Short on the short term and long on the very long term
I currently have no position on BTC and the next hours will be decisive but I have a bearish sentiment.
Weekly
On the Weekly chart I noticed that massive bull rallies on BTC used to be corrected by a 80% retracement.
If it applies to the all time high of BTC we will reach a BTC at +/-4,000$. Based on the past experience I expect this level to be reached around the next tax day in the USD meaning around early January 2019.
Daily
On the daily chart we see that we are still in a bear market with a strong support at 6,900$.
As we are close to this level I stay away from any position until the next tendance is revealed. I would then short BTC if the prices goes below 6,900$ with a real breakout.
In that case the target would be 6,000$ or lower and I would put a stop loss at a little bit above 7,000$.
If it exits the wedge the target would be 8,400$ with a stop loss at 7,100$.
Hourly
The hourly chart will be decisive as we can either exit the current bearish wedge and start a new up trend or violently fall to its lower end. In such a scenario BTC may either break the 6,900$ support and seek the 6k support (Cfr. daily chart).
Weekly
On the Weekly chart I noticed that massive bull rallies on BTC used to be corrected by a 80% retracement.
If it applies to the all time high of BTC we will reach a BTC at +/-4,000$. Based on the past experience I expect this level to be reached around the next tax day in the USD meaning around early January 2019.
Daily
On the daily chart we see that we are still in a bear market with a strong support at 6,900$.
As we are close to this level I stay away from any position until the next tendance is revealed. I would then short BTC if the prices goes below 6,900$ with a real breakout.
In that case the target would be 6,000$ or lower and I would put a stop loss at a little bit above 7,000$.
If it exits the wedge the target would be 8,400$ with a stop loss at 7,100$.
Hourly
The hourly chart will be decisive as we can either exit the current bearish wedge and start a new up trend or violently fall to its lower end. In such a scenario BTC may either break the 6,900$ support and seek the 6k support (Cfr. daily chart).
Trade closed: target reached
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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.