Alright so here's the game plan coming up for bitcoin. We are in a DOWN-TREND. When we're in a down-trend, you don't try and buy the dips, you try and short the pumps. I have a target of 7.2-7k right now and have for a couple weeks now (see my previous posts which i posted links below. These go into more detail on why I had this target for the last week and a half or so). I do think that there's a high probablity of 7k-7.2k being the bottom, however, being in a down trend I will still be looking for price action buy signals at those levels before buying because catching knives is not my specialty lol. We need to see some real bullish price action before this baby is turning around. Ride the trend, don't try and catch the bottoms and tops. Much easier and more profitable in the long run. When we get a huge daily green candle on huge volume, that's when you look to start buying dips. But as of now, I will be looking to short pumps, especially if we make it back up to 7.8-8k which I think will be a very prime short if we can get up there.
Good luck, be patient, and see how price reacts to the 7k range before making any moves. Lots of reputable traders think 3k is in the cards. I don't necessarily believe that, however, it's absolutely not out of the question yet so I will be waiting for bullish price action in the 7k range before going long.
Another less probable possibility is ranging at 7.4k and then moving up. There is support from 7.4k down to 7k so there is a possibility that 7.4k give or take ends up being the bottom but as I said, wait for bullish price action and short the pumps until that is evident. I'll keep you updated as much as I can, but I've had a lot going on lately so just stick to the plan and let's make some $$!
Short in the red box, maybe buy small amounts in the green box and if volume seems to be fading out and we begin to level out around 7k, then I would also consider buying on a dip to 7k with a very tight stop.
Lastly, as I said above, the two ideas I linked below will give you a much better insight on this. Than what I described right here.
Good luck, be patient, and see how price reacts to the 7k range before making any moves. Lots of reputable traders think 3k is in the cards. I don't necessarily believe that, however, it's absolutely not out of the question yet so I will be waiting for bullish price action in the 7k range before going long.
Another less probable possibility is ranging at 7.4k and then moving up. There is support from 7.4k down to 7k so there is a possibility that 7.4k give or take ends up being the bottom but as I said, wait for bullish price action and short the pumps until that is evident. I'll keep you updated as much as I can, but I've had a lot going on lately so just stick to the plan and let's make some $$!
Short in the red box, maybe buy small amounts in the green box and if volume seems to be fading out and we begin to level out around 7k, then I would also consider buying on a dip to 7k with a very tight stop.
Lastly, as I said above, the two ideas I linked below will give you a much better insight on this. Than what I described right here.
