BitcoinShort
Bitcoin: Bearish until proven bullish
Looking at the Bitcoin 4hr chart, BTC is not out of the woods yet..
We did have a bullish bounce at $7665 but this is a pretty weak bounce considering how over-all bearish we have been.
I think we're going to be rejected at the green dotted trend line around $8200-$8400 then pushed back down to my first possible support around $6600-$7000. Here is where I will start scaling in with my buy orders starting at $7000 going down to $6000. Really hoping to take most of my position in the low 6's but we will see how this plays out.
If our strong support at $6000 fails I thinkBitcoin is in BIG trouble... I don't necessary think this is going to be the case but something to keep in mind. Might be a good idea to have a stop-loss at $5750.
Bitcoin 4hr chart, BTC is not out of the woods yet.. We did have a bullish bounce at $7665 but this is a pretty weak bounce considering how over-all bearish we have been.
I think we're going to be rejected at the green dotted trend line around $8200-$8400 then pushed back down to my first possible support around $6600-$7000. Here is where I will start scaling in with my buy orders starting at $7000 going down to $6000. Really hoping to take most of my position in the low 6's but we will see how this plays out.
If our strong support at $6000 fails I think
Bitcoin is in BIG trouble... I don't necessary think this is going to be the case but something to keep in mind. Might be a good idea to have a stop-loss at $5750.
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.