I missed another short opportunity today, doing other less important things than trading. Still I am short, but entered late.
I believe most likely we have bounced off the top of a wedge/downtrend and are going down....towards 3250.
Here is the setup.
Again I should have entered this somewhere around 3440, but I did not.
How do I come up with that 3250 number you ask?
Good Question. First it is the bottom of a downtrend/wedge that I drew. But even stronger are support lines from the rally in 2018.
Once we reach 3250 bitcoin is going to have to make a real big decision: Are we bottoming with some forme of double bottom or adam and eve pattern or did we just take a little break to then really get where we need to go (ie. 1k-2k range).
Most analyst I respect believe we are going down further. And I do too.
But I do believe that around 3250 there will be lots of support at first, so my current short will be closed at that spot.
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I'm also leaning on "it'll probably go lower" group. The more interesting question IMHO is are we getting to a point where something else could go against the overall BTC trend. So far I don't think we have reached that point. But I can see so many great stuff building behind the scenes when it comes to alt coins.
These are just few good ones on top of my head. People are eventually going to get frustrated of waiting for Bitcoin. It's just these big believers of BTC haven't suffered enough yet.
Good Luck on your shorts!
What site are you margin trading on? I took a break from it, but need to get back. Just saw Kraken is going to open up options.
Yea, still looking for BTC to hit $3,000. The volume has been nonexistent, and extremely unlikely for bulls. Should be other short opportunities here soon, or still currently. These charts are relevant for the daily level, so a pullback would typically last a few days.
Now when everybody thinks it will go down.... it will go up...
Clever idea about the 3250, in fact i have all ready setup a long position over that area, im expecting a recovery lapse since 3250 - 3200
Interesting. I hope you are right!
I think we are sure in for some fireworks...
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:( Please tell me Bitcoin will reach again $7,777 this year
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I hope that descent is not so serious
