Bitcoin looking for 4h trend reversal
Following yesterday's post about Bitcoin's continuation of the 2 Day uptrend, BTC has moved today in line with that prediction and is now attempting to reverse back into an uptrend on the 4h.
For anything who missed the break about yesterday daily close, you might get opportunities to re-enter on a pull back into the 0.5 line or the 0.618 of the latest move. The .786 would be a sensible place to put your stop. Or you could wait for a pull back into the EMA and a break of a bullish candle close.
If a pull back doesn't happen we could alternatively see testing of 10k and a breakout which would provide another way to enter. Or we could just blast through it impulsively, in which case best not to chase ;)
There is obviously resistance at the 10k psychological level but also because this is confluent with the golden pocket on the way down for any bears.
However for most pro traders, they know the profit is made on the 'runners,' the big wins, which are typically 5-15% of all trades taken. It's not unusual for the bottom 90% or so of trades to break even without the top 10%. So even if BTC did move bearish and continue a short term downtrend, I think the chance of hitting a home run on such a trade would be low right now with what we are seeing technically and fundamentally.
For anything who missed the break about yesterday daily close, you might get opportunities to re-enter on a pull back into the 0.5 line or the 0.618 of the latest move. The .786 would be a sensible place to put your stop. Or you could wait for a pull back into the EMA and a break of a bullish candle close.
If a pull back doesn't happen we could alternatively see testing of 10k and a breakout which would provide another way to enter. Or we could just blast through it impulsively, in which case best not to chase ;)
There is obviously resistance at the 10k psychological level but also because this is confluent with the golden pocket on the way down for any bears.
However for most pro traders, they know the profit is made on the 'runners,' the big wins, which are typically 5-15% of all trades taken. It's not unusual for the bottom 90% or so of trades to break even without the top 10%. So even if BTC did move bearish and continue a short term downtrend, I think the chance of hitting a home run on such a trade would be low right now with what we are seeing technically and fundamentally.
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