcoin (BTC) indicate a bullish trend supported by increasing open interest, positive funding rates, and optimistic market sentiment. Technical indicators across multiple timeframes suggest potential upward momentum, with key resistance levels at $72,931.8400 and $72,000. The significant trading volume and positive sentiment from both analysts and retail investors reinforce the potential for short-term gains through intraday scalping strategies. However, caution is advised as the RSI approaches overbought levels, which could lead to a pullback or consolidation. Trade Recommendation Outcome: HOLD_BUY Confidence Level: 78% Current Price: $72,273.7300 Stop Loss: $71,500 Take Profit: $73,500 Exit Point: $73,000 Entry Criteria RSI: Above 60 on the 15-minute chart indicates potential upward movement. MACD: Bullish crossover above the signal line. Price Position: Above MA20 suggests continuation of the trend. Current Indicators: RSI: 49.7300 MACD: Slightly below the signal line MA20: $71,500 Action Plan Monitor the Price Closely: Breakout Strategy: If Price Holds Above $71,500: Action: Consider maintaining or adding to the long position. Adjust Stop Loss: Tighten the STOP_LOSS to $70,700 as the price approaches resistance levels to minimize potential losses. Take Profit Strategy: As Price Approaches $73,500: Action: Consider taking profits. Adjust Exit Point: Move the EXIT_POINT to $73,000 to secure profits. Risk Management: Set Stop Loss at $71,500 to limit potential losses. Take Profit at $73,500 to capitalize on expected price movement. Exit Point at $73,000 as an intermediate target. Be Prepared to Act: If RSI Falls Below 50: Action: Indicate a potential reversal; consider taking profits or adjusting positions accordingly. Monitor Market Sentiment: Stay informed about any changes in market sentiment or technical signals that could impact the trade outcome. By @Titan_Karma
Long
by titankarma
2
Bitcoin to 74k today !I think today might be the day we actually see new all time highs. Am already in a long position from a day ago and scaled in last night. If anyone wants to hop on, I think now is probably the last opportunity one will get before take off. A stop below 70,800 should be sufficient. All timeframes are pretty much bullish. Next hr we'll likely get a big candle to the upside...if it is that market actually wants to go up. Take profits areas and position size % are on my chart
Long
by Filnft
1
What is Divergence?Divergence in trading occurs when the price of an asset moves in the opposite direction of a technical indicator. This mismatch indicates that the momentum behind the price action may be weakening, often suggesting a potential reversal. By learning to spot divergence, traders can anticipate market changes, either as a reversal in trend (regular divergence) or a trend continuation (hidden divergence). Types of Divergence Regular Divergence Hidden Divergence 1. Regular Divergence Regular divergence is a classic form that suggests a potential trend reversal. It happens when the price action and an oscillator (like RSI or MACD) display conflicting information, often indicating that the current trend may be losing strength. Types of Regular Divergence: Bullish Regular Divergence: Occurs when the price makes lower lows, but the indicator makes higher lows. This suggests a potential reversal to the upside as the selling momentum weakens. Bearish Regular Divergence: Occurs when the price makes higher highs, but the indicator forms lower highs. This indicates potential downside momentum, often preceding a downtrend. How to Identify Regular Divergence: Use an oscillator such as the RSI, MACD, or stochastic indicator. Look for situations where the price action forms new highs or lows, while the oscillator forms opposite lows or highs. Confirm the trend by observing the price trendlines to determine the type of regular divergence (bullish or bearish). Trading Regular Divergence: Bullish Regular Divergence: When you identify bullish regular divergence, consider entering a long position once the price shows signs of reversal, like a bullish engulfing candle or another bullish reversal pattern. Bearish Regular Divergence: For bearish regular divergence, a short position may be taken once you confirm a bearish reversal pattern, such as a bearish engulfing candle or shooting star formation. Example: If the price of a stock is making higher highs but the RSI is making lower highs, this is a bearish regular divergence. You could consider shorting the asset or closing long positions as a precaution, anticipating a potential trend reversal. 