A very quick and simple update (done on limited analysis).
Bitcoin has been Trending Down in price, since my Short/Entry @ Top, 🔽 ⚠️ however, it does look like BTC could see some recovery soon, today. 🔼
I wouldn't consider Bitcoin out of the woods yet, until further price data is available, but it does look like a recovery bounce is due today.
(Opinion could be useful consideration for those who take Short-Term/Scalp trades.)
April 21st Update:
Good thing I Cancelled that quick Scalp Buy attempt early, yesterday (19 hrs ago). 🙂 Avoiding any losses. 🛡
For those confused: Yes, I continue to keep my initial Shorts/Sells from BTC $30974, open, since I wasn't convinced that this current down-trend is over.
I can scalp-trade on other BTC/USD pairs, to attempt making quick intra-day profits (while trying to share some optimism).
Still looking for some slowdown of this Drop, to Buy for at least a short-term bounce today.
While Bitcoin's price has held for some hours at the Target Box/Zone (which means that anyone who took buys there should still be in a safe position), I don't have high confidence on what might be the best short-term (24hr) setup, from here.
One reason I rarely take losses (as I've repeated before), is that I'm always willing to abandon trade ideas (especially early/while still in a safe position), if I feel uncertainty about the next move.
I can see possibility of Bitcoin sneakily climbing up from here... and also I can see the possibility of One Last Small to Medium sized drop, before a meaningful upward-bounce.
I was at least confident that price would not dump right through that Zone/Box on chart, but was hoping for a quick and sharp bounce reaction, for quick scalp profits.
(Note: I do at times scalp trade on other BTC/USD pairs, while I keep my swing trade (short from the Top) open for some time.)
⚠ Important to add also:
Bitcoin's price actually hasn't yet hit the Lower Channel, drawn in my more detailed Analysis chart (in OP).
So it's reasonable for price to take one last drop into that lower channel, before a meaningful rebound.
Good thing I Cancelled that quick Scalp Buy attempt early, yesterday (19 hrs ago). 🙂 Avoiding any losses. 🛡
For those confused: Yes, I continue to keep my initial Shorts/Sells from BTC $30974, open, since I wasn't convinced that this current down-trend is over.
I can scalp-trade on other BTC/USD pairs, to attempt making quick intra-day profits (while trying to share some optimism).
Still looking for some slowdown of this Drop, to Buy for at least a short-term bounce today.
@TryingtoLava it is possible, but I'll have to look more into this Crypto first (its history, the company behind it), before confidently making analysis predictions for it. Certain crypto can have outside factors that influences it's price movement.
Looks like it's doing quite well, by the way! #9 on CoinMarketCap. Nice. 👍
I did actually stop analyzing various Altcoins some time ago, keeping my focus on fewer markets (mostly just Bitcoin) improves my performance and analysis accuracy.
Bitcoin is not recession or inflation proof, it will be sold to pay for increased costs elsewhere as it is not generally held by the extremely wealthy. Pressure will increase on its value as the cost of living rises.
Your chart had an inverse head and shoulders a few days ago which fulfilled by leading to a retracement equal to the difference between head and shoulder which is the current price, and having fulfilled creating a possible retracement the same value again. The low at the end of March is a support area, the uptrend markers on your chart are broken and should be discounted.
A move above the low of 17th April would negate the head and shoulders and restore a potential uptrend. Otherwise the chart indicates a downward trend forming.
@meJess Nice analysis. That's why I still have my Shorts/Sells from BTC @ $30974 open.
meJess the uptrend markers on your chart are broken and should be discounted.
I wasn't suggesting an Uptrend, only a "Bounce", for those who day-trade smaller movements.
The trade setup was suggested for a short-term Scalp Trade, and not a larger price reversal.
ADtrading I wouldn't consider Bitcoin out of the woods yet, until further price data is available, but it does look like a recovery bounce is due today.
(Opinion could be useful consideration for those who take Short-Term/Scalp trades.)
Updated in my last comment yesterday (before today's breakdown), that I wouldn't risk that scalp setup, as the reaction at support was weak.
Closing this short-term Buy, scalp trade, for small profit. (Per updated target box, in my last 📈 Chart.)
(I updated on here very early (previous day) before yesterday's drop, that I was no longer confident of the initial setup. Exited Neutral, while price was still Up.)
