BTC broke its current minor uptrend channel, abandon ship?
Previous Chart:
Hello everyone, I have not post for a while as I am still in shorting mode since my last two charts, hope you are still too! Just confirming today that we are still very likely on the way down as BTC just broke its minor uptrend channel just shy of 6 hours ago from this post.
My plan for today's trade:
As you can see from my (currently a bit messy) chart, BTC just broke down from its minor uptrend channel few hours ago. There is currently no visible or clear support until at least 34000 - 34500. Indicator on the hourly is almost oversold, so very likely we will experience a minor bounce up, I am guessing up to the dotted orange line or the solid orange line before it continues further down. Keep in mind however breaking either one of them means we might see some recovery, and breaking the solid red line means we are back to bull, but as of this moment, I find it very unlikely.
RED SOLID LINE : current major horizontal resistance
ORANGE SOLID LINE : current major channel resistance
LIGHT GREEN LINE : current major channel support
GREEN SOLID LINE : current major horizontal support
breaking either one of them will confirm movement to either up or down as time progress!
If you are still in no position, I encourage to wait a bit, preferably entering as BTC oversold and back to orange dotted line before shorting. Or waiting for it to touch the green line then making a swing long, keep in mind however since we just broke down from uptrend channel, we are now more likely to push down
Its the beauty of crypto and leverage, whether its going up or down, we can always profit from it! Good charting and may you profit further!
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
Please support my idea with a like should you find my idea helpful, it will mean a lot to me. Thanks and kindest regards!
Hello everyone, I have not post for a while as I am still in shorting mode since my last two charts, hope you are still too! Just confirming today that we are still very likely on the way down as BTC just broke its minor uptrend channel just shy of 6 hours ago from this post.
My plan for today's trade:
As you can see from my (currently a bit messy) chart, BTC just broke down from its minor uptrend channel few hours ago. There is currently no visible or clear support until at least 34000 - 34500. Indicator on the hourly is almost oversold, so very likely we will experience a minor bounce up, I am guessing up to the dotted orange line or the solid orange line before it continues further down. Keep in mind however breaking either one of them means we might see some recovery, and breaking the solid red line means we are back to bull, but as of this moment, I find it very unlikely.
RED SOLID LINE : current major horizontal resistance
ORANGE SOLID LINE : current major channel resistance
LIGHT GREEN LINE : current major channel support
GREEN SOLID LINE : current major horizontal support
breaking either one of them will confirm movement to either up or down as time progress!
If you are still in no position, I encourage to wait a bit, preferably entering as BTC oversold and back to orange dotted line before shorting. Or waiting for it to touch the green line then making a swing long, keep in mind however since we just broke down from uptrend channel, we are now more likely to push down
Its the beauty of crypto and leverage, whether its going up or down, we can always profit from it! Good charting and may you profit further!
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
Please support my idea with a like should you find my idea helpful, it will mean a lot to me. Thanks and kindest regards!
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