Hello, everyone. It's been a good week of trading for me. Got in a bit early in BTC but then averaged in hard right at the intermediary bottom 6K (not confident to say this was THE BOTTOM). Sold everything at 8k. And i'm out for now. Hope your week was good also.
I used this chart to get in at 6K. I've circled clearly why this level was of stong resistance...
The problem now is that bitcoin is failing to reach it's strong uptrend median line. Even when the price plummeted right trough it. Usually when price plummets trough it's median line it returns to test it before anything else. (This happens like 80 percent of the time...)
(The point where the green line hits a red line and then retraces is the median line)
(The point where the price topped during christmas is the upper median line parallel)
(The point where the red line goes down and stops is the lower median line parallel)
Every other lines that you see is just the "in between" but it reveals resistance zones. Just these zones are not as powerful as the UML ML and LML
We may still see a test of 10500 (median line) but odds are low for price extending past it and starting a new bull trend.
We may have a long and boring churn sideways to finish the correction
Or we may go down even lower to around 4800 (Lower median line parallel)
I currently won't initiate any trades since as the title says we are in no man's land here. PA action will be choppy and indecisive at best. This part should be painful for both the longs and the shorts.
Intraday opportunities always exist in crypto yet these should be left for expert traders.
Here's a weekly chart. It's shows the RSI and TSI at elevated levels. Definetely not enough to reset sentiment. People are mostly bullish still. And that's not a shakeout if eveyone still thinks it's okay we're going up from here. Having patience is the key now.
Hope, this is informative for some of you here.
I wish everyone a good day and profitable trading.
Disclaimer: This is not investment advice. I'm just a guy drawing lines on charts and sharing my oppinion on them. Trading in financial markets involves considerable risk. If you've never done this consider trading a paper account first. Learn to control risk trough managing your capital. Never invest any money you can't afford to lose. Before executing any action in the market do your on due dilingence and never follow anyone blindly.
I now see signs of bullish pressure to 10500. We need to see how the day ends.
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