Thought I would post here as its been a while.
Probably quite a few amateur traders on trading view could really do with some professional guidance after the last few days well here is what my 30 years of trading tells me.
Whatever the fundamentals behind yesterdays 10,000 dollar plunge, the technicals were clear, a pennant had formed and btc was due for a big retracement down to support around 42-43k as all major daily moving averages were lagging below the 200 period green line on chart (this indicates not enough power in the bull trend yet). If your over-leveraged please don't panic, as far as i can see the chart is really bullish. We have a nice golden cross likely to occur in September (red 50 and green 200 on daily chart shown) and we had a nice long wick buy of support yesterday taking us up 10%. I think we are beautifully poised to consolidate and wait for the golden cross and then run up and break the pennnant which will take us to 78,000 by end of October.
Why will this happen and not just fakeout? The reason is the bearish divergence which was formed yesterday on the daily MACDH chart will be broken and that will cause huge buying momentum to pour in. The key thing will be how quickly the 100 can move above the 200 daily moving average, that's the real golden cross in my mind.
All the above is quite technical i know and some amateurs may not understand it, i'm shortly going to be posting lots of blogs on my website, please join me there for more guidance and support there if you haven't already. Enjoy the ride to 78,000 and higher this year in Bitcoin.
Look to enter buy orders around green support or now if you like, with a wide stop (ideally below the swing low of 27000 until price breaks the pennant and breakout is confirmed-then move up). I might post again if we hit support again to give a precise good entry point if you've not bought 42-46k already.
Probably quite a few amateur traders on trading view could really do with some professional guidance after the last few days well here is what my 30 years of trading tells me.
Whatever the fundamentals behind yesterdays 10,000 dollar plunge, the technicals were clear, a pennant had formed and btc was due for a big retracement down to support around 42-43k as all major daily moving averages were lagging below the 200 period green line on chart (this indicates not enough power in the bull trend yet). If your over-leveraged please don't panic, as far as i can see the chart is really bullish. We have a nice golden cross likely to occur in September (red 50 and green 200 on daily chart shown) and we had a nice long wick buy of support yesterday taking us up 10%. I think we are beautifully poised to consolidate and wait for the golden cross and then run up and break the pennnant which will take us to 78,000 by end of October.
Why will this happen and not just fakeout? The reason is the bearish divergence which was formed yesterday on the daily MACDH chart will be broken and that will cause huge buying momentum to pour in. The key thing will be how quickly the 100 can move above the 200 daily moving average, that's the real golden cross in my mind.
All the above is quite technical i know and some amateurs may not understand it, i'm shortly going to be posting lots of blogs on my website, please join me there for more guidance and support there if you haven't already. Enjoy the ride to 78,000 and higher this year in Bitcoin.
Look to enter buy orders around green support or now if you like, with a wide stop (ideally below the swing low of 27000 until price breaks the pennant and breakout is confirmed-then move up). I might post again if we hit support again to give a precise good entry point if you've not bought 42-46k already.
Trade active
Great opportunity to buy the dip now that we have a falling wedge with the lower low today. Adding here at 42500Trade active
Trade is nicely on track here bouncing strongly of 40k support as expected. We may not quite hit 78k by end of Oct, but it looks to be coming within a few weeks of that as expectedNote
Ok so we didn't quite hit 78k by end of october but 67k was a great run from 39k when roughly the trade idea was posted when bears were calling for 20k. Always remember buy and support (which was 40k) and see into strength. Lets see how far BTC can go from here
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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.