BTC Update - Wen Mewn? Not anytime soon.
Updated
Yes, I'm still saying BTC is not gonna moon anytime soon. This 85% retracement has prolonged the bear market by another 6 months at least.
Let's see what BTC has gone through over past 2 weeks.
The first drop
We dropped to 5180. Tested 0.382 Fib and went down
Second drop
We dropped to 4016. Tested 0.236 Fib and went further down
Third drop
Reached 3440. Saw 3 nice bounces from the current bottom. At the moment, we are testing 0.236 Fib again which happens to be the .618 Fib of last drop.
We have a downtrend resistance to test (marked in red).
We should keep moving sideways, test this resistance and get rejected.
Next resistance is 4460.
If we break this downtrend resistance, we can see BTC heading to 4460 and getting rejected or keep moving up to 4630 (.382 Fib) and get rejected.
I am short term bearish on Bitcoin.
Remember, it took more than 10 months to break 6k.
From recent bounces at 3500, it's clear that we won't break it easily.
Don't get me wrong, I'm long term bullish on Bitcoin but realistically, this bear market is far from over.
This is how I'll be trading this.
Initial Entry - 4165
Stagger 1 - 4430
Stagger 2 - 4620
Stagger 3 - 4760
SL - 4790
I'll update TPs once my initial entry gets filled.
Let's see what BTC has gone through over past 2 weeks.
The first drop
We dropped to 5180. Tested 0.382 Fib and went down
Second drop
We dropped to 4016. Tested 0.236 Fib and went further down
Third drop
Reached 3440. Saw 3 nice bounces from the current bottom. At the moment, we are testing 0.236 Fib again which happens to be the .618 Fib of last drop.
We have a downtrend resistance to test (marked in red).
We should keep moving sideways, test this resistance and get rejected.
Next resistance is 4460.
If we break this downtrend resistance, we can see BTC heading to 4460 and getting rejected or keep moving up to 4630 (.382 Fib) and get rejected.
I am short term bearish on Bitcoin.
Remember, it took more than 10 months to break 6k.
From recent bounces at 3500, it's clear that we won't break it easily.
Don't get me wrong, I'm long term bullish on Bitcoin but realistically, this bear market is far from over.
This is how I'll be trading this.
Initial Entry - 4165
Stagger 1 - 4430
Stagger 2 - 4620
Stagger 3 - 4760
SL - 4790
I'll update TPs once my initial entry gets filled.
Note
An Ascending WedgeWishful thinking?
Note
Initial entry got filled.In profits atm.
Closed my SHORT for the time being as Bitmex's funding round is in 2 hours and funding is really high atm.
It's gonna get higher. Bloody -0.27%
Don't like donating money.
Will try to find a LONG entry before funding round and gonna open a SHORT when Bitmex lowers their fee.
Note
Looks like rising wedge is in play here.This is what I'm looking at
Note
Note
Just got a contact on top of rising wedge.Definitely in play now.
Note
Rising Wedge has played out nicely.Waiting for the break of uptrend support.
Note
So, the rising wedge finally broke.Just took my first profit from this trade.
I've an average entry of 6317.
Further TPs are as follows
TP2 -> 4047
TP3 -> 3944
TP4 -> 3849
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