If we see a drop below 706 then I'll open up a short back up above it.... Alternatively if we get above that red level I'll look to buy that if it looks like support
Ask side of the book is so light right now, shorts so high with people saying high shorts don't matter = big bounce
It's all looking doom and gloom unfortunately. I had high hope that we were finally bullish again and was looking for big numbers by the end of the year but the recent blood while positive news was coming out combined with losing the high only points to more downside :( I'm looking to hedge my bitcoin exposure and pick out margin shorts unless we get a 1k candle lol
After the big EOS sell off of ETH and relentless down pressure on ETH I think it's time for a decent push up.
Last weeks choppy BTC idea ( ) has played out damn well and will hopefully continue to do so. If we bounce here then it's highly likely we will get a sell off in box A followed by a retest of level B. If B then holds we're cleared for more upward momentum. Failing level B and we better hope the 5.8k level holds us! If we don't bounce now then I'll be layering...
For the first move down we retraced to just over the 38.2 fib For the second move down we then retraced to the 61.8 fib of that move And this time... how about we skip the next fib again and this time retrace 100% of that move!?
Don't think we are due any big moves over the next 7 days, more chance of chop and accumulation before we head up any further so I plan to take small profits often, playing both long and short on any pops and drops
I'm patiently waiting with my orders laddered in the buy zone, 6666 number of the beast is calling but hopefully we should surpass that so I'll stick a couple of take profits in. I think we've seen the bottom now for a few weeks at least.. maybe THE bottom
Reverse head and shoulders could play out here to take us back up to 7k
Mid last year I told family and friends bitcoin was going to 10k, I had a plan, I didn't follow it... This year I'm saying bitcoin goes to 85k and I'm sticking to my new plan and this time I'll be setup for life. So another month or so of down, start building a position sub 5k, could go as low as 3. I'm no pattern guru but looks like we could be forming the...
Looks like it's maybe time to test that support level, if it breaks then 8.5k otherwise get lonnnng!
Bitcoin daily chart: Another 1k up today, followed by some sideways, a failed breakout of the wedge then a bounce off the cloud to moon :)
Looks like we'll test yesterdays high any time now, if we go through it I think we'll have a nice short squeeze and go more bull than yesterday, if we go down from that line i think we'll go down hard below 13k.
Initially I was going for 6.4k to the bitcoin gold fork then a 30-40% correction but that just didn't sit will with me so I've extended this fifth wave inline with the third extended wave which takes us to 7.5k, hitting the top of that trendline and coinciding with bitfinex cutting off USA dealings and possible events/complications with the next bitcoin...
Short until trend-line then long for mooon ;)