Bitcoin Analysis - Stay Focused On The Here And Now Traders
It's fun and exciting to get caught up in massive projections and run-ups, but it's impractical as traders.
Click the +1 like button if you agree.
Let's get back to reality and focus on the here and the now so that we can stay profitable and make consistent gains with our trades.
I have been guilty of doing that sort of post when I was first on here, but will work to focus on more quality posts so that I can help you to become better traders and make more consistent profits.
Bitcoin has been following a pattern of rejection on the 100MA on the daily chart and currently, we are facing the same resistance level.
It is currently following the same exact resistance level and the 100MA is following the down trend resistance.
The question is, will we break the 100MA and the downtrend resistance or will we retest the lower support zone one more time?
I am partially long from the $6200 range with closed out trades in the $6400-$6450 range and will be hedging short in the $6550-$6600 range due to the potential of a pull back from this rising wedge.
One thing to watch for to determine which way our trend will move is the RSI levels.
Since August, we haven't seen the RSI break above 65 or below 35. This is a strong indication of a sideways trend and indecision between buyers and sellers.
A break of the 100MA will give us a very comfortable bullish outlook and a potential run to the 200MA around $7000.
This outcome is less likely due to the points I mentioned before however.
Thanks for reading and hopefully you like the video.
Let me know in the comments if you want too see more videos like this.
Click the +1 like button if you agree.
Let's get back to reality and focus on the here and the now so that we can stay profitable and make consistent gains with our trades.
I have been guilty of doing that sort of post when I was first on here, but will work to focus on more quality posts so that I can help you to become better traders and make more consistent profits.
Bitcoin has been following a pattern of rejection on the 100MA on the daily chart and currently, we are facing the same resistance level.
It is currently following the same exact resistance level and the 100MA is following the down trend resistance.
The question is, will we break the 100MA and the downtrend resistance or will we retest the lower support zone one more time?
I am partially long from the $6200 range with closed out trades in the $6400-$6450 range and will be hedging short in the $6550-$6600 range due to the potential of a pull back from this rising wedge.
One thing to watch for to determine which way our trend will move is the RSI levels.
Since August, we haven't seen the RSI break above 65 or below 35. This is a strong indication of a sideways trend and indecision between buyers and sellers.
A break of the 100MA will give us a very comfortable bullish outlook and a potential run to the 200MA around $7000.
This outcome is less likely due to the points I mentioned before however.
Thanks for reading and hopefully you like the video.
Let me know in the comments if you want too see more videos like this.
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