Double top confirmed, but?
Nothing much has changed since my last post. The scalping buy I mentioned at $10030 was a good trade with small gain (Remember for scalping you use smaller position size).
I have received a few messages in my channel and on TradingView about my thoughts of the current up movement. I thought maybe I should reiterate my thoughts from a broader perspective.
From the weekly timeframe 112K is still the main resistance. As long as the weekly candle can't close above it, there is no reason for me to change my perspective. Plus, if you still remember from my two previous ideas, I said the market is trying to define it's range, probably between 5k - 17k. Currently I still have small positions on Bitcoin in which I will take all those profits at 17k. I will be fine if the market decides to move higher.
From the daily timeframe the double top has confirmed when the neckline was broken. What many misunderstood is that after the neckline is broken the price will just go straight down. That's simply not true. The pull-back is just a normal market movement. If you look closely, the yellow box on the chart is a text book resistance turned into support zone. As a result, the bounce didn't surprise me at all, except I was expecting the bounce to happen between $8.5-8.9k in the short term.
Another worth mentioning point is that there may be another possible 2618, which happens to confluence with the weekly 112K main resistance. It is definitely something not to be overlooked. If you still remember the three 2618 ideas I showed you back in 2018, they all hit their targets. However, it was in a downtrend back in 2018 whereas the current possible 2618 happens in a uptrend. It will be unwise to trade them the same way. Similar to how some people think taking profits on a buy position is equivalent to open a short.
#Remember, it's ok to miss a trade rather than losing a trade. If you don't have a fixed position size on each trade, each 1% that you lose you will need to make more than what you originally lost percentage wise.
Education about 2618:
I have received a few messages in my channel and on TradingView about my thoughts of the current up movement. I thought maybe I should reiterate my thoughts from a broader perspective.
From the weekly timeframe 112K is still the main resistance. As long as the weekly candle can't close above it, there is no reason for me to change my perspective. Plus, if you still remember from my two previous ideas, I said the market is trying to define it's range, probably between 5k - 17k. Currently I still have small positions on Bitcoin in which I will take all those profits at 17k. I will be fine if the market decides to move higher.
From the daily timeframe the double top has confirmed when the neckline was broken. What many misunderstood is that after the neckline is broken the price will just go straight down. That's simply not true. The pull-back is just a normal market movement. If you look closely, the yellow box on the chart is a text book resistance turned into support zone. As a result, the bounce didn't surprise me at all, except I was expecting the bounce to happen between $8.5-8.9k in the short term.
Another worth mentioning point is that there may be another possible 2618, which happens to confluence with the weekly 112K main resistance. It is definitely something not to be overlooked. If you still remember the three 2618 ideas I showed you back in 2018, they all hit their targets. However, it was in a downtrend back in 2018 whereas the current possible 2618 happens in a uptrend. It will be unwise to trade them the same way. Similar to how some people think taking profits on a buy position is equivalent to open a short.
#Remember, it's ok to miss a trade rather than losing a trade. If you don't have a fixed position size on each trade, each 1% that you lose you will need to make more than what you originally lost percentage wise.
Education about 2618:
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