Price action correction to 31.5k

** Swing trade opportunity **

On the above daily chart price action has enjoyed a 40% move despite the calls from camp bear. A number of reasons now exist to be short, including:

1) A sell signal prints (not shown).

2) Regular bearish divergence.

3) Failed MFI support.

4) Stochastic RSI crosses down 80. Look left for what happens next (blue circles)

Lastly, RSI is overbought. Now it is true to say the overbought condition can remain so for an extended period of time. IF the pervious overbought condition is to be repeated then a correction will not be seen until around mid-November. 36k is expected to be strong resistance (see 10k idea).

Is it possible price action continues up like a lot of tradingivew.com ideas are suggesting? Sure.

Is it probable. 17% probability according to analysis.

Ww

PS: Before asking, no the alt-token market will not get destroyed. Some alts are overbought and others will do well from the Bitcoin correction. Which is which…

Type: Short. 36k entry.
Risk: 6%
Timeframe for short: Between now and mid-November
Return: That’s up to you.

Trade active:

The bulls, going to 100k! ETF!!
The bears, Blackrock has long orders to fill. Retail traders, please oblige.

Comment:

"You're the biggest Bitcoin bull on here, why now are you short?", already this message multiple times over.

Folks, read the idea.. if I can find the time to study, type, publish please do me the favour of reading it.

Comment:

34.6k, should that level offer overwhelming support, this idea may have to be reconsidered. Especially if folks are agreeing with the idea in general, that always raises an eyebrow or two.

Comment:

48hrs later... 34.6k is as useful as wet loo paper in a force 10 storm, lacking support resulting in dirty hands if you touch it. A re-test of 36k is expected albeit it is likely to be continued strong resistance.

Notice on the 18hr chart below price action has exited the upward channel following high bearish divergence and before that a high probability sell condition.

For long entries wait for a 31.5k re-test. Meanwhile there is some excellent long options for alts, will score and share them elsewhere.

18hr

Trade active:

Daily divergence. Take the stairs up and the elevator down.

Comment:

Back down to test 34.6k.. remember what to expect if support fails, a correction to 31k. A lot of fear will enter the market. Not important, just act. Be the 10%.

1-day

Comment:

34.6k saw a strong bounce just then, it is that you are looking for. Not sideways drizzle.

Comment:

The bulls are tenacious, bears be wary!

Trade active:

Is now almost a 20% correction to target. If you're holding an alt-token with broken market structure on the alt-btc pair, expect significant corrections on the dollar pair. Otherwise it is rainbows and sunshine for those pairs holding structure.

Comment:

36128

That's where you're now looking for a strong boing. 36127... all bets are off.






Wondering if the sarcasm will be detected...

Comment:

36128 touched and quickly bought up as expected.
Lets see where this goes..

Comment:

Support under test..

If gains are what you want, the stock market is where you need to be right now.

Comment:

Get a lot of messages on this one. Yes, still valid. Sorry it is not what you want to hear. A continuation in the uptrend is unlikely until weaker hands fill Blackrock's long positions at 32k ;-) Have a look at the order volume down there, quite fascinating.

Trade active

Comment:

Support is only a 20% correction away...

2-day

Trade closed: stop reached:

The 38k resistance breakout now requires a test of support. It will be the first test. If it fails, 31k is the next. Before any of that happen the next resistance shall be tested, which is 48-50k

Look for something like this:

Daily chart

Comment:

Correction on the sentence above should it be read wrong, my English is suffering, the resistance test of 48k can only occur following a confirmation of support at 38k.

Comment:

Might be on the cards sooner than we think... will update elsewhere.

Trade active:

The probability of a 30 to 40% correction has increased significantly.

Comment:

** Not the moment to go short **
Really.

Tradingview.com ideas are awash with "short" ideas at this time.

Did you know in a bull market (we're in one), Bitcoin price action corrections of 10 to 15% were followed by a strong up-tick in price action. There's a reason why 90% of players get liquidated. Emotions.

4hr

Comment:

These are the two levels to watch over the coming 3-4 months

The 2-week chart has now printed a Gravestone DOJI candle, this is a trend reversal signal. 38k would be a good accumulation point. However if this 2-week chart starts to print candle below 38k, then 31k will be tested.

2-week

Comment:

Some folks are asking if this idea is active again. Not yet...

Comment:

Keep you eyes pealed on this 2 month Gravestone DOJI candle. Should it close as is currently, there is a strong change of a collapse in price action down to the 28k area or the Fib 0.38, as is favoured by Bitcoin price action.

2-month