there are many noise towards btc, whether it will drop or not. for me, its 50:50. i am balanced, but in the end, in december, late novermber, i know the rally would come. but for you understanding, you need to prepared below chart scenario for next 3weeks.
there are many charts, but btc chart this year can be seen as two patterns that share the same interest.
1. descending triangle from JAN.
2. Falling wedge from March
descending triangle is bearish pattern that breaks below.it is the black line at top. falling wedge is a bullish pattern. it is the purple line below black line. but it may need to hit the bottom resistance, the red bottom line. so we need to understand, btc shows bearish and bullish formation at same time. many people think only one way, but it actually shows two meanings inside the chart. falling wedge(bullish pattern) is inside the descending triangle.
the bottom resistance is intact from 6000, and 5750 this year. so if descending triangle breaks below, btc will fall down. i believe this low will be also the falling wedge bottom, around 5500 around mid november. it also will have long term trendline support.
nothing is for sure, but you need to know btc shows bearish pattern, and bullish pattern at same time.
but we do have chance to break above from 6000/6100 or 6200. if that happens, then we can still say falling wedge worked(it hit bottom 6000, 5750 twice), and descending triangle broke above. it is possible.
now, altcoins are bullish, they are in uptrend channel, but some pumped 100% from september. so before market wants to really bullrun in december, and Jan, maybe it would want to wash away the pumps and start from low beginning.
so, now i still think longterm long is correct. but given the daily ichimoku bearish clouds from november 5th, we do risk a drop again for next few weeks. given the bearish closing under 6390, monthly close, which is lower then 2017 november, btc risks dropping.
after dropping btc will somehow bull run from 3rd or 4th week of november, and make monthly close a green fat candle which breaks above the falling wedge and the triangle.
so for now long term swing trade plan is simple. buy 30~40%(max 50%) money above 6000 area. and leave the rest for breakdown. OR if we break above 6800/7100, you add,buy more at breakout. we sell during december, latest mid Jan.
all the best.
there are many charts, but btc chart this year can be seen as two patterns that share the same interest.
1. descending triangle from JAN.
2. Falling wedge from March
descending triangle is bearish pattern that breaks below.it is the black line at top. falling wedge is a bullish pattern. it is the purple line below black line. but it may need to hit the bottom resistance, the red bottom line. so we need to understand, btc shows bearish and bullish formation at same time. many people think only one way, but it actually shows two meanings inside the chart. falling wedge(bullish pattern) is inside the descending triangle.
the bottom resistance is intact from 6000, and 5750 this year. so if descending triangle breaks below, btc will fall down. i believe this low will be also the falling wedge bottom, around 5500 around mid november. it also will have long term trendline support.
nothing is for sure, but you need to know btc shows bearish pattern, and bullish pattern at same time.
but we do have chance to break above from 6000/6100 or 6200. if that happens, then we can still say falling wedge worked(it hit bottom 6000, 5750 twice), and descending triangle broke above. it is possible.
now, altcoins are bullish, they are in uptrend channel, but some pumped 100% from september. so before market wants to really bullrun in december, and Jan, maybe it would want to wash away the pumps and start from low beginning.
so, now i still think longterm long is correct. but given the daily ichimoku bearish clouds from november 5th, we do risk a drop again for next few weeks. given the bearish closing under 6390, monthly close, which is lower then 2017 november, btc risks dropping.
after dropping btc will somehow bull run from 3rd or 4th week of november, and make monthly close a green fat candle which breaks above the falling wedge and the triangle.
so for now long term swing trade plan is simple. buy 30~40%(max 50%) money above 6000 area. and leave the rest for breakdown. OR if we break above 6800/7100, you add,buy more at breakout. we sell during december, latest mid Jan.
all the best.
Note
chart for bitmex(many other bearish exchanges like coinstamp coinbase show similar price) short term. price broke down from the rising wedge. but, i believe it will find some support carry on with the triangle for a bit in coming days.
Note
i will be surprised if btc can break 6500 now, and go to 6700/6800. i see retracement incoming this week, and it would go back to support zone 6200. now it is making a 4hr lower high, with its overbought situation in such volume, i believe it needs to touch somewhere below to boost up again.
Note
Note
btc in rising wedge. black line is major resistance. it should drop, rising wedges drop as always, as long as we are inside the descending triangle. it could drop heavy in weekends or early next week at latest. if we drop to 6200, we can even go to 6000 or 5800 zone, but this is buy time. cardano, eos, eth, even BCH showing shooting start candles, and below top resistance. btc can go to 6500 or 6470 and try 6600 again, but we would see that alts not picking up. that is sell time for some alts like cardano.
Note
now is buy time for alts that did not pump in this short term uptrend. this uptrend really meant some meanings for cardano and some alts that escaped the downtrend channel. however, you have to look for alts that did not pump, obv level is high. coins like steem dollar, IQ, GRS, SIA, and many coins are still in bottom level, in accumulation. in start of the btc run, you will see some coins that run, you did not expect. do not buy heavy in BCH or SIRIN, that pumped heavy, because, the cycle will come to alts that did not pump, which are still in oversold regions. make your strategy carefully at what you buy. i expect bch to retrace after the hardfork even very heavy, when other alts jump up.Note
btc short term will again go up, short time frames oversold. so you can buy some alt coins, and you can sell it back when btc go back to 6550/6600 levels. short term scalping. i recommend sirin token.
i will see after the bounce it it prints bear divergence, because then this might risk big drop.
Note
btc dropped faster then anticipated, but anyway, yesterday's scalping with sirin token was great, about 15% profit. now, i sold 50% of my shorts at 6520 at 6350. you can start buying alt coins, slowly, in next 2 week period. price could go to 6250, even 6000/5800 level, but do not be scared. most likely would defend 6000 area and go up.
Note
now, low priced coins that has little room to go down are. steem dollar, IQX, Centinel, and Sia coin too, can drop some more but starting to get very oversold in indicators so you can go for first entry in this coin. coins you should not buy are sirin token and some overbought coins, check rsi in coins, mostly, whales would want to make coins oversold in indicators.Note
Btc will go up to test 6470 6480 in 12~16hours.buy alts and scalp them. Btc is trying to make a bull div here with stoche at bottom.that is nice.
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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.