Happy Hump Day, Traders!

Hope you find value from this post.

If you did, please give it a like and consider following.

Here’s a trading idea.

But firstly…

==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================

Bitcoin bounced off of the Yellow Extended Line and from the Green Ascending Channel and, yes, it has printed another Higher Low.

So, what am I expecting to happen next?

Bitcoin just made a rendezvous with its 50D MA at this time of writing and is trying to battle against it.

If Bitcoin gets rejected by its 50D MA, it will revert to the Green Ascending Channel and possibly break that support and undo the newly printed Higher Low which could signal a price reversal.

However, if Bitcoin manages to push past its 50D MA then the next area of resistance is the RDC or Red Descending Channel and the Blue Horizontal Resistance Bar. Bitcoin going past all resistances could seal the $51K to $53K deal before the month ends.

I’m also not disregarding the possibility of Bitcoin being rejected at the RDC and if it does it might as well retest the Green Ascending Support Channel for the 5th time prior to its great big Bull Run.

Note To Self: Still making myself being aware of the upcoming month of May, as the saying goes “Sell In May And Go Away!”.

MACD (4Hr TF): Watching the Red Trend Line on the MACD , possibly an area of resistance.

Always remember to place your Stop Loss.

Price action is KING!

Patience and Discipline are KEYS to a successful trade.

Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.

Be PERSISTENT and stay PERSISTENT.

Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.

If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.

More power to all your trades, my friends!

Ron
Intrepid_Trader