Bitcoin-short
Believe the bounce is over and a new local low is imminent...Hello friends,
As you know, my medium term perspective has been bearish and now a short setup has arrived and I will be taking it. I don't believe we are going to see new highs in bitcoin any time soon and the trend is down - therefore I am only looking to short with any real meaningful % risk.
-YS
BTC - More Downside ComingI do my best to only trade longer term trends. My last post was during the last bottoming event for Bitcoin when I was accumulating. In my opinion there's two scenarios here. We bottom out in the 5k range and bounce or Bitcoin breaches the 3200 low from last year and we destroy a lot of peoples hearts in the process. I've set my first two 25% short term buys for BTC, one of them has already been hit. I will evaluate market conditions if we break below 5k and publish where my final two buy targets will be.
6 Key Levels to Watch Out-Bottom for Bitcoin may not be so CloseFrom top to bottom, strength of each support level gets stronger.
Neutral interval between 5800-6400 may provide a strong support for a big bounce but I don't think that bounce will be high enough to end up bearish tone in the market.
Strong interval between 4100-5000 is being the turn of the bearish market to bullish seems most possible.
Last support interval between 2000-3500 is by intuition my favourite level. I've been thinking of Bitcoin dropping to this level for the last month and somehow it makes quite a lot of sense. It was the most popular idea of the previous bear market. If the rumors about Bitcoin dropping below 3000 start before Bitcoin actually reaches to that point, It may never be reached. If Bitcoin does reach to this level, probably it will catch many traders off guard.
Bitcoin - Short - Further DownsideAs mentioned on our last analysis since Bitcoin has dropped below $8572 we expect the expect the cryptocurrency to drop further towards the next support level a $6536. Additionally, there has been downside pressure due to the People's Bank of China announcing a clampdown on Bitcoin trading in China.
Bitcoin - Short - Key Support Level BrokenBitcoin has broken the key support level at $8572 and we therefore see further downside below $7000 to the next support level at $6536. Having been in a downtrend since the sharp rally in June and failing to gain positive momentum on the upside we would be cautious in taking a long view unless the cryptocurrency consolidates above the $10000 psychological level.
XRP/BTC Opportunity of trade (13,79% - R/R: 2.82) SHORT! Enjoy!Following the downtrend started with the first pulse and after the Fibonacci's retracement the downtrend should continue after the breakdown of the static support. The target is set following the Fibonacci trading rules.
Ride the trend & ENJOY!
Let me know what do you thing about. ;)
BTC/USD going back towards are between 8.600 to 8.400$!Yesterday price broke out from falling wedge. Big volumes haven't come in since and we are back on the same support. If price goes above 9.300$, this trade will not be active. I also think that if we fall, price should not go below 8K, but 8.5K seems reasonable to me.
Big picture BTC / USD Bull or Bear ?Hi ,
I try to display a big picture of what is going on with BTC / USD. Looking at this chart you can clearly see that the bounce that we got should have been no surprise ! Cluster support was present and reversal signals were there on the micro trend , hope everyone was able to make some cheese.
Looking at the big picture , I am still seeing a downtrend though. I expect some consolidation and then a nasty rejection that will put as at the mean of the channel again. Keep in mind , traders act upon what the chart is showing us. I dont have a magic ball , if the reversal signs tell me to go long , i will go long , but for now I am still bearish.
/_\
Bitcoin to stay above 7000 EUR till 28-30 octBitcoin is currently hanging around a resistance trendline.
I think it will struggle to hold above it.
If it breaks the resistance it will get stopped at around 7660EUR.
If it breaks the 7660EUR target it is not yet in a new bullish run.
As seen on the 1D chart and 3D chart there's a much stronger resistance trendline waiting to get tested.
There's a nice opportunity to go short at 7960EUR.
If it breaks the 7960EUR and holds it with nice volume it could sign into a new bullrun.
What is more likely is that 7050EUR gets tested and may have one jump from it.
Volume is slowly lowering and the bulls are slowly dissapearing.
probability to 7050EUR around 70%
probability to test 7650EUR around 30%
probability to test 7960EUR around 15%