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Bitcoin BTC - What is next after the pump and dump? Buy or sell?Bitcoin BTC - What is next after the pump and dump Dear friends You see here the 12 hours chart of Bitcoin. This is therefore a medium term analysis. We see that after the pump and dump action that Bitcoin has dropped and is still in the trading range. This range is between the gray zones from 28800 to 42000 USD. How do we proceed in this range is the big question. In a range, a stochastics or other oscillator works best. So below is a stochastics and it is now crossed and in overbought modus. The best time to take a long position is at the bottom of the range and a short position (or just no position and sidelines ) when the price is at the top of the range. So currently Bitcoin is somewhere in the middle. Right now the stochastics is suggesting a decline because it has crossed and is over bought. For going long, the best buying moment is to wait for the Stochastics indicator to drop below the 20 level and then make a cross upwards or go short with a stop at 42000 when the price of Bitcoin hit the upper boundery of the trading range. You can also use Candlestick patterns at the top and the bottom for entry signals and of course you need to zoom in on a lower timeframe like the 4 and 1 hour. This will help to find a more precise entry. A divergence in the stochastics is extra confirmation but as you already know, it is not always happening. By the way friends, you do not need to be in the market all the time unless you are trading on the very short term. Of course you have the problem that the market goes on 24 hours a day and therefore also when you are sleeping... The stop loss is exactly below 28800 for Longs and 42000 for short positions. So now it is waiting see Bitcoin going to the bottom or top of the range for a low risk high reward trade. This is because the stop can be placed close to the entry and the targets are far away. In the middle it is much more risky because of the chaotic price behaviour and manipulation. What is the expectation now? A rectangle after a drop (red arrow) is a continuation pattern. The longer it lasts the more reliable it is. This does not mean that it always happens. It may be that we break out on the upside but again according to the rules of TA it is on the downside. If this is reliable now with the unlimited printing of central bank Dollars en Euro's with the trillons that is the question. We see in the stockmarket already a rise since the central banks are printing unlimited dollars and we now even have all time highs. This happens all in a period of Covid, huge rise in debt and more. So it is very clear that the money is just indirectly injected in the markets what prohibits a stockmarket crash already for 10 years in a row). Bitcoin however did decline 50% but now it is integrated in more special funds, so the impact of the printed Dollars will increase for sure. What are the targets if we get a breakout? That is the largest move in the range that is projected on a breakout to the upside or to the downside of the range. A breakout below 28800 has a target of 17500 usd and a breakout above 53000 usd. It is clear and simple which is always the best! The ideal time to buy on a breakout however is after a retest of the breakout level. see the chart for examples. Very important: After a breakout the stochastics can be a long time in overbought or oversold mode because oscillators work well in a trading range but not in a trending market. Can you trade within the range? Yes perfectly possible if you trade on shorter timeframes. However, this analysis is for the medium term. The longer the time frame the more reliable the results are because the noise has been filtered out. --- > In this market I advice to use tight stops. <--- Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart. I wish you all good luck with trading! Disclaimer This is my view, no advice to buy or sell. Also always do your own research! --->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
by PegasusTechCharts
34
Chart theme by PaintChart - Facebook Symbol Candles: 4267B2, FA3E3E Borders line: 4267B2, FA3E3E Wick: 4267B2, FA3E3E Last Value Line: Thickness 3 Appearance Background: E9EBEE Vert Grid Lines: FFFFFF - Line Horz Grid Lines: FFFFFF - Line Scales Text: 4267B2 Scales Lines: 4267B2 Crosshair: 4267B2 - Dashed Line Style Growing: 4267B2 - Opacity 50%
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Chart -> Chart settings -> Color -> Click the Add custom color button and paste each color code. If you like this theme, please click Like button!
BITFINEX:BTCUSDEducation
by UnknownUnicorn5815487
Chart theme by PaintChart - Evian Symbol Candles: 007CBB, E1194A Borders line: 007CBB, E1194A Wick: 007CBB, E1194A Last Value Line: Thickness 3 Appearance Background: F7D8DF Vert Grid Lines: FFFFFF - Line Horz Grid Lines: FFFFFF - Line Scales Text: 007CBB Scales Lines: 007CBB Crosshair: 007CBB - dash line Style Growing: 007CBB - Opacity 50%
 Falling: E1194A - Opacity 50%
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Chart -> Chart settings -> Color -> Click the 'Add custom color' button and paste each color code. If you like this theme, please click Like button!
BITFINEX:BTCUSDEducation
by UnknownUnicorn5815487
BTCUSD From Aug 2013 until 2017 Fib give 88.60% Support at $3200Well You see the Very low Support Level was at 88.60% on this chart. If you have noticed that this price action is the same as we are in right now. I have posted also the chart from november 2017 until now in my TV so look at both charts and you will see identical price movement in both chart. First the Highest bar and then the first low after the High it stops at 61.80% fibo level. Also the waves after the first are identical. So if we go through the whole fase than our support will be at 88.60% level! on the latest chart from BTC that i have posted you can see that this level is around $ 3200
BITFINEX:BTCUSD
by Kurd0w
2