Sell at resistance; buy at support.
Good morning my fellow Cryptocurrency trader, I hope you are having a wonderful day.
Being able to adapt to changing market conditions is one of the signs of being a great trader. Being able to spot changes on a chart is also indicative of someone that can produce great results in this and other markets. How are you feeling today?
It is no secret, we let everyone know; We sell when prices are high, we buy a lot when prices are low.
Bitcoin is now trading below its 20-Jan 2025 peak price. And it is also producing a lower high. Both bearish signals that are pointing to a lower low.
If the first drop settled around 100K, the second one should settle in the low 90s or right below 90K. It can go lower of course but we go step by step. I am not saying GO SHORT 20X again. This would only be possible for people who are smart, experienced traders and those that can take advantage of a changing situation without breaking their portfolio or long-term plans. Those can definitely SHORT this setup and profit short-term.
A trader trades, it is what he/she does. You sell when prices are high if a drop is incoming, you buy when prices are low if a rise is next.
This is a friendly reminder and it carries great entry prices and timing. Follow the chart.
Trading volume is super low as Bitcoin trades near resistance and this is one of the biggest exchanges in the world. Low volume at this point reveals a pattern of distribution, distribution means lower of course.
Both the MACD & RSI move on the bullish zone but trending lower, bearish at this point.
What will it be: Will Bitcoin move down next? Will Bitcoin move up?
My money is on down.
Leave a comment if you agree.
Thanks a lot for your continued support.
Namaste.
