Btcudst
BTC Long ideaIf we are to brake current low, this is area that I would be expecting to see bounce from.
Longs are currently pretty high up, we are rising on declining volume, if low brakes I would expect pretty steep move down to that area.
Bitcoin in the triangle pattern!As you can see in the picture, there is forming a triangle pattern. It broke the blue trend line and looks like it will go down. 9 200$ is a strong support line. Another strong support is at 8 000 $. If you have a conservative strategy it is better to go to USDT partially. if you have some spare BTC it is better to hold them in USDT. The green zones are potential buy zone for BTC.
BTC looks so ugly on the LOG SCALE.NO FUD here just facts !
Let's get right into this.
Looking at the Linear scale ( )
BTC looks as if it has broke the down trend coming from ATH. but then the momentum is very slow,this is not how the market should response to a MAJOR break out like this. usually when such a break out like this happens, we see massive increase in volume as well as PRICE. but this just did not happen , why so ??
looking at the LOG scale
here >
( which most of the time give a BETTER observation and understanding ) we see that BTC is approaching the MAIN DOWN TREND and have not broke above as in the Linear scale.
therefore he are 2 scenarios which may happen from right NOW to 2-4 days AT MOST.
1- BTC will touch or nearly touch the trend line and bounce back down in a very ugly way !
2- BTC breakes up , close above and then take off to 11K in no TIME.
what do i think ?? I do not want to guess the market, am moving my long potions SL which most entered at down trend 64**$. just a few hundreds from current price. and i am going to wait for the action to happen , i prefer to jump in a bit late than TOO EARLY.
btw this apply to alt coins too. once BTC starts moving everything will follow and vice versa.
do not say i did'nt warn ya :D
Good luck
Is bitcoin price creating another inverse head & shoulder?I see another possible inverse head & shoulder... coupled with declining volume... does that mean a breakout upwards soon? Or will it go down?
I did tell you! How to Trade Bitcoin 101!Well... it played out pretty nicely!
As mentioned in my previous post, we were expecting the bounce to meet resistance between 10.2-10.4k. The bulls tried REAL hard to get it through the .236 fib line and the previous support/resistance level. It nearly got to 10.5k which I didn't quite expect and was slightly nervous with the short opportunity for me coming in at 10.4 but there was just nowehere near the volume needed to break through and then we saw a BIGGG volume sell off between 7-11am UTC.
There was a big time immediate sell off at 7 UTC which tanked the price down to 9.5k (how amazing as a trader that our most stable asset can move 8% of it's $180bn market cap in less than an hour!). The bulls then pushed it back to 10.1k at the close of the 1h candle. We then saw further sells taking it down to the magical .382 fib level. This is a really key level and we are seeing it be tested as support. Other than closing a short from 10.4k, I would advise monitoring here as there's a chance it gets a bit choppy. We need to see if the support continues to hold so I'd be patient with this one and let the trade come to you. Keep monitoring volume, but i'd expect .382 to be tested a few times and ultimately for it to break when the volume is strong enough.
I know I know... it's blasphemy to say you want BTC to retrace down, but if we are thinking long term this is what we need. IF we see a retrace to .500 (or even .618) then we are looking at a lovely bullish setup in mid-March!
Good spike if price goes above 9kPrice did not react really strong to the supply zone at 9k. Price could go really high if it goes above 9k
BTC Blood Path - The AftermathFirst of all I would like to apologize for the bad quality of my current chart due to how much I feel exhausted.
However This is a wild shot forecast for the expected BTC market next move after today's blood path which cam as a result of the Chinese authorities latest decision which is related to Chinese based exchanges regulations.
In this one I count on what I like to call (Market's Memory) and The Human Psychology which has a great effect on the market future movement, and in doing so I'm neglecting everything we know about fib levels etc.. .
According to MHO, I believe we almost found the new support for BTC (within $3,100 - $3,200 range) according to the past strong support points BTC was showing before the latest price surge which began a month ago (Market's Memory), yet a confirmation is needed to test if this theory is right (hopefully) or wrong.
Disclaimer: The market predictions and ideas I post are of my point of view and depends on what I see (according to the market strength and prices movements), it's subject to human error/price manipulation. Trade carefully, do your own homework.
My twitter: twitter.com
