That’s the pullback we all wanted! And when I say “all” I mean even the bulls or the hodlers, for the price needs a rest sometimes, and the asset needs to become more attractive to the eyes of those who are out. Then, new buyers will come, and the price will have the strength to rise again.
What we saw this weekend was a mini crash, because of all the expectation towards the halving, and with such volatility comes the opportunity. Notice the long shadows it left after it hits the green trendline, this is a sign that the bears couldn’t sustain a fight here, and they were dragged out of the battlefield by the bulls. Now it seems is doing a bullish engulf.
If I were still short in BTC, I would get out if this pattern is confirmed. I was short recently, as I said in my last analysis (link below), since the price confirmed a Harami under a resistance and a double top in the hourly chart. Also, I invite you to follow me to keep on track, I do daily analyses here and you’ll be updated of our trades.
Now let’s see the hourly chart:
See that thin black line, that is an important zone to be surpassed, and above that point is bull territory. Also, notice how that red line served as support, and how it almost didn’t - it was so violated that it almost doesn’t makes sense anymore, but I’ll face it more as a price zone around that red line than a specific point. And that’s all thanks to the volatility the halving gave us.
In my opinion, BTC is a long trade, but we will have to be patient and I’m skeptical about a fast recovery here. Nevertheless, this mini crash gave us an opportunity here. Be safe, be calm and patient.
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. *
What we saw this weekend was a mini crash, because of all the expectation towards the halving, and with such volatility comes the opportunity. Notice the long shadows it left after it hits the green trendline, this is a sign that the bears couldn’t sustain a fight here, and they were dragged out of the battlefield by the bulls. Now it seems is doing a bullish engulf.
If I were still short in BTC, I would get out if this pattern is confirmed. I was short recently, as I said in my last analysis (link below), since the price confirmed a Harami under a resistance and a double top in the hourly chart. Also, I invite you to follow me to keep on track, I do daily analyses here and you’ll be updated of our trades.
Now let’s see the hourly chart:
See that thin black line, that is an important zone to be surpassed, and above that point is bull territory. Also, notice how that red line served as support, and how it almost didn’t - it was so violated that it almost doesn’t makes sense anymore, but I’ll face it more as a price zone around that red line than a specific point. And that’s all thanks to the volatility the halving gave us.
In my opinion, BTC is a long trade, but we will have to be patient and I’m skeptical about a fast recovery here. Nevertheless, this mini crash gave us an opportunity here. Be safe, be calm and patient.
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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💪 Public track record.
👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
