[BTCUSD] Long-term: Bitcoin is going down even more!
Updated
Let us start with supports and resistance.
RED LINE - This is our resistance, currently sitting at 4499. We have a very low chance to test it since we keep forming lower highs.
BLUE LINE - Our first support, currently testing it. I personally will wait for closing of 4-hour candle to confirm the way it is going. There is a chance for a bounce (although a small one, bulls are just not strong enough) as we have side action that currently going for 2 weeks.
YELLOW LINE - Our next support at 2967. A major one I would say. Expecting test & bounce towards BLUE LINE. Then slowly falling, retesting and failing as market is getting more and more pessimistic.
GREEN LINE - Another major support 1887. This area would be my buy zone. And to get there could take a few months. My guess is June/July next year.
This TA is obviously pure speculation. Nobody can predict the market, so please do not take this analysis as trading advice. That being said, I wish you all good luck in this wild wild west.
If you like my (somewhat controversial) technical analysis, give it your like please. It would be highly appreciated. :)
Thank you and HAPPY TRADING!
RED LINE - This is our resistance, currently sitting at 4499. We have a very low chance to test it since we keep forming lower highs.
BLUE LINE - Our first support, currently testing it. I personally will wait for closing of 4-hour candle to confirm the way it is going. There is a chance for a bounce (although a small one, bulls are just not strong enough) as we have side action that currently going for 2 weeks.
YELLOW LINE - Our next support at 2967. A major one I would say. Expecting test & bounce towards BLUE LINE. Then slowly falling, retesting and failing as market is getting more and more pessimistic.
GREEN LINE - Another major support 1887. This area would be my buy zone. And to get there could take a few months. My guess is June/July next year.
This TA is obviously pure speculation. Nobody can predict the market, so please do not take this analysis as trading advice. That being said, I wish you all good luck in this wild wild west.
If you like my (somewhat controversial) technical analysis, give it your like please. It would be highly appreciated. :)
Thank you and HAPPY TRADING!
Note
We went right through the BLUE LINE like a knife through the butter. Next stop is going to be YELLOW LINE at 2967.Trade active
Currently testing blue line resistance as predicted. Congratulations to all that predicted this move and made some extra USD. Next move is being expected as a slow burn down towards green line.Happy trading to all :)
Trade closed: target reached
Closing this trade. We hit some lines, bought some BTC, and went to sleep. Now we are dreaming about money.
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