This crypto has broken out with good volumes and could Retest in daily candlestick chart, and may rally further.
It is a small cap and the markets are showing signs of weakness. so this trade is of high risk and due caution is advised.
Risk Reward Ratio - 2:1
SL placed below major support and below trendline.
Target is placed at twice the stoploss.
📊Short Market Report📊
Market showed its cracks by the steady bearish move it took on Friday. I was confident that 17200 was not to be broken. But it closed 4 points below that. Still 17000 is the next string support. Bulls are confident that 17000 will not be broken. They were also confident that 17500 would be broken on the upside. So, we need to analyse things...
Let me start by saying that we've never had this type of monthly chart on the Bitcoin (BTCUSD) trading pair.
In the past, each time an All-Time High was hit it would always, without exception, be followed by a long-term correction before prices continue to grow.
This time around, we hit a new All-Time High in April 2021 and after only a few months a new All-Time...
I was expecting 43-44k if 52-53k broke. That has been done. That long wick to 38k is all. That seem bottom for me. Mark it. This will bounce and retest to confirm bottom. If that holds, you known what.!
Bitcoin is moving below EMA100 on bearish momentum for the first time since May.
Hit LIKE to start reading now and let's get started!
When Bitcoin moved and closed below EMA100 in May, we had the strongest correction of the year.
Now, Bitcoin going below EMA100 can signal that something similar can show up.
We have bearish indicators.
The MACD is below zero...
Important levels in Bitcoin at the moment.
Price breaking out of the green diagonal trend line would be very bullish for alts in the short term.
Upper yellow line at ~$64,000 is the big resistance.
A break and close below $55,000 is when things start to look a little dangerous.
BTC following the trend zone for a long time. If it breaks with an engulfing candle, It's gonna give a good intraday target. and I'll wait for a pull back to take an entry for a swing Trade.
YOYOBTC closed above MA200 yesterday and today has gone green.
We have a long upper wick 28-Nov. which we take as a removal of resistance.
This means that prices can easily grow now after this long wick candle showed up.
Bullish indicators, above EMAs/MA and all the rest.
Patience is key.
Be grateful for the profits when they come.
Accept any mistakes and...
We are technical analysts and we love the charts.
We love the candles and the amazing tool that this is.
Since you can get everything from the charts, hardly ever we take the fundamentals into account.
Here is one exception though, we love Stacks as a project and we have been trading this pair for long.
STXBTC (Stacks) hits a new high today compared to April...
