Bitcoin aiming for 9000 level ending at 5500 level
Updated
Bitcoin is still rebouncing in channel which goes under 45 degree angle, making BEAR FLAG as it is (while someone else thinks " Bitcoin to the Moon" ) (otherwise they would not be buying).
People should pay attention as situation develops, because we DO HAVE IDEA ON GENERAL DOWNTREND ONLY.
Once again traders got bullish in a matter of hours.
They were bullish, then bearish since yesterday, then bullish again.
They do justify their actions as attempts to adapt to "new circumstancies- informations from television, twitter etc.
And that is why they get burned few times so far.
That means they dont have clear point of view when talking about Bitcoin and that is downtrend and downtrend only.
Once again, there is nothing bullish about it
How long will it take?
When BItcoin reach value of levels between 9000-9300 (now its downward pattern back to 8000 level as i m writing),
when that price level oppressed, it might cause sharp price reversal as Bitcoin aproaches 9000 price level.
No matter how healthy Bitcoin maybe looks like, it will start to "deteriorate" as trying to "push" 9000 level.
It possibly even push that level for several times, but my opinion is that Bitcoin doesn't really has a strenght for breaching that level on the first price.
Second, having in mind we are BEARISH ONLY, there is no healthy reason to form higher prices at this point.
Btc had one "push" to that level, failed to breach it and returned in a channel as we speak.
After several attempts, there is a 99% chance for strong price reversal (as Bitcoin loses on strenght), rebounce from 9000 level all the way down 5400-5800 level).
Maybe Bitcoin additionaly sinks because of FUD for few hundred dollars more, but 5400-5800 level is a good rebuy oportunity and my opinion is that we should possibly look for buyback at those levels, but not before that.
We need to see how high it could possibly rebounce when MAIN SUPPORT is heavily opressed as it will most probably happend.
People should pay attention as situation develops, because we DO HAVE IDEA ON GENERAL DOWNTREND ONLY.
Once again traders got bullish in a matter of hours.
They were bullish, then bearish since yesterday, then bullish again.
They do justify their actions as attempts to adapt to "new circumstancies- informations from television, twitter etc.
And that is why they get burned few times so far.
That means they dont have clear point of view when talking about Bitcoin and that is downtrend and downtrend only.
Once again, there is nothing bullish about it
How long will it take?
When BItcoin reach value of levels between 9000-9300 (now its downward pattern back to 8000 level as i m writing),
when that price level oppressed, it might cause sharp price reversal as Bitcoin aproaches 9000 price level.
No matter how healthy Bitcoin maybe looks like, it will start to "deteriorate" as trying to "push" 9000 level.
It possibly even push that level for several times, but my opinion is that Bitcoin doesn't really has a strenght for breaching that level on the first price.
Second, having in mind we are BEARISH ONLY, there is no healthy reason to form higher prices at this point.
Btc had one "push" to that level, failed to breach it and returned in a channel as we speak.
After several attempts, there is a 99% chance for strong price reversal (as Bitcoin loses on strenght), rebounce from 9000 level all the way down 5400-5800 level).
Maybe Bitcoin additionaly sinks because of FUD for few hundred dollars more, but 5400-5800 level is a good rebuy oportunity and my opinion is that we should possibly look for buyback at those levels, but not before that.
We need to see how high it could possibly rebounce when MAIN SUPPORT is heavily opressed as it will most probably happend.
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