2. Hidden Divergence Hidden divergence indicates potential trend continuation. It suggests that although there may be a pullback, the primary trend will likely resume. Types of Hidden Divergence: Bullish Hidden Divergence: Occurs when the price forms higher lows, but the indicator makes lower lows. This pattern signals that the uptrend is likely to continue. Bearish Hidden Divergence: Occurs when the price makes lower highs, but the oscillator makes higher highs, indicating a potential continuation of a downtrend. How to Identify Hidden Divergence: Observe the trend direction of the price. Hidden divergence typically appears during pullbacks in a strong trend. Use the oscillator (RSI, MACD, etc.) and compare the highs and lows formed by both the price and indicator. Confirm the pattern: if the price and indicator form opposing highs or lows, it may indicate hidden divergence. Trading Hidden Divergence: Bullish Hidden Divergence: Enter a long position after identifying bullish hidden divergence, especially if the primary trend is upwards and the oscillator is showing a lower low. Bearish Hidden Divergence: A short position can be considered when bearish hidden divergence is identified, and the primary trend is downwards, with the oscillator showing a higher high. Example: Suppose an asset’s price makes higher lows in an uptrend, but the RSI makes lower lows. This indicates bullish hidden divergence, suggesting that the pullback might end, and the uptrend is likely to continue. Enter a long position, placing a stop loss below the recent swing low to manage risk. Indicators Used for Identifying Divergence Relative Strength Index (RSI): RSI measures the strength and speed of price movement, making it ideal for identifying overbought and oversold conditions. Moving Average Convergence Divergence (MACD): MACD tracks the difference between two moving averages of the price and can be used to detect shifts in momentum. Stochastic Oscillator: This oscillator helps detect potential turning points by comparing the closing price to the range over a set period. Each of these indicators helps identify divergence differently. For example: If RSI or Stochastic is diverging from price action, it may indicate that momentum is waning. MACD can be useful to spot both regular and hidden divergences, especially on larger timeframes. How to Trade Divergence Confirm Divergence: Use divergence to identify a potential reversal or continuation pattern, but confirm it with additional signals such as candlestick patterns or volume analysis. Set Entry Points: Wait for a price action signal (e.g., a candlestick pattern) in the direction indicated by the divergence. A bullish divergence might signal a buying opportunity after a bullish candlestick, while a bearish divergence could indicate a selling opportunity after a bearish pattern. Use Stop Loss Orders: Place a stop loss slightly below or above recent highs or lows to manage risk. For example, in bullish divergence, place a stop loss below the swing low to protect against downside risk. Set Profit Targets: Use support and resistance levels, Fibonacci retracement levels, or moving averages to set profit targets. Tips for Successful Divergence Trading Combine with Other Indicators: Use moving averages or trendlines to confirm the overall trend direction. Choose Longer Timeframes for Stronger Signals: Divergence on longer timeframes (e.g., daily or weekly) tends to produce stronger signals than shorter timeframes (e.g., 15-minute or hourly). Don’t Trade Divergence in Choppy Markets: Divergence is more effective in trending markets. Avoid using divergence in low-volume or range-bound conditions, as it could result in false signals. Stay Aware of False Signals: Not all divergences result in profitable trades. Always use risk management tools, such as stop losses and position sizing, to minimize potential losses. Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch! ✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes. --- • Look at my ideas about interesting altcoins in the related section down below ↓ • For more ideas please hit "Like" and "Follow"!
