Hello Everyone,
Recalling from my last post, I had made a claim that I thought bitcoin was going to come down, Primarily to the $50,000 to $45,000 area. Although I was wrong about the severity of the drop, bitcoin did drop to $55,000. Now it looks like things are starting to heat up again. We have a confirmed Inverted Head and Shoulders pattern on a 12 hour timeframe with the breakout of the neckline at $60,000. This pattern is extremely bullish and I would not be surprised if this takes the price from $60,000 to $80,000.
A few things to note:
1. Bitcoin needs to close above $60,000 on a daily timeframe and a weekly timeframe for this move to have even more confirmation. $60,000 has been rejected 3 times now.
2. Keep in mind that Bitcoin's monthly and weekly timeframes look very overbought with buying momentum waning (please refer to my last post) and could see a decent sized drop unless things start to change.
3. My short term target is $68,000. This falls in line right with the current trend. If this trend gets broken, I am looking for a test of my green trend line somewhere in the $75,000 to $80,000 range before I would consider taking profits.
To summarize, I would say as a trader, you need to have a plan and another plan if your original plan doesn't pan out the way you thought it would. You need to be able to adapt and change as the charts play out. No one is right 100% of the time, we can only analyze and make hypothesis on what we believe may or may not happen.
Please give me a thumbs up if you liked the post and comment your opinion below.
As always, manage your risk, be patient, and good luck trading!
Recalling from my last post, I had made a claim that I thought bitcoin was going to come down, Primarily to the $50,000 to $45,000 area. Although I was wrong about the severity of the drop, bitcoin did drop to $55,000. Now it looks like things are starting to heat up again. We have a confirmed Inverted Head and Shoulders pattern on a 12 hour timeframe with the breakout of the neckline at $60,000. This pattern is extremely bullish and I would not be surprised if this takes the price from $60,000 to $80,000.
A few things to note:
1. Bitcoin needs to close above $60,000 on a daily timeframe and a weekly timeframe for this move to have even more confirmation. $60,000 has been rejected 3 times now.
2. Keep in mind that Bitcoin's monthly and weekly timeframes look very overbought with buying momentum waning (please refer to my last post) and could see a decent sized drop unless things start to change.
3. My short term target is $68,000. This falls in line right with the current trend. If this trend gets broken, I am looking for a test of my green trend line somewhere in the $75,000 to $80,000 range before I would consider taking profits.
To summarize, I would say as a trader, you need to have a plan and another plan if your original plan doesn't pan out the way you thought it would. You need to be able to adapt and change as the charts play out. No one is right 100% of the time, we can only analyze and make hypothesis on what we believe may or may not happen.
Please give me a thumbs up if you liked the post and comment your opinion below.
As always, manage your risk, be patient, and good luck trading!
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Follow us on twitter: twitter.com/Roman_Trading
Watch my livestreams: www.youtube.com/channel/UCrTMgyZA0lxAa5hrCHlRLeQ