[BTCUSD] Long-term: Bitcoin is going down even more!
Let us start with supports and resistance.
RED LINE - This is our resistance, currently sitting at 4499. We have a very low chance to test it since we keep forming lower highs.
BLUE LINE - Our first support, currently testing it. I personally will wait for closing of 4-hour candle to confirm the way it is going. There is a chance for a bounce (although a small one, bulls are just not strong enough) as we have side action that currently going for 2 weeks.
YELLOW LINE - Our next support at 2967. A major one I would say. Expecting test & bounce towards BLUE LINE. Then slowly falling, retesting and failing as market is getting more and more pessimistic.
GREEN LINE - Another major support 1887. This area would be my buy zone. And to get there could take a few months. My guess is June/July next year.
This TA is obviously pure speculation. Nobody can predict the market, so please do not take this analysis as trading advice. That being said, I wish you all good luck in this wild wild west.
If you like my (somewhat controversial) technical analysis, give it your like please. It would be highly appreciated. :)
Thank you and HAPPY TRADING!
RED LINE - This is our resistance, currently sitting at 4499. We have a very low chance to test it since we keep forming lower highs.
BLUE LINE - Our first support, currently testing it. I personally will wait for closing of 4-hour candle to confirm the way it is going. There is a chance for a bounce (although a small one, bulls are just not strong enough) as we have side action that currently going for 2 weeks.
YELLOW LINE - Our next support at 2967. A major one I would say. Expecting test & bounce towards BLUE LINE. Then slowly falling, retesting and failing as market is getting more and more pessimistic.
GREEN LINE - Another major support 1887. This area would be my buy zone. And to get there could take a few months. My guess is June/July next year.
This TA is obviously pure speculation. Nobody can predict the market, so please do not take this analysis as trading advice. That being said, I wish you all good luck in this wild wild west.
If you like my (somewhat controversial) technical analysis, give it your like please. It would be highly appreciated. :)
Thank you and HAPPY TRADING!
Comment:
We went right through the BLUE LINE like a knife through the butter. Next stop is going to be YELLOW LINE at 2967.
Trade active:
Currently testing blue line resistance as predicted. Congratulations to all that predicted this move and made some extra USD. Next move is being expected as a slow burn down towards green line.
Happy trading to all :)
Happy trading to all :)
Trade closed: target reached:
Closing this trade. We hit some lines, bought some BTC, and went to sleep. Now we are dreaming about money.