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Bitcoin is looking like taking a second impulse before at least reaching $62k – $63k on its next move probably this week if the pattern remains the same making lower highs and lower lows within the same range from $49k – $73k, eventually braking to the upside leaving everyone behind who is waiting for the price to reach $40k, I wont say it will never reach those levels ever again, I really thought August was going to change things for the market but here we are already over half of September and the price is not making any mayor moves.
Bitcoin 1D Chart
Since Friday the price has been dropping but I would not worry too much about it, it did gave back every dollar it gain on its previous upside move, I would expect the price drop to the $56k levels but not further than that, since it touch $52k it has been a nice bounce, either if Im wrong or not its part of the process of learning. I think we are getting into the times of disbelief, as I mention on my previous post, I doubt we see $40k and I think there is a large amount of people waiting for that to happen and usually the market see those too incline into one of the two sides as liquidation, the small recent move would not liquidate this part of the market, in the short term making a new higher low closing above $52k would push the price to that $62k level and lets see whats happens then.
This is how I see the 1D developing for the next days, it looks like the market is opening the week a bit red but it has been going up for the past 10 days, I think the top for now is $62k just because the entire range since $73k has been behaving like this but its not a must, for all it could brake to the upside and even reach $66k based on the are of volume but that means creating a new higher high on the range in the short term.
Bitcoin 4Hr Chart
Im mostly interested in the 4hr chart where Im planing to take a trade on the $56k area with a 3% stop, I think it would be more than enough to not get stop out, right now the SQZ has a negative direction developing and the ADX flat but potentially takes a positive direction with -Di meaning if there is force then it would be in favor of the price decline, I will now wait for tomorrow see how the markets open, I think this is just the market accumulating more shorts before it brakes to the upside.
Its been some time since I have taken a trade, August 27 was my last trade when I got stop out and that was only my 4th trade since I started this journey of learning trading and experimenting, lucky its al paper trading on trading view, Im two and two, I have been more cautious of my entries and not just swing it, I hope in the upcoming months I get to understand more how the price move.
On spot I have only made two purchase from the $1k capital I have, two $100 purchase, I’m happy since I’m in the green but not proud since both were impulsive purchase the moment the price was dropping dramatically leaving a wick behind, I think its not lucky anymore once you start been constant at making good decisions, so far been on the green is just luck for me.