Sorry for the delay. I've been hiking in Iceland.
Well guys, it was a great run from 4500 to 5000 in the last few days, and just as I said in my previous posts: "We should see some profit taking and a pullback at 5000."
Price crashed quickly and sharply after reaching 5000. A lot of profit takers were waiting for that moment to press the sell button. Faster than even I expected.
5000 is a big psychological number. It is going to take some power and some big news to break that level. It took us from August 14 - September 1 to go from 4000 - 5000, and I think we'll need a few more weeks or months at least to break 5000. Until then, I fully expect a range to develop between 4500 and 5000, bouncing back and forth between those levels until, we finally break out.
Overall I am bullish long term, but short term in the coming days and weeks I am neutral.
There is too much money coming in to see a serious break to the downside. Maybe we break down to 4000, but I expect any dips under 4500 to be bought up with fury by all the people who missed out and by all the big players who want to get some more bitcoin at a cheaper price.
Therefore, I suggest several actions:
1. Wait until a breakout of 5000. When we do, it should be a powerful move. Set your alarms.
2. Play the range between 4500 and 5000. When the price is around 4500, go long, and when the price is around 4900/5000, sell it.
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!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
Well guys, it was a great run from 4500 to 5000 in the last few days, and just as I said in my previous posts: "We should see some profit taking and a pullback at 5000."
Price crashed quickly and sharply after reaching 5000. A lot of profit takers were waiting for that moment to press the sell button. Faster than even I expected.
5000 is a big psychological number. It is going to take some power and some big news to break that level. It took us from August 14 - September 1 to go from 4000 - 5000, and I think we'll need a few more weeks or months at least to break 5000. Until then, I fully expect a range to develop between 4500 and 5000, bouncing back and forth between those levels until, we finally break out.
Overall I am bullish long term, but short term in the coming days and weeks I am neutral.
There is too much money coming in to see a serious break to the downside. Maybe we break down to 4000, but I expect any dips under 4500 to be bought up with fury by all the people who missed out and by all the big players who want to get some more bitcoin at a cheaper price.
Therefore, I suggest several actions:
1. Wait until a breakout of 5000. When we do, it should be a powerful move. Set your alarms.
2. Play the range between 4500 and 5000. When the price is around 4500, go long, and when the price is around 4900/5000, sell it.
-----
!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
Comment:
Looks like we crashed below that 4500 level. Next stop 4000. Be true to your stops.
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591