Hello Traders!
*** Bitcoin is at a pivotal moment right now. The $37K ascending trend line is the bottom support of the macro bear flag that has been formed since January. This is a MASSIVE pattern and if it breaks... well I think you will be shocked in the coming months how low BTC actually goes. I am predicting $20K or lower and I am very confident in this.
*** This is the time to really focus on the technicals and play it smart, safe and strategic.
On to the Analysis...
- Bitcoin looks VERY Bearish
- To be honest I think it's only a matter days / week before BTC breaks down to the next support level at $34K.
- Looking over the charts, I can't find anything that gives me any Bullish signals.
Next target for BTC?
- The next target for BTC is the Major Support at $34.4K.
- It's possibly that BTC gets one more small bounce before breaking the $37K support level, but once that level is broken I think it will trend down pretty quick to $34K.
** Buyers are losing enthusiasm in BTC right now, we can see that in the technicals.
** I would be VERY cautious opening any long positions right now unless you are an experienced trader.
- Once BTC hits $34K it will most likely bounce, theres a possibility that I will open a long trade and be in and out quickly. I did the same thing the other day when BTC hit $37K. I entered at $38K and exited at $40K.
That's pretty much it, just keep a close eye on the $37K support level, if you are in any long positions I would exit if that level breaks.
- If you want to short I would wait and see if BTC gets another bounce first (which I might do) to around $40K, then you could enter to minimize risk, also look out for the formation of a bear flag on the high time frames, I wouldn't be surprised if one formed and that would be an excellent pattern to play for a short.
*** Once again be very cautious with longs and don't listen to these moon boy youtubers especially if they dont show any technical analysis!
Thanks Everyone and best of luck trading!
*** Bitcoin is at a pivotal moment right now. The $37K ascending trend line is the bottom support of the macro bear flag that has been formed since January. This is a MASSIVE pattern and if it breaks... well I think you will be shocked in the coming months how low BTC actually goes. I am predicting $20K or lower and I am very confident in this.
*** This is the time to really focus on the technicals and play it smart, safe and strategic.
On to the Analysis...
- Bitcoin looks VERY Bearish
- To be honest I think it's only a matter days / week before BTC breaks down to the next support level at $34K.
- Looking over the charts, I can't find anything that gives me any Bullish signals.
Next target for BTC?
- The next target for BTC is the Major Support at $34.4K.
- It's possibly that BTC gets one more small bounce before breaking the $37K support level, but once that level is broken I think it will trend down pretty quick to $34K.
** Buyers are losing enthusiasm in BTC right now, we can see that in the technicals.
** I would be VERY cautious opening any long positions right now unless you are an experienced trader.
- Once BTC hits $34K it will most likely bounce, theres a possibility that I will open a long trade and be in and out quickly. I did the same thing the other day when BTC hit $37K. I entered at $38K and exited at $40K.
That's pretty much it, just keep a close eye on the $37K support level, if you are in any long positions I would exit if that level breaks.
- If you want to short I would wait and see if BTC gets another bounce first (which I might do) to around $40K, then you could enter to minimize risk, also look out for the formation of a bear flag on the high time frames, I wouldn't be surprised if one formed and that would be an excellent pattern to play for a short.
*** Once again be very cautious with longs and don't listen to these moon boy youtubers especially if they dont show any technical analysis!
Thanks Everyone and best of luck trading!
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.
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.