Hi Folks,
The daily chart of the BTC/USDT asset shows a beautiful Bullish Engulfing pattern. That is nice. That is bullish.
But when we dig in deeper, 4 hour, chart we see bitcoin struggling in the form of forming high wave candles (long shadows).
What I have learned is not to buy in after a bullish engulfing pattern like I did in the past and cost me lot of money.
I use the pattern as potentially support area. 1st support area is at the half of the white body. The 2nd is at the low of the body. The 3rd is at the lowest point of the session (white candle).
And I use the highest high of the session as a potentially resistance area for future prices.
Wait for the Bullish Engulfing to be confirmed to buy in. I put a blue flag at the Price that will confirm a bullish breakout.
Or wait for the price to decline to one of these named support levels for buying opportunities.
Like for more to come, follow for more!!
Twitter; @MoneyMakingMuro
Quote of the day;
The hard work in trading comes in the preparation.
The daily chart of the BTC/USDT asset shows a beautiful Bullish Engulfing pattern. That is nice. That is bullish.
But when we dig in deeper, 4 hour, chart we see bitcoin struggling in the form of forming high wave candles (long shadows).
What I have learned is not to buy in after a bullish engulfing pattern like I did in the past and cost me lot of money.
I use the pattern as potentially support area. 1st support area is at the half of the white body. The 2nd is at the low of the body. The 3rd is at the lowest point of the session (white candle).
And I use the highest high of the session as a potentially resistance area for future prices.
Wait for the Bullish Engulfing to be confirmed to buy in. I put a blue flag at the Price that will confirm a bullish breakout.
Or wait for the price to decline to one of these named support levels for buying opportunities.
Like for more to come, follow for more!!
Twitter; @MoneyMakingMuro
Quote of the day;
The hard work in trading comes in the preparation.