BitcoinLong
BTC/USD BITFINEX PRELIMINARY ANALYSIS UP A LITTLE THEN DOWN
Updated
Dear HodlCrypots,
This is the chart that I use to follow the movement of BTC on Bitfinex (as far as it is possible to do that).
I have painted the important scenarios in different colors so that we can follow its movements.
I believe that we are in a today newly confirmed yellow area. This marks a stabilizing area (bear trap) where it usualy finds a new (blue) support line to hold and where the orange support line coincedes. It is also the area where the fib 3.618 pivot is. Whenever so many technical points go together there is strong support. I believe this support will get confirmed as we progress in time.
It will continue to confirm its new support line in the yellow area and when it does it will break out of it (up) and thereby possibly enter into the green area. Beware tough because I believe the top of this green area is at 7379 usd (bull trap). The reason for this is that whenever btc is copying it's move that it made during bear market period it probably still is in a bear market! Besides this obvious reason the previous red support line like allways tends to act as resistance...
So chances are (unfortunately) that after that we will enter another red area and we will head down to the algorithm target of 0.1504 and -0.236. Coincidently (?) the orange 'support' line also hits that area. After that we might have found our real bottom. Time will tell.
Thanks for taking your time to read this and hopefully it will make you trade better!
Stay safe and good luck everyone!
PS: This is for educational purposes only. I am not a financial advisor. The sharing of graphs is meant to share my ideas with the rest of the community and an indication on how I make my trades.
This is the chart that I use to follow the movement of BTC on Bitfinex (as far as it is possible to do that).
I have painted the important scenarios in different colors so that we can follow its movements.
I believe that we are in a today newly confirmed yellow area. This marks a stabilizing area (bear trap) where it usualy finds a new (blue) support line to hold and where the orange support line coincedes. It is also the area where the fib 3.618 pivot is. Whenever so many technical points go together there is strong support. I believe this support will get confirmed as we progress in time.
It will continue to confirm its new support line in the yellow area and when it does it will break out of it (up) and thereby possibly enter into the green area. Beware tough because I believe the top of this green area is at 7379 usd (bull trap). The reason for this is that whenever btc is copying it's move that it made during bear market period it probably still is in a bear market! Besides this obvious reason the previous red support line like allways tends to act as resistance...
So chances are (unfortunately) that after that we will enter another red area and we will head down to the algorithm target of 0.1504 and -0.236. Coincidently (?) the orange 'support' line also hits that area. After that we might have found our real bottom. Time will tell.
Thanks for taking your time to read this and hopefully it will make you trade better!
Stay safe and good luck everyone!
PS: This is for educational purposes only. I am not a financial advisor. The sharing of graphs is meant to share my ideas with the rest of the community and an indication on how I make my trades.
Note
Confirmed bullish MACD crossoverTrade closed manually
We are going lower, take profits and stop all trades.
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.