Time is passing and this lateral action is getting along very well with alts. Some of them have made a good performance during last and this week. Could we see a short squeeze (forced buying, stops triggering) before the dump? Of course we could, that´s why in my telegram group I gave some recommendations to my users, I´ve seen it many times and I´m used to it, I don´t fall in the trap.
The price is currently under the strong 20 EMA which this and last year rejected any candle trying to breakout to the upside, like cutting butter. This time is not going to be different, at least not now. In case some group of whales have the idea of short squeezing, they will get heavily rejected at the 20 EMA, as you´ll never see in a downtrend like this one, breaking that huge resistance in the first touch.
Anyway, in order to see that, the bulls need to breakout 4000-4050 levels followed by a big volume. Just a break of those levels without volume means nothing, and that is the maximum we could see just now imo. Don´t forget that things have been taking a lot of time with very little moves which normally is a sign of bears being in control again.
My vision on this trade is exactly the same as before. Either we have made an ABC from November 15th and the correction up is done or the price is making an ABCDE ascending triangle which will end in a abrupt dump.
Just take care, don´t fall in FOMO, trade just a small percent of your capital and plan a proper money management strategy.
Let me know what you guys think and leave your comments down below :)
IF YOU FIND THIS INFORMATION USEFUL, PLEASE HIT THE LIKE BUTTON AND FOLLOW ME.
Public Telegram channel t.me/Babyjungletrading
Open your account in Bitmex and get a 10% discount on your trade fees bit.ly/2UiJzzT
Open your account in Binance bit.ly/2Hbo1Bn
The price is currently under the strong 20 EMA which this and last year rejected any candle trying to breakout to the upside, like cutting butter. This time is not going to be different, at least not now. In case some group of whales have the idea of short squeezing, they will get heavily rejected at the 20 EMA, as you´ll never see in a downtrend like this one, breaking that huge resistance in the first touch.
Anyway, in order to see that, the bulls need to breakout 4000-4050 levels followed by a big volume. Just a break of those levels without volume means nothing, and that is the maximum we could see just now imo. Don´t forget that things have been taking a lot of time with very little moves which normally is a sign of bears being in control again.
My vision on this trade is exactly the same as before. Either we have made an ABC from November 15th and the correction up is done or the price is making an ABCDE ascending triangle which will end in a abrupt dump.
Just take care, don´t fall in FOMO, trade just a small percent of your capital and plan a proper money management strategy.
Let me know what you guys think and leave your comments down below :)
IF YOU FIND THIS INFORMATION USEFUL, PLEASE HIT THE LIKE BUTTON AND FOLLOW ME.
Public Telegram channel t.me/Babyjungletrading
Open your account in Bitmex and get a 10% discount on your trade fees bit.ly/2UiJzzT
Open your account in Binance bit.ly/2Hbo1Bn
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Here you can see how the 20 EMA has been acting as a fierce resistance since the ATH.
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So as I said, going to 4050 levels without volume means nothing, here you have the answer of all those permabull "experts".
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The users in my telegram group are at this point an average of 4% up from the current drop. Feel free to join my channel for daily trading signals t.me/Babyjungletrading
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As I forecasted yesterday in my telegram group, the market started the downside way today. Slowly but steady the price is in our side one more time. I´ll TA Bitcoin later today, thanks for your support!
