Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
We've been on a roller coaster and we're currently having another ramp up to the top of the hill where we will inevitably be rejected. Let's just have a brief history lesson:
1. 17252 to 6013 and retrace to basically $12,000 ... twice. This retraced 50% and the fact that it didn't even make the 61.8% retrace should have been a key that we're heading down. We're in full bear mode.
2. 11700 rejection to 6425 support and retrace to 9990. Approximate 61.8% retrace. Definitely in the golden zone for a reversal play. Picture perfect.
3. 9990 rejection to 5721 support and retrace to 8500. Golden zone rejection. Picture perfect.
4. 8500 rejection to 5890 support... here's where things get hairy. Rejected at the 61.8 at 7429. Not quite to the 61.8 but close... we eventually did reattempt to spawn a bull market but we were rejected in a huge huge way. Shorts got liquidated and btc spiked up to over 7750. It landed at 6750 and we've basically been going down ever since then.
5. 7788 rejection to 3224 support... we've been impulsing since then. So what is next?
From a non-emotional trading perspective, if we get to the 61.8% retrace, we're likely to be done. It's possible we can push through it a little bit as the sentiment is very bullish right now.
If you are long, that would be a fantastic place to shut it down and wait for a confirmation of a trend reversal. If we start consolidating up there, then something else is happening, but I would expect a huge rejection at that point. That's about $6250 on finex or the equivalent of about $6200 on bitmex (current premium is about $45 as of this writing)
Keep emotions out and know algo targets.
No. I did not play every trade perfectly that I outlined before. I am simply explaining this to you based on what I see in historical patterns.
Yes. I do intend to take this trade and am currently long. I do plan to close the long at the 61.8% retracement. I do not plan to rush into a short.
I do expect our bottom to hold for now. This rejection that we ultimately get (we will get one... let's be honest with each other) will determine how deep we go.
Disclaimer: This analysis did not take into account any moving averages or other indicators and is solely based on fibonacci retracement levels that appear to have been honored throughout this whole bear cycle. I am fully aware there's a "golden cross" imminent but I do not believe that means we "have" to go to a new all time high. It simply means we are nearing the end of the bear cycle... We've been doing this for over a year now boys.
Trade safely friends!
<3 -CE-
We've been on a roller coaster and we're currently having another ramp up to the top of the hill where we will inevitably be rejected. Let's just have a brief history lesson:
1. 17252 to 6013 and retrace to basically $12,000 ... twice. This retraced 50% and the fact that it didn't even make the 61.8% retrace should have been a key that we're heading down. We're in full bear mode.
2. 11700 rejection to 6425 support and retrace to 9990. Approximate 61.8% retrace. Definitely in the golden zone for a reversal play. Picture perfect.
3. 9990 rejection to 5721 support and retrace to 8500. Golden zone rejection. Picture perfect.
4. 8500 rejection to 5890 support... here's where things get hairy. Rejected at the 61.8 at 7429. Not quite to the 61.8 but close... we eventually did reattempt to spawn a bull market but we were rejected in a huge huge way. Shorts got liquidated and btc spiked up to over 7750. It landed at 6750 and we've basically been going down ever since then.
5. 7788 rejection to 3224 support... we've been impulsing since then. So what is next?
From a non-emotional trading perspective, if we get to the 61.8% retrace, we're likely to be done. It's possible we can push through it a little bit as the sentiment is very bullish right now.
If you are long, that would be a fantastic place to shut it down and wait for a confirmation of a trend reversal. If we start consolidating up there, then something else is happening, but I would expect a huge rejection at that point. That's about $6250 on finex or the equivalent of about $6200 on bitmex (current premium is about $45 as of this writing)
Keep emotions out and know algo targets.
No. I did not play every trade perfectly that I outlined before. I am simply explaining this to you based on what I see in historical patterns.
Yes. I do intend to take this trade and am currently long. I do plan to close the long at the 61.8% retracement. I do not plan to rush into a short.
I do expect our bottom to hold for now. This rejection that we ultimately get (we will get one... let's be honest with each other) will determine how deep we go.
Disclaimer: This analysis did not take into account any moving averages or other indicators and is solely based on fibonacci retracement levels that appear to have been honored throughout this whole bear cycle. I am fully aware there's a "golden cross" imminent but I do not believe that means we "have" to go to a new all time high. It simply means we are nearing the end of the bear cycle... We've been doing this for over a year now boys.
Trade safely friends!
<3 -CE-