Education
by Crypto4light
Bitcoin (BTC): Liquidity Hunting Near ATH / Huge Moves IncomingBitcoin has had rather a calm movement after that bigger push to ATH zone (which, btw, we did not touch yet). Now that's where it will get interesting, We are in the monthly candle closing currently, which, combined with being in the ATH zone + an upcoming election, is just a huge zone of manipulations and liquidity huntings. Now we are still looking for a good correctional movement to come and we will have it either here or after a smaller expansion to upper zones (might even be a liquidity hunt, which would be normal at this state). Swallow Team
Short
by SwallowPremium
Bitcoin can rebound up from triangle to 68400 resistance levelHello traders, I want share with you my opinion about Bitcoin. Looking at the chart, we can see how the price some time traded near the support level, which coincided with the buyer zone and then broke it, after which it rose to 68K points. After this movement, the price made a downward impulse to support line and then grew. In a short time later it rose to a resistance level, but then corrected almost a support line, after which turned around and continued to grow. Later BTC reached the 68400 level, broke it and even rose higher than the seller zone, but soon fell below. Price some time traded near this level and then rose higher than the seller zone again, after which turned around and started to decline inside the triangle. In this pattern, BTC broke the support level with the resistance level and fell until to the buyer zone and even lower, to the support line of the triangle. After this, the price made impulse up to the 68400 level and then rebounded down to the support line. A not long time ago, BTC bounced from this line and started to grow. So, in my opinion, the price can make a move down, below the support line of the triangle, and then rebound up to the 68400 resistance level, which coincides with my TP. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
13
Bitcoin, What's Next After "Almost" Hit ATH?After significant rally, Bitcoin price action recently approached its all-time high (ATH), signaling significant bullish sentiment. However, the price is now showing signs of potential retracement. Currently trading around the 72k USDT level, the price could either dip into a fair value gap (FVG) or descend further into the highlighted green box, where a trendline provides support. This retracement would allow for consolidation and might attract new buyers, offering a more solid base for the next upward push. As the price potentially reaches the green box or bounces off the FVG, there could be an increase in bullish volume, pushing it toward resistance zones marked above. If the trend holds and the bulls regain control, Bitcoin could break through resistance, potentially pushing beyond 74,000 USDT to reach new highs. In this scenario, this temporary pullback serves as a healthy correction within an ongoing bullish trend, building momentum for the next leg up in the journey toward breaking the ATH.
by Perseusx01
Don't you want to know?BINANCE:BTCUSDT As Bitcoin approaches $73,000, we find ourselves at a crossroads. Will Bitcoin break through the megaphone and go above $73,000 or set a new all-time high? Alternatively, will it be rejected by this strong resistance of $73,000 and fluctuate within the megaphone again? In my opinion, the price will rise to around $73,500. Based on my experience, Bitcoin could experience a sudden drop around this price level ($73,500 or higher) to liquidate long positions before breaking the megaphone and reaching higher prices. It is also worth mentioning that with the approaching U.S. elections and tensions in the Middle East, the market can be very volatile, so consider risk management. Previous analysis!! Long term preview!! ✨We spend hours finding potential opportunities and writing useful ideas, we would be happy if you support us. Best regards CobraVanguard .💚 _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Long
by CobraVanguard
1
Volatility period starts around November 4th (Title) Volatility period starts around November 4th (example of additional purchase) ----------------------- Hello, traders. If you "Follow", you can always get new information quickly. Please click "Boost" as well. Have a nice day today. ------------------------------------- The BW indicator is an indicator that comprehensively evaluates the MACD, StochRSI, OBV, and ATX indicators. The BW (0) indicator is an indicator that appears when the BW indicator touches the 0 point and rises. Therefore, it indicates the point where the rise begins, that is, the low point section. The BW (100) indicator is an indicator that appears when the BW indicator touches the 100 point and falls. Therefore, it indicates the point where the decline begins, that is, the high point section. ------------------------------------------- (BTCUSDT 1D chart) The BW indicator value touched the 100 point and an arrow was displayed. When a new candle is created, it is necessary to check whether the arrow remains the same. The fact that the BW indicator touched the 100 point means that the upward strength is strong. Therefore, it can be interpreted that there is a high possibility that it will lead to an additional increase. However, when the BW (100) line is created, it can be said that it means that the