Bitcoin Short Term Forecast Update And Follow Up

Hi Traders! Bitcoin short term forecast update and follow up is here. On April 7th I shared this “Bitcoin Short Term Forecast” in Trading View. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available! In this post lets do a recap of this setup and see how it has developed now.

(Note: You can follow me here on Trading View and also on my blog to get similar ideas on daily basis)

My Idea

My idea here was to sell the rallies with bearish evidences after the breakout of the low at 7234.

Current Scenario

The price moved lower and broke below the low at 7234 as expected and then it retraced but instead of moving lower and creating a bearish trending pattern the price started zigzagging inside some sort of a triangle pattern. This is a bad sign for us and it clearly shows that there is no clear momentum at the moment. So based on this the short term bearish view gets invalidated here in Bitcoin. As traders we always have two choices, first one is to start and try to convince the market with many different variations like add positions or start to increase your lots, average down, etc… Or simply validate or invalidate your view, have alternative read, check again from the root of higher timeframe and make proper decisions according to the current market conditions. Always follow the facts, it doesn’t matter what view you had yesterday, what matters is what happens in the market today because the market is dynamic and it doesn’t necessarily have to agree with the way you see it. As long as the market follows my ideas and validates my setups I can trade and if it doesn’t switch, have a different read and turn around when required.

Also right now with the Corona virus impact the real money flow is not there in the market, a lot of investors and traders are out of the market and are waiting for this crisis to come down. Many traders are sitting on the fence making nothing, what you would see on the market in such period in panics, there are a lot of random fast moves with high volatility, very serious moves, big volumes but these moves are not technical but in such cases its very important to wait for your setups, have your analysis. If the setup comes, trade it and value the risk, if you would be right in high volatility period then once it moves, it moves big and fast but if it doesn’t then you know your risk is limited. Don’t trade without planning your risk its a big mistake.

Watch my video on How to trade during Corona virus Crisis here

For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report. 

This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course Live Trading Room every single day.

 

If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician