The BEARS are LURKING.
In my last BTC analysis, I said it should trade above the pink before it could gain strength again, and a retest of the black line would be ideal. Well, BTC traded above the pink line, it even found a support at it once, but then it failed and now seems it’s seeking the previous bottom at $ 8,665.
There’re some points we should keep in mind. If BTC loses the purple line at $ 8,665, the next support it will find will be around $ 8k, the bottom of the "halving crash", check it out:
Here we see that BTC lost an upward trendline and couldn’t keep the price above the light blue line at $ 9.2k and the bulls lost a good amount of their strength. It’s interesting how the $ 9.2k is a strong price level, and it was the main target of one of my first trades I published here, from 7k to 9.2k, the link is below.
It’s not a bear trend yet but definitely BTC doesn’t thrills me at all right now, neither to long or short, and there’re much more interesting stuff around.
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.
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. *
There’re some points we should keep in mind. If BTC loses the purple line at $ 8,665, the next support it will find will be around $ 8k, the bottom of the "halving crash", check it out:
Here we see that BTC lost an upward trendline and couldn’t keep the price above the light blue line at $ 9.2k and the bulls lost a good amount of their strength. It’s interesting how the $ 9.2k is a strong price level, and it was the main target of one of my first trades I published here, from 7k to 9.2k, the link is below.
It’s not a bear trend yet but definitely BTC doesn’t thrills me at all right now, neither to long or short, and there’re much more interesting stuff around.
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.
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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