Sell at resistance; buy at support.
Good morning my fellow Cryptocurrency trader, I hope you are having a wonderful day.
Being able to adapt to changing market conditions is one of the signs of being a great trader. Being able to spot changes on a chart is also indicative of someone that can produce great results in this and other markets. How are you feeling today?
It is no secret, we let everyone know; We sell when prices are high, we buy a lot when prices are low.
Bitcoin is now trading below its 20-Jan 2025 peak price. And it is also producing a lower high. Both bearish signals that are pointing to a lower low.
If the first drop settled around 100K, the second one should settle in the low 90s or right below 90K. It can go lower of course but we go step by step. I am not saying GO SHORT 20X again. This would only be possible for people who are smart, experienced traders and those that can take advantage of a changing situation without breaking their portfolio or long-term plans. Those can definitely SHORT this setup and profit short-term.
A trader trades, it is what he/she does. You sell when prices are high if a drop is incoming, you buy when prices are low if a rise is next.
This is a friendly reminder and it carries great entry prices and timing. Follow the chart.
Trading volume is super low as Bitcoin trades near resistance and this is one of the biggest exchanges in the world. Low volume at this point reveals a pattern of distribution, distribution means lower of course.
Both the MACD & RSI move on the bullish zone but trending lower, bearish at this point.
What will it be: Will Bitcoin move down next? Will Bitcoin move up?
My money is on down.
Leave a comment if you agree.
Thanks a lot for your continued support.
Namaste.
Good morning my fellow Cryptocurrency trader, I hope you are having a wonderful day.
Being able to adapt to changing market conditions is one of the signs of being a great trader. Being able to spot changes on a chart is also indicative of someone that can produce great results in this and other markets. How are you feeling today?
It is no secret, we let everyone know; We sell when prices are high, we buy a lot when prices are low.
Bitcoin is now trading below its 20-Jan 2025 peak price. And it is also producing a lower high. Both bearish signals that are pointing to a lower low.
If the first drop settled around 100K, the second one should settle in the low 90s or right below 90K. It can go lower of course but we go step by step. I am not saying GO SHORT 20X again. This would only be possible for people who are smart, experienced traders and those that can take advantage of a changing situation without breaking their portfolio or long-term plans. Those can definitely SHORT this setup and profit short-term.
A trader trades, it is what he/she does. You sell when prices are high if a drop is incoming, you buy when prices are low if a rise is next.
This is a friendly reminder and it carries great entry prices and timing. Follow the chart.
Trading volume is super low as Bitcoin trades near resistance and this is one of the biggest exchanges in the world. Low volume at this point reveals a pattern of distribution, distribution means lower of course.
Both the MACD & RSI move on the bullish zone but trending lower, bearish at this point.
What will it be: Will Bitcoin move down next? Will Bitcoin move up?
My money is on down.
Leave a comment if you agree.
Thanks a lot for your continued support.
Namaste.
Note
Bitcoin 4H, lower high and bearish confirmation.Note
Bitcoin daily candlestick reading: » 10-June (top signal).
» 11-June (bearish confirmation).
» And the lower high 9-June vs 22-May.
A lower high will lead to a lower low so meaning we get below 100K. Low 90Ks is the next target.
Let me know what you think in the comments.
This SHORT is already green.
Namaste.
Trade active
I think what needs to be considered next is the potential duration of the current move. We know we are bullish long-term and this is just a retrace/correction. It started 22-May. We get a classic ABC the A and B waves are in, we just need to see the completion of the C wave.The first wave lasted 14 days. The second one can last 7 days, or maybe double the first one, it is hard to say.
The 1.618 ratio for 45 days is 28 days. This can be the total duration of the drop.
Time duration is very hard to predict with exactitude but what we know for certain is that the retrace is in, we are seeing a continuation now. The bears are in and the day is full red. The low volume lower high implies a drop leading to a lower low. So minimum 100K gets tested and it goes below. If it stays above, ultra-bullish. If it breaks and moves below, still, the market will recover afterward.
The 7-April bottom remains untested so the bigger picture, the long-term bullish structure will remain intact. We are looking at a retrace/correction before higher prices. It is normal market behaviour, as normal as it gets. We SHORT though and try to make profits from the bullish and bearish wave. There is nothing wrong with playing the market, that's what it means to trade.
Adapt to market conditions. Focus on the long-term.
Day traders can play. We also have swing traders.
Many readers, many methods, they all work.
Just do what works for you, and judge based on the results.
It is going down now, after the down-move is over, Bitcoin will continue to grow.
Namaste.
Note
There is a CME GAP in the 91,970 - 92,525 price range.Note
Credit goes to XXII78 who mentioned this signal in the comments section.
Note
There is now over 1 billion in LONG positions that have been liquidated across the Cryptocurrency market. 450 millions from Bitcoin alone.Note
If you are still on the fence about Bitcoin's current situation, consider the weekly timeframe, it is pretty bad. Here is the chart: This week has a long upper-shadow and is currently red.
Support was found at the 0.236 fib. retracement. The weekly close will reveal lots of information.
I will share a full update later on.
This chart is extremely bearish, but things can change.
If this week ends up closing above the open, conditions can improve. If the week closes above last week's high, then this would be a strong bullish signal. We have less than three days for this weekly session to close.
Namaste.
Trade closed: target reached
It seems the retrace is over. Thanks a lot for your amazing support.Namaste.
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🚨 FREE PREMIUM Trades + Top Results
t.me/anandatrades/1183
🚨 FREE Quality Content + New Results
(Frequent Discounts & Offers)
t.me/masteranandatrades/6172
🚨 Go beyond! PREMIUM LIFETIME Access
lamatrades.com (Since 2017)
t.me/anandatrades/1183
🚨 FREE Quality Content + New Results
(Frequent Discounts & Offers)
t.me/masteranandatrades/6172
🚨 Go beyond! PREMIUM LIFETIME Access
lamatrades.com (Since 2017)
Related publications
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.