WARNING: Bitcoin Target HIT but it’s TOO WEAK for CRYPTO

WARNING: Bitcoin Target HIT but it’s TOO WEAK for CRYPTO

We’re going to look at two specific things in this video the most critical things when it comes to our trading and investing we look at confirmation and momentum. Now, of course, there are tons of critical things when it comes to trading and investing. But, these are the main points that I’m seeing in the market at the moment the momentum is what is required to get us to those bigger price targets and the confirmation is what’s required to keep us safe.

OO WEAK for CRYPTO

If we are trading so it helps in both regards and you can use confirmation for your longer-term dollar-cost averaging investing as well. If you’re using the 50 tool you want to see that for a trade you can see the market came and tested it had a small very weak bounce. We looked specifically at this bounce being quite short and as it sliced through the lows at 19.8 and then 1907 we got a quick move to the downside. So, that’s when you know that if you’re going a short-term trade. It’s probably going to work out at least to the next support or resistance level. In this case, we got to the for a short trade this the resistance which is actually acting as support to the long side and that was eighteen thousand nine hundred. This yellow line across the top were the bodies of the four four-hour candles from that significant cycle low currently we could go lower. If you want to be aware of all crypto movements, download Jet-Bot copy trading platform. Crypto trading is a great opportunity earn from 200% up to 2,000% APY. Trading bot may help to save your money and create passive income!

But currently, that is the cycle low area and that was the top of those candle bodies, so that’s why we’re looking at that specifically being an area for bitcoin to find some sort of resistance. If you’re going short or support if we’re looking to the long side and it’s basically bounced back past that level very cleanly at this stage the level that it needed to get above was 19.7 nice slicing through again.

OO WEAK for CRYPTO

Big things I want when I’m trading and I think it’s pretty critical to have confirmation of what you’re doing so from that top. I’m probably looking more, so at these tops, as an entry above for a long signal as well so those areas to where we currently are is about a five call it about six percent rise from that sort of trade. So, if I was trading this just as something quick here. I’ll be looking to maybe tr trail the lows because this has been such a quick sharp move to the upside so if I look at these tops. Let’s use the higher one just, so that we are using the smallest amount of profit here to the downside. This is on the hourly it’s only at about five percent, so depending on which leverage has been used that’s up to you the reason. I bring that up and I know not a lot not everyone is looking to trade short term the reason I bring it up is that this move has been such a big bounce. I would expect it to come back and test some of the lower prices. If I wanted to lock in some quick profit.

OO WEAK for CRYPTO

That’s what I’d be looking to do what I want to see from this point what the market needs to see not just what I want to see is 19700 come back as that support again because we’ve broken through it on some good volume that would be the test to make up the confirmation that we are going to go back up and test the higher prices right now. It’s a pretty tricky market because it just keeps chopping backward and forwards coming back to test old resistance levels active support breakthrough previous support and resistance and do the same thing over and over again. So, for now the market has shown that we’ve got a higher low which is a good sign on the daily which is a much bigger time frame than the four hours and the hourly. Of course, we’re looking at the macro in this case would be the daily. If you were trading the shorter-term time frames now for us longer-term people looking at investing or dollar-cost averaging. I’m chopping and changing between two different time frames here to give us an insight into the shorter term to the longer term. We’ve got the days we’ve got a couple of nice-looking patterns here. You can look at the bullish engulfing pattern.

OO WEAK for CRYPTO

I don’t always use candles, but I do like to see these patterns happen at the extremes of moves. They’re much more significant when they happen at the extremes of moves. If you want to argue against me and say that this wasn’t the extreme of a move saying that that low. That one’s on you I’ll say that it’s definitely an extreme of the move every day of the week. So, what we’ve seen is red, green, and golfing. It’s not the greatest engulfing you kind of want to see a smaller bar and a large bar just take the whole thing out. But you’ve got something like a bullish railway track engulfing. So, we’ve got one signal there that’s the major low that’s a good sign. Next is yesterday’s bar looking at a number of names spinning top pattern bullish. You’ve got this looking like a kind of Dojis but not, but also dragonflies as well. So, we have a lot of names for something quite similar and in bar patterns, we call this a key reversal. So, I’m going into the nuts and bolts of this because these are two great areas for a low to come in, especially when these signals happen after a major low and we get the higher low so momentum is what is missing right now. We are not getting that follow-through to the upside and we want that confirmation of another daily close above the 50 level.

OO WEAK for CRYPTO

So, we’re really trying to get above that and if these two can hold this level and now this level which is the higher low which is a very good sign so far. Then I think we have the chance to attempt the 22 000 level. If you want a more specific number probably 21 500 to 21 900 because that’s where the market was not able to close above for more than one slight day. Then the top came in, so that’s the critical stuff that I’m looking at for bitcoin now. We’ve seen this next level come in higher than that level high low good sign some of those bar patterns or candles great signs the volume good signs. Confirmation momentum is what we need, so this is sort of the trading thing at the moment. If you’re not trading, this is basically the news before you hear the news because this is what the smart money are doing actually right now rather than waiting to hear what they’re doing just like some of the news that has come up lately with crypto hedge funds three-hour capital plunging into liquidation like we’re seeing that news now and a lot of that has been over the last couple of weeks. But surely they were probably trying to sell off through here and other smart money knew about that which they knew would then tank the market. This is what you’re seeing in the charts.

This article is a transcription of a video made by Jasson Pizzino

Original video: https://youtu.be/9fBv09pNYzY