Bitcoin vs. EMA200 — Round 8 Chances are good $BTC will sti | Ben Walther on Binance Square

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Bitcoin vs. EMA200 — Round 8
Chances are good $BTC will stick the landing this time. No governments selling and some nice weekend buy pressure.
Let’s do it!

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58,408.01

+0.10%

4.9k

0

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Bitcoin Is A Beast — Are We Over The Hump? Yesterday was another day when social media was flooded with "we are going to 40k" posts. As soon as Bitcoin drops a few percent, doom posts flood the timelines. So, let's take a relaxed look at what happened yesterday. Yes, Bitcoin dropped. Moreover, it lost an important support between 58 and 57k. I've mentioned this level several times and highlighted that a drop below could lead to more downside potential—particularly to 54k. However, as mentioned in many posts, there's nothing more important than waiting for confirmation on a higher timeframe. For example, if you look at the 4H chart, you can see that we did not close below 57k and had no confirmation of a downtrend. Therefore, Bitcoin, once again, did the opposite of what everybody expected. Instead of a massive drop, it reversed and is climbing nicely today. Does that mean the storm is over? Probably not. We are simply back where we were before—between 58k and 60k. So, the choppy sideways move continues with lots of volatility. The story remains the same: As long as we don't have a decisive close on a higher timeframe above 60k or below 58/57k, everything is just noise... Have a great day! 👉 Did you like this content? Make sure to vote for me. Visit my profile (@Ben Walther ), hit the Vote Button, and get a chance to win some amazing prizes. $BTC #bitcoin☀️

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ADA - That Doesn't Look Too Promising! More Downside Potential Ahead? ADA's recent performance has been very weak. As a result, the token has constantly gotten closer to its bear market low. While ADA currently trades at a level slightly above 30 cents, the bear market's low is only 6 cents away. In addition, the ADA's long-term chart (1D) doesn't look very promising. On the contrary, the token has been trading in a descending channel since April. The descending channel is a chart pattern marked by constant lower highs and lower lows (marked with red). Obviously, this chart pattern is considered highly bearish. As long as ADA cannot a) create a higher high and b) break out of the channel to the top, we can expect continuation and more downside potential. By the way, in terms of trading, such channels are a blessing :) $ADA #AdaFundamentals #cardano

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MEW — About To Breakout VERY Soon? MEW has been trading in a downtrend for a month after topping at almost 0.009. Currently, the token moves sideways in a consolidation zone. However, already yesterday, MEW tried to break out and put in a strong green candle. However, Bitcoin's drop carried MEW with it. Nevertheless, the price is constantly getting closer to the downtrend line. Accordingly, we might see a strong move soon. $MEW #meme_coin

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JASMY Update — Back To Where We Coming From! When the market dropped yesterday, JASMY followed and broke below the 0.02 resistance. However, this was only temporary, and the price was returned above the important level. As mentioned yesterday, a close below 0.02 on a higher timeframe might have triggered more downside potential towards 0.016. Well, now we are back where we were: Trading in the triangle and approaching the corner. At the same time, it is not possible to indicate a trend. The MACD is probably the best example of indecisiveness (check below). Nevertheless, from my perspective, we are getting closer to a big move. A break to the upside should send us quickly to 0.024 and beyond — a break to the downside towards 0.016. So, get yourself prepared. $JASMY #Jasmyusdt⚠️⚠️

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But Tell Me, Are We Going Up Or Down? Certainly, it is one of the questions I get asked most. My honest answer: I don't know. And everybody who gives you a different answer is lying. Trading isn't about certainty. It's about increasing the probability while minimizing the risk. In other words, you try to find the sweet spots where the chances that an asset develops as you predict are high, and the risks if it doesn't are low. This often means that the best trade is not to trade (for example, in the current market phase). Why? Because we are in a sideways market, the chances of going up or down are more or less equal (you will find good arguments for both directions). This can be daunting, especially when the market is volatile, like right now. You see relatively huge moves but have to control yourself and don't jump in. Therefore, it is once again essential that trading is not about making trades all the time but about making the right trades when the time has come. Right now is the perfect time to analyze charts, set up strategies, and prepare. Once the market decides about its next step, we're ready to jump on the train! #MarketExperts #TradingMadeEasy #voteforben 👉 Did you like this content? Make sure to vote for me. Visit my profile (@Ben Walther ), hit the Vote Button, and get a chance to win some nice prizes.

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