Again, I have repeatedly posted numerous trades where I became net neutral on BTC as I sold my holdings and then have played the bounce higher from the recent lows. But ALL of this is within an overall STRONG Downtrend. NOW is the time to go SHORT. My low target price keeps getting worse and worse. This target is ~$16k. Other targets I have between $12500 and $28000 on the high end with most between $13k-$18K.
BTC BULLS about to get slapped in the face. There is absolutely NOTHING Bullish about this chart. While everyone focuses on the 4Hr chart they will get crushed.
Weekly Chart shows:
1. Downtrend with a Bear Pennant Flag
2. Pennant is also a rising wedge
3. Rejection with dragonfly candlestick at EMA 39
4. MACD Sell Signal crossover
5. MACD below ZERO showing downtrend intact
6. MACD pointing lower showing INCREASING SELL Momentum
Trade Entry = SHORT @ $42,329
Target Price is HEIGHT of the flag pole which puts us @ $15,850
BTC BULLS about to get slapped in the face. There is absolutely NOTHING Bullish about this chart. While everyone focuses on the 4Hr chart they will get crushed.Weekly Chart shows:
1. Downtrend with a Bear Pennant Flag
2. Pennant is also a rising wedge
3. Rejection with dragonfly candlestick at EMA 39
4. MACD Sell Signal crossover
5. MACD below ZERO showing downtrend intact
6. MACD pointing lower showing INCREASING SELL Momentum
Trade Entry = SHORT @ $42,329
Target Price is HEIGHT of the flag pole which puts us @ $15,850
Note
I posted my chart comparison of AMZN in 2000 and BTC today on Jan 25, 2022.Link here:
This is an interview with well known trader Gareth Soloway who has almost the EXACT analysis of the chart as I do.
Link here (In particular watch 26:00 to 28:00:
youtu.be/dPxmOvia_GA
I have entered a small SHORT on
BTCUSD at $42,334. We could possibly go higher to as high as $52k which would NOT invalidate this thesis.Trade what you see.
Note
Is it me or does something feel like its about to BREAK?. The charts just keep getting uglier to me. Maybe when the markets open tonight this will change but right now there seems like little positivity to see in charts.I would love nothing more than for crypto to become BULLISH again but I just dont see it. All I see are trend lines and Bear Flags being broken and rejections off resistance zone.
ON EVERY SINGLE TIME FRAME.
Trade what you see.
Note
Someone PLEASE explain what is BULLISH about this chart. I realize its a 4HR chart but it shows the recent POP to $46K is about to fail miserably. Something's about to BREAK. In my opinion.Note
Covered SHORTS for a moderate profit and will reenter once we retest the resistance again. It appears we will retest $43,800 to $45,000 range before dropping further.Note
Starting to see some BULLISH momentum in #Bitcoin on the lower time frames. Longer Time frames of >3 Days still very Bearish. This 4HR chart now seeing Money Flowing IN and now probabilities suggest break to the UPSIDE. Heavy Resistance at 43,836 and 44,450.Note
What would it take for me to become more BULLISH on BTC again?? We would need to break the HEAVY resistance at ~$44500, and then the 1st LINE in the sand @ ~$46700. That would break the neckline of an inverse H&S pattern and put us back in a Major support zone.Trade closed: target reached
Forgot to Update this Post. Trade Target reached almost EXACTLY as planned. Low Price BTC was $15599
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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.