BTC still has plenty of room to continue to move down. This shape has resembled past moves very very closely and the price will likely base in march when accumulation begins to overcome distribution.
Comments
Mdotee.
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what marketplace do you trade on to short?
TheChasm
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BTC-E > MetaTrader 4
Mdotee.
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thanks a million. I bought in the mid 600s expecting a upward breakout in the next 2-3 days, but after seeing your TA, it seems wise to bow out gracefully and buy back in the 500s
TheChasm
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If you are referring to this chart as why to buy back in the 500s I recommend checking out some other ideas. This chart didn't work out as I planned. We only have 1 candle wick down through my accumulation zone, and price has stayed in the upward quadrant so far throughout March. I don't have a lot of confidence in any of my short term BTC predictions right now. I have bought a lot of coins in the low 600s and I have some more money ready if we drop to the 500s. I am going buy and hold right now for long term.
Mdotee.
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Thanks for clarifying-- I am no expert but I thought I was seeing buying signs too when I pulled the trigger. It sounds like this chart goes against the predictions on your earlier arc chart. Guess youre going back to what works :)??
tradingview.com/v/i7XH8AgX/
TheChasm
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Yeah, if you look at that chart it looks like the bottom is in, and its all upward from here with small pullbacks
Many thanks for this chart - much appreciated and I value your analysis. My buy limit orders on my shorts from $663 are in the middle of your accumulation zone so I hope that's a good sign! Thanks again and best wishes, Nick
TheChasm
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okay goodluck! hope you make some money
TheChasm
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Did you hit your BUys? We had one candle down to 400