BitcoinShort
Bitcoin about to fall down?
We are back with some Bitcoin ideas!
We've been experiencing some big pumps for the last couple of months, from approximately 27k to 38k almost non-stop. If you managed to buy around or under 27k, congrats!
So, what to expect next?
To me it looks clear that btc is experiencing some hard times around 38k. We reached that level pretty quickly, but we've been there for almost 3 weeks, and btc rejected that zone multiple times. Bouncing that many times indicates there's a big amount of bitcoins ready to sell at that price or that there's no one willing to buy at those levels.
This chart shows what is going through my mind right now. The yellow mark symbolizes the 38k resistance. It looks like btc had bounced from it ~4 times until finally broke through it. The problem that if find is that just after it broke through, it came back down. To me that's what people call "red flag". I feel like doing that movement is what is called a short hunting, looking to kill shorts and then make a big change on price direction. If you look back on the chart, you can see that this pattern happened many times. To me is a direct alert that something is about to happen.
If we look on the red line, we can se an uptrend. It did not break any support until today, when we broke the support nº1. I still think we would need to break support nº2-3 to make it clear that we've got a trend change, but from my point of view support nº1 was enough for me.
Looking at the left part, I cannot see any clear support under nº4, so all that zone is just liquidity. Probably breaking under nº4 means we are gonna visit low 30's or even high 20's, so keep that in mind.
So, to conclude, my expectations are that we are gonna go down and visit low 30's-high 20's with a 70% chance. Btc has been pumping a lot recently, so we could expect a pullback at any moment. As I said, I still think we can hit 40k, but chances are not that great. I want to see how that 4h candle closes... if it closes above that nº1 line there's still chance to hit 40k. I do not feel that we are going to visit higher prices in the short term, so taking profits around 38k was my goal. Also we are approaching end of the year, so my expectations are that many people will take profits before vacations. Also we are entering on the "Christmas rally" zone, but I'm not sure how's that gonna effect bitcoin.
So that's it. If you've got any questions, ideas or comments, feel free to say anything!!! :)
DISCLAIMER:
That's not a financial or investment advise in any case. That's just my opinion and my ideas. Always do your own research, and manage your capital with head.
We've been experiencing some big pumps for the last couple of months, from approximately 27k to 38k almost non-stop. If you managed to buy around or under 27k, congrats!
So, what to expect next?
To me it looks clear that btc is experiencing some hard times around 38k. We reached that level pretty quickly, but we've been there for almost 3 weeks, and btc rejected that zone multiple times. Bouncing that many times indicates there's a big amount of bitcoins ready to sell at that price or that there's no one willing to buy at those levels.
This chart shows what is going through my mind right now. The yellow mark symbolizes the 38k resistance. It looks like btc had bounced from it ~4 times until finally broke through it. The problem that if find is that just after it broke through, it came back down. To me that's what people call "red flag". I feel like doing that movement is what is called a short hunting, looking to kill shorts and then make a big change on price direction. If you look back on the chart, you can see that this pattern happened many times. To me is a direct alert that something is about to happen.
If we look on the red line, we can se an uptrend. It did not break any support until today, when we broke the support nº1. I still think we would need to break support nº2-3 to make it clear that we've got a trend change, but from my point of view support nº1 was enough for me.
Looking at the left part, I cannot see any clear support under nº4, so all that zone is just liquidity. Probably breaking under nº4 means we are gonna visit low 30's or even high 20's, so keep that in mind.
So, to conclude, my expectations are that we are gonna go down and visit low 30's-high 20's with a 70% chance. Btc has been pumping a lot recently, so we could expect a pullback at any moment. As I said, I still think we can hit 40k, but chances are not that great. I want to see how that 4h candle closes... if it closes above that nº1 line there's still chance to hit 40k. I do not feel that we are going to visit higher prices in the short term, so taking profits around 38k was my goal. Also we are approaching end of the year, so my expectations are that many people will take profits before vacations. Also we are entering on the "Christmas rally" zone, but I'm not sure how's that gonna effect bitcoin.
So that's it. If you've got any questions, ideas or comments, feel free to say anything!!! :)
DISCLAIMER:
That's not a financial or investment advise in any case. That's just my opinion and my ideas. Always do your own research, and manage your capital with head.
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