Market Update: BTCUSD & ETHUSD – Feb 23rd, 2023
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
BITCOIN – BTCUSD: Selling From Bearish Tailed Bar Setup
Comments: Price formed a Bullish Pin Bar Setup on Wednesday, Feb 22nd (We are not looking to trade this Setup).
Price moved briefly lower from the recent Bearish Tailed Bar Setup that had formed just below the $24270 – $25251 key resistance area on Thursday, Feb 16th (We suggested selling on a retracement higher into the range of this setup in our Premium Trading & Learning Group).
Potential Trade Signal: We are looking to sell on a retracement higher into the range of the recent Bearish Tailed Bar Setup that had formed on Thursday, Feb 16th, with stops above the high of this setup.
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ETHEREUM – ETHUSD: Selling From Bearish Pin Bar Setup
Comments: Price formed a Bullish Pin Bar Setup on Wednesday, Feb 22nd (We are not looking to trade this setup).
Price moved lower from the recent Bearish Pin Bar Setup that had formed on Sunday, Feb 19th (We did not consider trading this setup, nor did we mention it).
Price moved briefly lower from the prior Bearish Long-Tailed Pin Bar Setup that had formed just below the $1677 – $1790 short-term resistance area on Thursday, Feb 16th (We suggested selling on a retracement higher into the range of this setup in our Premium Trading & Learning Group).
Potential Trade Signal: We are looking to sell on retracement higher into the range of the recent Bearish Long-Tailed Pin Bar Setup that had formed on Thursday, Feb 16th, with stops above the high of this Setup.
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
