Bitcoin's Chart is Setting Up for a Breakdown

The BTC and ETH daily charts look weaker and weaker day by day. At the close Wednesday May 25th at zero GMT a bearish double top chart pattern has emerged. ETH almost closed below the lowest closing price in over two weeks. The Bollinger Bands are pinching on the daily chart because it has moved sideways too long. When they squeeze tight in a few days if there is no movement, something has to give. Up or down? Volume will get bigger either way it goes. Down is more likely than up at the moment unless a big volume buy program starts very soon. The charts at the moment look much more Bear than Bull.

Volume is the most important indicator on a chart. When volume drops, so do prices to attract buyers at a price they find to be a better deal. It takes increasing volume to move prices higher most of the time. The biggest volume spikes are at tops and bottoms, and it takes big volume to break above a level of resistance.

The CCI - Commodity Channel Index - is my favorite technical indicator. It gives four buy signals, and four sell signals. The most important one is when it breaks above or below the zero line. My strategy is simple! A coin is moving up when the CCI is above zero, and moves down when it breaks below zero. If all you ever do is use the zero line buy/sell signal, you should do well.

Do you want to learn how to read charts to become a more successful trader? My strategy can be used for day trading and swing trading stocks and cryptocurrencies. I started trading stocks in 2001 and cryptocurrencies January of 2020 and I know charts very well. That happens when you watch live charts 12 hours a day, 300 days a year for twenty years.

I have two courses on Udemy - The first covers fifty charting technical indicators. The second course showing my trading strategy went live in 2004 on my website, and six years ago on Udemy. My trading strategy works as well now as it did in 2004, and I think it will still work well twenty years from now.

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Flipping Cryptos
Flipping Cryptos

Learn how I day trade BTC and ETH and my favorite coins on the 1 minute, 5 minute and 15 minute charts. I livestream real-time charts on YouTube describing fast trades I'm in with $1000. for extra spending cash.

Bitcoin + Ethereum - Chart Alerts
Bitcoin + Ethereum - Chart Alerts

I put out chart alerts when I see a danger zone coin traders should be aware of. If I'm right, it could help you save some money. Alerts are for when the charts say a breakdown is about to happen, or when a big breakout to the upside is beginning.

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