possibility of a decline has begun to increase. Therefore, it means that the possibility of a pull back or decline has begun to increase. - The point of interest is whether it will show a renewal of the ATH by touching the current highest price of 73777.0 or higher, or whether it will continue to decline. There is a saying that the coin market is a trend-following market. It can be said that this is a market with a strong tendency to follow a trend that has been formed. Therefore, when a new candle is created, it is necessary to check the movement of the StochRSI and StochRSI EMA indicators. Since the StochRSI EMA indicator is currently located in the middle section, it is necessary to check how much it rises when a new candle is created and the change in the slope of the StochRSI indicator. - If it progresses downward, the area around 70148.34 is expected to be an important support and resistance area. The reason is that it is near the upper point of the box of the HA-High indicator on the 1M chart. In addition, the StErr Line is passing through the 70148.34-71280.01 section, confirming that it is an important point. - If you bought below 67414.39, it is recommended to sell and wait for the situation to be confirmed when resistance is confirmed in the 68393.48-69031.99 range. You should have sold in installments around 71280.01 or 73000.0 before that. - If the average purchase price is below 67414.39 and you sold in installments around 71280.01 or 73000.0, you can buy more when a pull back is confirmed. However, the additional purchase should not exceed the current holding amount. If you buy more than the holding amount, the average price will rise significantly and you may not be able to hold on or it may turn into a loss. Therefore, when the support is confirmed in the 68393.48-70148.34 section, additional purchases can be made below 70148.34. This additional purchase is possible because the split sale was made. - The next volatility period is expected to start around November 4th. - Have a good time. Thank you. -------------------------------------------------- - ​​Big picture The full-scale uptrend is expected to start after rising by more than 29K. The section expected to be touched in the next bull market is 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (overshooting) 4th: 134018.28 151166.97-157451.83 (overshooting) 5th: 178910.15 These are points where resistance is likely to occur in the future. We need to check if these points can be broken upward. We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section. #BTCUSD 1M If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33. 1st: 43833.05 2nd: 32992.55 -----------------
by readCrypto
Halloween Horror: Avoiding Common Trading MistakesAs Halloween approaches, it’s the perfect time to reflect on the common “frights” that can scare traders away from success. Just like ghosts and ghouls lurking in the shadows, trading mistakes can be sneaky and unexpected. This post will highlight some of the most common trading mistakes, drawing parallels with Halloween themes, and provide strategies for avoiding these pitfalls. 🎃Fear of Missing Out (FOMO) Many traders experience FOMO, which can lead to impulsive decisions, such as chasing after rapidly rising stocks or jumping into trades without proper analysis. This behavior often results in buying at peak prices and facing losses when the stock inevitably corrects. Set Clear Entry and Exit Points: Establish specific criteria for entering and exiting trades to avoid emotional decisions. Stick to Your Plan: Have a trading plan that includes risk management strategies. Review your plan regularly, especially in volatile market conditions. 👻 Overtrading In an attempt to capitalize on every opportunity, some traders overtrade, leading to excessive fees, emotional fatigue, and ultimately poorer performance. Overtrading can resemble a Halloween party gone wild, with too many participants causing chaos. Limit Your Trades: Set a maximum number of trades per week or month. Focus on quality over quantity. Take Breaks: Allow yourself time away from the screen to recharge and refocus. This helps in making more rational decisions. 🕷️Ignoring Risk Management Trading without proper risk management is akin to wandering through a haunted house without a flashlight. You’re likely to encounter unexpected dangers. Failing to set stop-loss orders or to size positions appropriately can lead to catastrophic losses. Implement Stop-Loss Orders: Set stop-loss orders at a predetermined level to limit potential losses. Diversify Your Portfolio: Spread your investments across different asset classes and sectors to mitigate risk. 👺 Emotional Trading Trading decisions driven by emotions such as fear, greed, or panic can lead to disastrous results. Emotional trading is like letting a ghost dictate your path through a dark forest—it's unpredictable and often leads to mistakes. Keep a Trading Journal: Document your trades, including the reasoning behind them and your emotional state at the time. This will help you identify patterns and triggers in your decision-making process. Practice Mindfulness: Incorporate techniques like meditation or deep breathing to remain calm and focused during trading hours. 