Bitcoin Descending Triangle: Short & Mid Bearish; LT Bullish
Bitcoin seems stuck in a descending triangle that peaked in late-December. Many people have been predicting that Bitcoin will recover and will make new highs by the end of the year. However, I believe they are wrong. I believe Bitcoin will continue to fall as institutional traders continue to prey on the optimism of dumb money.
I am short and mid-term bearish. However, I am long-term bullish on Bitcoin. The next major support level will be around $4,000 to $5,000. I expect there to be more bull traps along the way down so watch out for swing trading and short-selling opportunities. Ultimately, I believe Bitcoin will bottom within the $1,000 to $2,000 range sometime in 2019 or 2020.
Good luck trading,
Eddy Yang
I am short and mid-term bearish. However, I am long-term bullish on Bitcoin. The next major support level will be around $4,000 to $5,000. I expect there to be more bull traps along the way down so watch out for swing trading and short-selling opportunities. Ultimately, I believe Bitcoin will bottom within the $1,000 to $2,000 range sometime in 2019 or 2020.
Good luck trading,
Eddy Yang
Note
Video Analysis: youtube.com/watch?v=XpYcloZRizkNote
Bitcoin bulls fighting to stay above $6,000; however, I believe this rise is temporary and will end up being a bull trap. I'll keep you guys updated.Note
Bitcoin has broken above resistance. I still believe we are in a bear market and I believe this rally will turn out to be a bull trap.Note
Bitcoin is currently selling off with high volume and about to break below $6,000. Bull trap confirmed. Next major support is $5,000.
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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.
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.