Bitcoin Drop Explained, Don’t Get Too Comfortable
This chart describes this recent drop but in little detail… You can find it here:
Now, don’t get too comfortable.
Bitcoin has been doing numbers and not following TA lately.
Also, you can see a wick take place and then prices resume growing… So be careful.
Do not use this information to trade.
Do your own research.
Now I will read the chart for you in detail.
Bitcoin Drop Explained!
Let’s read the signals on this chart.
1) We have a on the new peak. (This is a signal)
BTCUSD hit $18977… Wow! Great job Bitcoin .
2) Bitcoin hasn’t been doing much correction/retrace but this is a normal part of market action. Things move up and down, up and down, so this is normal.
We wouldn’t be surprised to see Bitcoin retrace, in fact, we welcome a retrace as this would signal HEALTHY growth.
3) The TD Sequential is now showing a negative count.
Note: Technically, Bitcoin is strongly … Prices remain above EMA10, EMA21, and EMA50.
Only after Bitcoin breaks and closes below these levels we start to consider the bias.
The above are what I call “early signals”.
Do not trade on this chart alone, do your own research.
We don’t trade these setups, we consider them to be high-risk and hard.
Instead, we look/focus on the smaller altcoins which are very, very, very easy to trade.
They have lower risk and higher potential rewards… I hope that makes sense.
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