Previous analysis i showed a few signs, indicating the possible weakness on the short term, which got confirmed quite clearly eventually. It was a good example of a better safe than sorry situation. It bounced up twice exactly from that support area i showed and so far it has been moving up slowly.
I am going to try and trade this one, risking a tiny amount at the start and having a potential big win. How? well let me show you. I want to see a small drop again towards that trend line and green support zone, there i will buy a small amount and use that red zone below it as a stop loss. So if this fails, it will only be a small loss. If that plays out and we start to see the market move upwards, i will increase the size when we break that first red resistance zone and increase it even more if the second one breaks as well. While i increase, i move the stops higher as well to keep the same risk.
The daily candle looks quite good now, but still very low volume so we need to see more conviction from buyers here. The volume will probably start after the second red zone breaks.
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Previous analysis:
I am going to try and trade this one, risking a tiny amount at the start and having a potential big win. How? well let me show you. I want to see a small drop again towards that trend line and green support zone, there i will buy a small amount and use that red zone below it as a stop loss. So if this fails, it will only be a small loss. If that plays out and we start to see the market move upwards, i will increase the size when we break that first red resistance zone and increase it even more if the second one breaks as well. While i increase, i move the stops higher as well to keep the same risk.
The daily candle looks quite good now, but still very low volume so we need to see more conviction from buyers here. The volume will probably start after the second red zone breaks.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
Again bumping against that red resistance zone, Bitcoin seems to be moving up slowly again as well. So there is a chance for a break of this resistance zone. If it does, i want to see a volume increase as well. If that happens, we could see an attack of that other resistance area.
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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.