BTC : Wild short bear appeared! Long is not very effective
Yes yes, I too want to long BTC, been waiting for the past two days, a very long two days since most institutions were closed (boring boring sideways).
but it is what it is, a bear flag appeared (dotted pink lines minor channel) in the middle of our current local downtrend channel. 4 easy reasons why short will be the better risk vs taking long:
1. That obvious bear flag in the 4 hour chart, or 3, or 2 or 1 hour, its VERY visible
2. We are closing in towards our local support resistance line (top line in the orange paralel lines)
3. We have broken the 1 week bullish channel (yellow paralel lines)
4. We are closing in towards our weekly local support line (bottom line in the blue paralel lines)
The good news is that this bear flag pole is very short, so the correction might not be that bad. Most likely just like everyone has predicted, either towards 59500 - 58000, we can then predict better where BTC will move once that pullback is completed.
Where to short? Both are marked with down red arrows
A. right after it breaks the bottom blue dotted lines (classic strategy)
B. right on top of the blue dotted lines nearing the orange line (riskier, better profit)
Its logical too really considering when your barbers and shoeshine boys are starting to discuss about BTC again (and the moon boys shouting and beating their chests on TV chats). Remember, buy on rumor, sell on news.
Hope my analysis helps you in someway. Thanks for stopping by, and here is to wishing you catching many profitablemons in your trading journey.
but it is what it is, a bear flag appeared (dotted pink lines minor channel) in the middle of our current local downtrend channel. 4 easy reasons why short will be the better risk vs taking long:
1. That obvious bear flag in the 4 hour chart, or 3, or 2 or 1 hour, its VERY visible
2. We are closing in towards our local support resistance line (top line in the orange paralel lines)
3. We have broken the 1 week bullish channel (yellow paralel lines)
4. We are closing in towards our weekly local support line (bottom line in the blue paralel lines)
The good news is that this bear flag pole is very short, so the correction might not be that bad. Most likely just like everyone has predicted, either towards 59500 - 58000, we can then predict better where BTC will move once that pullback is completed.
Where to short? Both are marked with down red arrows
A. right after it breaks the bottom blue dotted lines (classic strategy)
B. right on top of the blue dotted lines nearing the orange line (riskier, better profit)
Its logical too really considering when your barbers and shoeshine boys are starting to discuss about BTC again (and the moon boys shouting and beating their chests on TV chats). Remember, buy on rumor, sell on news.
Hope my analysis helps you in someway. Thanks for stopping by, and here is to wishing you catching many profitablemons in your trading journey.
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