🦇Neglecting Research and Analysis Many traders skip the crucial step of research and analysis, relying instead on tips or rumors—much like believing in urban legends without questioning their validity. This can lead to uninformed trades and unexpected losses. Conduct Thorough Analysis: Use both technical and fundamental analysis to make informed trading decisions. Stay updated on market news and trends. Leverage Trading Tools: Utilize platforms like TradingView to access charts, indicators, and community insights. [b 🕸️Chasing Losses After experiencing losses, some traders attempt to "revenge trade," trying to quickly recover their losses by taking high-risk trades. This often results in deeper losses and a vicious cycle of frustration. Accept Losses as Part of Trading: Understand that losses are inevitable. Learn from them rather than trying to immediately recover. Take a Step Back: If you find yourself in a negative trading streak, consider taking a break to reassess your strategies and mental state. 👽 Not Adapting to Market Conditions The market is constantly changing, and clinging to outdated strategies can be dangerous. This is similar to wearing the same costume year after year—eventually, it becomes stale and ineffective. Stay Flexible: Be willing to adapt your trading strategies based on current market conditions. Regularly review and refine your approach. Educate Yourself: Continuously seek knowledge through courses, webinars, and market analysis to stay informed about new trends and strategies. As the Halloween season creeps in, it’s time to face the spooky realities of trading! By identifying and confronting common trading frights, you can transform potential pitfalls into stepping stones for success. Remember, every trader encounters challenges, but preparation, discipline, and continuous learning are your best defenses against the ghouls of the market. So, this Halloween, don’t let fear haunt your trading journey. Embrace the tricks of the trade, sharpen your skills, and turn those frights into fruitful opportunities! Here’s to a successful and spooktacular trading experience!🎃👻🕸️
Education
by HexaTrades
BTC – ATH SOON?!Keeping it really simple here Since we're not in the business of permabulling or moonboying, just some levels and ltf plans (that could snowball into longer holds). I'm not really a breakout trader, in case we continue up I'd rather wait for the first 15% liquidation candle and ape into that. Other than that, if we just sweep the highs it's more likely an extended deviation like we saw at ETF launch day in Jan 2024. Npocs have been really well respected for bullish retests lately, so keep an eye on these for longs. If you're not in a short yet, a simple breakdown from 70.8 is an option too, if you're into that stuff.
by Tealstreet
BTC Short Trade Opportunity and SetupBYBIT:BTCUSDT.P / BYBIT:BTCUSDT / CRYPTO:BTCUSD Bitcoin/BTCUSD has recently hit the resistance level of a pattern that has generally held true since mid March 24 (4 preceding resistance and support confirmations). Furthermore, it has started a return downward move following on from a 3 day filter for confirmation of the resistance level (an example of how a 3/5 day filter is an important tool for crypto trading). Additionally: The RSI resistance level of 70 has been recently reached and the RSI is trending downwards - a usually statistically significant indicator The downward return move is supported by reasonable (although not enough on it's own) volume A 3 bar pattern (downward move, pause, further downward move for confirmation) A rate of change approaching and trending negative A MACD also approaching negative It's always important to assess the risk that might prove the thesis wrong. And they are: Today's candlestick pattern is close to a dragonfly, i.e. there might be a return upwards move imminent (although this is unlikely to constitute a beginning of a move beyond the previous high as an actual dragonfly candlestick is at the end of a downtrend) The MACD is trending down but has not actually turned negative yet, i.e. it is a bit early to say this indicator is stating a downward trend The ROC hasn't turned negative yet either (but is trending downwards for sure) This all leads to the following conclusion: For those with a high enough risk appetite (and usually crypto traders are those with the highest :-)) this is a good entry point for a short trade. Using the (admittedly early but still reasonable) trend for the past three days to determine the final take profit point of 45500 (blue arrow) by approx. 19 Nov 24, the following can be set as a guide for a trade: Entry: Now or latest tomorrow in case today's candlestick is an indicator of a minor move upwards SL: $70,500 TP1: $63,450 - based on the first potential moving average being a resistance (200 MA) TP2: $60,500 - based on the previous move's consistent (and twice confirmed) low TP3: $54,500 -based on a previous historic low (i.e. psychologically important price point) which also acts as a confirmation of support to a previous move TP4: $45,500 - The approximate price point of an estimated downward trend Exit date (independent of TP level): 19 Nov 24 NOTE: the 19 Nov date here is important. It is the forecasted date by which the current downward price trend would linearly reach the support level. This date would be used as a checkpoint to exit the entire trade to safeguard against the normal, usually dramatic and beyond rational calculation price gyrations of crypto.
Short
by slip_stream