Bitcoin has been on a recovery run after we had a downtrend for a few days to bring us back up to an area where some traders could take profit.
I was able to grab a bit of BTC at the 65K range and was happy to ride the trend up and take some profit when the sell signal fired in the last hour.
When you zoom out to the 12 Hour time frame, you can see where this little recovery may be short lived and Bitcoin may be heading in a bearish direction until the halving happens. This view shows a bigger trend where we are seeing a major topping signal form in that a double top with a lower high is forming. This cannot really be ignored. This shows that we cannot break above the previous highs with the current volume, so we may be looking at some downside ahead.
But when you look at the prediction model, we may not be heading a low as it looks. We may just be entering a consolidation period so that the big boys can load up on more of their ETF positions at a lower price before they let it go. This is also a major probability.
The overall trend is still heading in the bullish direction and I am going to be trading accordingly until things change. This is kind of change is what I am looking at when the moving averages cross over and head in the other direction. Until then, all a sell signal tells me is that I might want to close my current long trade and wait for the next entry so I can ride the next wave.
The trend is way too bullish overall to be trying to do any kind of overnight short trades. If I am shorting the markets at all right now, it's just to capitalize on the short term movements on the 5-15 minute charts, nothing more than that.
What do you think? Are we you still bullish, or are you selling the top and waiting to try and buy back later on? Are you just holding for the cycle or doing that degenerate day trading thing like myself and many others in the space? Would love to know if you think the trend is changing or just ranging!
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Additional Blog Locations
Many of my cryptocurrency related articles as well as trading articles can also be found on my crypto research site, Coin Logic.
I also post trading chart ideas on my TradingView Profile.
Disclaimer:
The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
