Bittex
Bitcoin Drops As Expected, But How Much Lower? (Trade inside)Bitcoin (BTCUSD) just had the first strong drop in quite a while, but this is no surprise, we were expecting this... Here you can see our previous analysis:
Now, the question is this, how much lower can Bitcoin go?
We are looking mainly at EMA100 on the daily time frame, but EMA50 goes first. I would say our next stop goes at $4680 depending on how the day closes, but this retrace is just starting and it can take a while to fully develop.
Here is our latest Bitcoin (XBTUSD) trade:
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Trade: SHORT XBTUSD
Leverage: 10X
Buy-in: $5400 - $5500
Time Frame: 1D
Targets:
(1) $4970
(2) $4710
(3) $4500
Stop Loss: Close 1D above $5650.
Liq. price: $6029
(Buy-in calculated at $5460)
Profit Potential: 213% ROE
Capital Allocation: <10%.
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Where do you think Bitcoin is headed next?
Leave your comments in the comments section below, and remember to hit like.
Namaste.