Bitcoin BTC Jan 30 Afternoon Update - Bears Retain Control

Bears Retain Control. Short Positions Are Almost Even to Longs

Yesterday's update, I blogged about a bear scenario, which has come true.

Today on the 4 HR chart, we see BTC with a long dragonfly type doji with great volume, but the current candle does not have any volume and can barely retain over 10K. Volume must drastically improve otherwise bears will simply reclaim control under 10K soon.

We see BTC short positions at 22.5K BTC versus BTC long at 26K. When short vs long positions are this close, it's almost safe to say bears are quite content pushing the market down.

Here is the bear scenario as I see likely due to a great risk to reward ratio and higher gains.

Here is a bull scenario that I do not see as likely, though we must always consider it as well.

Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders

Please consider these videos:

Lesson 1 - Bitfinex Tutorial - How to Customize and Set Up Bitfinex
Lesson 2 - How to Analyze Candlesticks Charts with Strategy
Lesson 3 - Moving Averages
Lesson 4 - Relative Strength Index RSI with Advanced Strategy
Lesson 5 - MACD and Histogram
Lesson 6 - Margin Trading Long, Short, Leveraging
Lesson 7 - Basic Risk Management
Lesson 8 - Fibonacci Retracement Part 1
Lesson 9 - Fibonacci Extension Part 2
Lesson 10 - Laddering
Lesson 11 - How To Interpret Time Frames
Lesson 12 - Swing Trading Advanced 55 EMA Strategy
Lesson 13 - Introduction To Elliot Wave Theory
Lesson 14 - Using a Basic Excel Tracker for Risk Management
Lesson 15 - Tutorial Part 15 Automatic Stop Sell/Buy Executions

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The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.

DISCLAIMER:

Legal stuff here. I'm not financial advisor. This is just my opinion that I'm sharing with the community. All information is for yours to process how you wish.