Hi Riders, so capitulation began, seems like all our bearish trend indicators were correct. Hope you all set your stop losses and are heavy in cash right now.
We could see some sideways action soon between 28K (support) and 37K (Rider Band lower limit) soon IMO as $BTC is getting oversold. (see Image #1)
TIP: watch $NASDAQ, track their supports and see if it holds, sideways actions will be much more probable if it does.
Waiting for some sideways action to resume my trading on lower timeframes, our reversal signals/ take profits are much more effective on that scenario.
Not doing DCA right now as we are just at low fear on our Macro View indicator, i wait for mid or extreme fear (see image #2)
Bonus: there is a probable bullish divergence forming on the weekly chart, which would be very powerful, but we need to wait until next monday for confirmation.
Only lower timeframe trades with SL while $BTC is on the downtrend channel. (both longs and shorts)
I use our potential bounce/reversal signals for this, however i am waiting for the market to find a bottom and start ranging again before trading again on lower TF.
Another option is to long at daily supports If $NASDAQ is at support as well. WITH A CLEAR STOP LOSS
Optional: DCA if $BTC hits pink/purple leves on our new Macro View indicator.
Or just wait for trend to go back bullish again if not confortable with trading.
$BTC Daily Trend Chart
Trend System - Facts:
All Trend Indicator remain bearish.
$BTC is oversold right now.
28.6K and 33K at very important levels not much support below until the 20-22K.
$BTC Macro View - Facts:
Price below the 21W EMA (green line) ->Bear market
We got and orange circle today -> low fear
Potential macro bottom according to the adjusted moving averages and 200WSMA is around 22-23K
Not saying price will get there, but if it does it will most probably be close the bottom.