Image generated with Fooocus AI
Its been three days since my last trade and post where I was expecting Bitcoin to would go up to $67k in the best case scenario but the most reasonable $63k, well its a bit disappointing because it did not even reach or went over its previous recent high of $64,154 and it has been the same pattern over and over since March 2024, but I’m not trying to sound bearish or that its going go zero, totally the opposite if we zoom out things are not that bad.
Bitcoin 1W Chart
If we really zoom out and go to the weekly cart and look at all the close of each candle we can see its not that bad, if you had purchase Bitcoin at $73k ish on March 2024 and hold, you have probably seen some swings that scare the sht out of you but all in all from $73k to $64k is about 15% is, in crypto well that’s is not too much and in fact the market gave us some great opportunities to buy, sadly I was not active this entire run.
My current average entry between my only two buys is $54k and not planning to sell until I get the exit patter on the weekly, just like it shows on the chart above the link vertical line is when the ADX lost force and the SQZ took a negative direction even though it was not the absolute peak, as most indicators it lags behind but still if you had exit at that point it would almost perfect, that is a skill I do not have, I'm currently a very bad trader who wins a few but how many are fully controlled trades?! well I'm working on it.
Bitcoin 1D Chart
Well I think next week going to be a bit rocky, remember how I said its only -15% but with some nasty moves that scare the sht, well I think the best case scenario so Bitcoin gets out of the range it is, this kinda wedge that I think its more like a sideways range rather than a full down trend wedge. Anyways, best case is to drop and hold $57k the last frontier, I doubt we going to see anything bellow $49k because to be honest I think there is nothing to hold the price down there before stopping around $44k and full blown depression. Next week we going to have the SQZ turning into a negative direction and the ADX probably taking force into a negative direction SQZ plus the price action that had no intention to go over $64k at the moment.
Since I'm only taking long positions on Bitcoin I got to be ready next week because probably around Thursday I might have a chance to take a long when price is ready to bounce a bit but its going to be tricky for me, again I'm still learning and I'm not that active and thats the reason last month I took very few trades.
Bitcoin 4Hr Chart
Right now I just want to wait for the price to drop and have no hurry but if the price starts to develop this way over the weekend I might jump into a trade but have to pick the price around low $60 , it would depend on how indicators look and $60k going to play the psychological role here so it might just instantly make the price bounce coming up Monday, but this is just trying to figure out what the price will do over the weekend problem during weekends is that mostly very low volume and we get those woop as candles that go up and down just the same way leaving everyone empty handed. Still, Im just sitting waiting for the price to give a me chance to jump in.
