currently we have 2 potential bearish pattern for Bitcoin in short-term ( Head and Should , ABCDE) before mooning
However, we need to break the strong support 7.8k-8k first before seeing it to happen. So we should keep an eye on that level. I believe we will see a bounce if we reach that support level before seeing anymore actions.
Lot of alts have potential Head and Shoulder pattern now too like Stellar on 1 Day chart. And Bitcoin's domination is rising. With uncertainty security status of alts, I don't see any reasons for alts to keep rising now (except alts with big news coming like Tron , ...).
So stay safe everyone. "Best way to trade right now is NO TRADE and have your USD/USDT to be ready"
Note: all of my posts are just my opinion. Don't take them as financial advises
However, we need to break the strong support 7.8k-8k first before seeing it to happen. So we should keep an eye on that level. I believe we will see a bounce if we reach that support level before seeing anymore actions.
Lot of alts have potential Head and Shoulder pattern now too like Stellar on 1 Day chart. And Bitcoin's domination is rising. With uncertainty security status of alts, I don't see any reasons for alts to keep rising now (except alts with big news coming like Tron , ...).
So stay safe everyone. "Best way to trade right now is NO TRADE and have your USD/USDT to be ready"
Note: all of my posts are just my opinion. Don't take them as financial advises
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if today's candle end with a red candle closing at 7935$ or below, I suggest everyone should not set any order around 7.8k$. Right now A lot of people think that 7.8k will be a strong support and waiting to buy there. HOWEVER, if 7.8k can't hold, opposite situation will happen "everyone will be in panic sell". If you were a market manipulator, what would you do to buy cheap Bitcoin in our situation now ?
so the best strategy right now is still "NO TRADE" . Observe what will happen during this weekend. If price breaks out of the bigger falling wedge, then it is a buy signal.
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a break above 8.4k will be a buy signal with target 8.8k - 8.9k.a break below 8.14k will be a sell signal with a possible rebounce around 7.7k-7.8k
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we have definitely broken out of the falling wedge. Very positive development. If anyone hasn't gotten in yet, you should use smaller timeframe to wait for a pullback in the region 8350-8450$Note
so we currently get rejected at 200 EMA resistance as expected on 2hr . There are 2 possible scene:1. this is our local top and we will drop back to 7k range in next few days
2. we retrace a little above 8270$ and will start going up more.
I'm 70% in bullish scene
but if we drop below 8270$, then we will definitely head down to 7k range.
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I still feel this time is different. If you look at the circled zones , last time there was very strong sell when we hit local top. This time we doesn't and we are in bullish falling wedge now. Tomorrow is Monday, we definitely will know whether we will head down or up. I'm 70% up . I will use the 55 EMA as a buy zoneNote
these are the possible scenes tradingview.com/x/m4JyTChs/. Only a break above the 200 EMA will confirm a bullNote
I'm back to60% bull 40% bear now. Waiting for confirmation to buy :)Note
we can't break 200 EMA so heading down is an obvious option. Next support is around 8.2k. We should expect small bounce around that level which will make RSI on 30min becoming oversold :)Note
waiting for RSI on 30min drop to 20 to buy for swing trade :)Note
another bad signal is that lot of alts have started losing their USD strong supports. So I think btc will continue on dropping more.Note
Good thing that we had gotten out of alts last week. I think alts 's bloodbath is coming this week and we will recover on this weekendNote
7.5k is just a TEMPORARY support. Why ? if we look at ETHUSD, it has just formed Head and Shoulder pattern. By estimating how low ethusd can drop, we can know that 7k-7.2k range is coming for BTCUSD. I think this is the place we will see a rebounce. Be patient , everyoneNote
if you daily swing trade, then obviously 7.5k is a good chance too. We should at least have a temporary bound around hereNote
temporary target is 7.6k-7.7kNote
this is really sad. After breaking out in 15 min, we drop back into the channel again.well time for me to go to sleep so I decide to sell everything and stay in $ again. Not going to hold BTC during sleeping. Buy power looks very weak now. Let's see what will happen tomorrow
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it is a good idea to set buy order around 7k-7.2k now :)Note
bull is beaten again. I'm out . I think during this midnight we will test 7k$Note
yesterday's midnight, bitcoin has just made an impulse wave . Because I thought the move is so similar to what happened on April 's low so I jumped in at 7500$.Right now we have broken resistance 1, and going to to resistance 2 which is the outer line of the previous broken falling wedge.
I think the biggest hurdle is the resistance 3 which match with fib level + bigger falling wedge line = 7.93k - 8k$
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this looks really bad. I don't even think 7k can hold now. We might see 6.5k-6.8kthat will be the last chance for bull
if not, 4k-5k is coming
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currently there are 3 scenes which I think it will happen1. 7.26k is bottom (here), we will go up from here
2. go down to 6.8k then pump from there
3. go down to 6.5k then pump from there
scene 2 is the majority thinking. Will scene 2 have more chance to happen ???
I am leaning on scene 1 and 3
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so we have 4 days in consolidation range 7.6k-7.26k. Now we decide to drop downdefinitely 7k can't hold when we consider how long the consolidation is
I think we are going for the 3th scene 6.5k-6.8k
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.