Fibonacci key levels and trust measurement on bear flag
Hello fellas, we have seen a very shocking crash from bitcoin and has screwed any of our trade set up. But, it's okay for me, This is what we call it a trade, sometimes we can win and the other time is a loss for us. But, the most important thing is how we can manage our mentality when we are in a loss position. Never let your emotion drive your self to force the revenge trade and just be relax for a while. Let's back to the bitcoin's update!
Looking at the chart that I've shared, we can easily find a source of pattern that has a good fit with the bear flag pattern. during this bear flag pattern, I use the trust measurement method to measure the possible strong support area for bitcoin and guess that area is the phenomenal 78.6% fib level which we also know it as the flavor of the year. I don't see this as a coincidence because if we look at some of the oscillator indicator on daily chart which I use MACD and the RSI. The MACD histogram is ticking down very hard because of today's drop and has a possibility to come back to the negative side and a possible death cross on its moving average. In RSI, we don't see any difference in it because it still curving down pretty bad.
My conclusion is there will be a possible bounce which will indicate a dead cat bounce to complete the phase 2 of break out strategy to around $8000. But, before this action occur, deeper push toward the golden pocket zone is likely in this scenario.
Stay calm and just be relax. Idle doesn't mean we can't win.
Looking at the chart that I've shared, we can easily find a source of pattern that has a good fit with the bear flag pattern. during this bear flag pattern, I use the trust measurement method to measure the possible strong support area for bitcoin and guess that area is the phenomenal 78.6% fib level which we also know it as the flavor of the year. I don't see this as a coincidence because if we look at some of the oscillator indicator on daily chart which I use MACD and the RSI. The MACD histogram is ticking down very hard because of today's drop and has a possibility to come back to the negative side and a possible death cross on its moving average. In RSI, we don't see any difference in it because it still curving down pretty bad.
My conclusion is there will be a possible bounce which will indicate a dead cat bounce to complete the phase 2 of break out strategy to around $8000. But, before this action occur, deeper push toward the golden pocket zone is likely in this scenario.
Stay calm and just be relax. Idle doesn't mean we can't win.
