Bitcoin one Day after the Spike // The Trend is broken

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Bitcoin and the magic power of fib level

Yesterday has finally brought momentum back into the markets and many to sweat. Usually the price drops are faster and more dynamic than the upward movements. Whether it was power outages in the world's most important mines or simply a technical reaction in the charts, once the market moves, it becomes interesting again.
The chart technique is the same in all markets and also this time there have been good setups. On the 3 minute chart, a flag formation can be seen. Here, the lower support line has now been undercut and so opens alone a setup. The Prom Queen is also there again and if both setups go in one direction, then a trade is justified. Since I do not like to hold longer shorts in btc, short squeeze says hello, I prefer more scalp trades. Short loaded trades work really well in btc, if the volatility is there provided.

3min btc.png

On the hourly chart you can also see the reasons for the movement. The 61.8 retracement is often a good level for a trend reversal and here it was also a hot zone. On my chart, this level 57777:-) was not touched directly. The order book was certainly at this point with proper volume deposited and that alone already holds a certain caution. Such levels are usually very dangerous but if the bull was killed by the bear, then you can enter the train.

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The 53202$ and the 50150$ now become interesting again as a starting point. These levels are always interesting and the reactions remain to be seen.

The PG front and possible targets that could also be approached.

The upward trend in bitcoin has now been broken for the first time. The low at 50484$ was a very important level in the chart, now you have to pay attention. A new all-time high would improve the chart to get back on course 100K. Let's see when the bulls strike again and start to chase the bear.

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Are the world's graphics cards getting enough power again and what is happening now with the restrictions on cryptos in the USA? All these questions will probably cheer the market in the near future and continue to feed the bears. But maybe Elon Musk will come along and save the market with his superpowers. No one knows exactly what will happen, but the chart technique tells us much more than we can see at first glance.

Translated with www.DeepL.com/Translator (free version)
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Source: (Guidants/Godmode Trader) & JFD Broker & Binance

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4 comments
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Been trying to buy on the way down, but might have to slow down. Looks like it is not longer little dips on the way up and more of a resetting the floor for a while.

Eitherway - while I may have paid too much for SATS in the past month, I don't plan on selling for long, long time so I am not really out much. Will be interesting to see how it plays out vs the Fib levels. I am always interested in seeing them applied, but they are one of the indicators that I really struggle to apply correctly.

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The fib levels are always a good opportunity to get into the market cheaper. Since we are in a stable uptrend, buying at all points in the chart is legitimate. I also guess that we will soon see the 100k. Fib retracements can be created in different ways but the most used way is documented in several tutorial videos on the net.

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