Hello traders,
call me crazy but here is an idea for what could happen to Bitcoin. Looking at the 1hr chart, you can visualize a descending triangle pattern formation all the way from the top fib
level at 13k down to bottom fib level at 11k. We have broken to the downside and are now testing its resistance.
It would seem very convinient for Bitcoin to bounce off 10k exactly and continue the rally.
Of course, if the bulls manage to push the price above 11k back into the triangle, the idea is invalidated.
Otherwise, we are looking at a potential 15-20% drop towards the 9000$ where we can find another fib support (around 9350$).
For the bullish side, we did see a bounce off 1 day EMA which could result in resuming movement upwards. However, Bitcoin and alts are still mostly under important resistances.
Combined with short term bullish sentiment we may get from bouncing off 10000$, this might be a perfect setup for a dip where alts would hit weekly EMAs and panic might step into the market.
If you do decide to enter shorts don't forget to set stop losses to minimize risk, the reward looks promising.
Hope you enjoyed this quick analysis and if you did, please leave a like so I know to make more of these :)
I wish you all successful trading!
CLS
Disclaimer: This is not financial advice. Always do your own research before investing and/or trading. Cryptocurrency markets are extremely volatile and thus should be approached with caution.
Make sure to limit your exposure according to your risk profile.
call me crazy but here is an idea for what could happen to Bitcoin. Looking at the 1hr chart, you can visualize a descending triangle pattern formation all the way from the top fib
level at 13k down to bottom fib level at 11k. We have broken to the downside and are now testing its resistance.
It would seem very convinient for Bitcoin to bounce off 10k exactly and continue the rally.
Of course, if the bulls manage to push the price above 11k back into the triangle, the idea is invalidated.
Otherwise, we are looking at a potential 15-20% drop towards the 9000$ where we can find another fib support (around 9350$).
For the bullish side, we did see a bounce off 1 day EMA which could result in resuming movement upwards. However, Bitcoin and alts are still mostly under important resistances.
Combined with short term bullish sentiment we may get from bouncing off 10000$, this might be a perfect setup for a dip where alts would hit weekly EMAs and panic might step into the market.
If you do decide to enter shorts don't forget to set stop losses to minimize risk, the reward looks promising.
Hope you enjoyed this quick analysis and if you did, please leave a like so I know to make more of these :)
I wish you all successful trading!
CLS
Disclaimer: This is not financial advice. Always do your own research before investing and/or trading. Cryptocurrency markets are extremely volatile and thus should be approached with caution.
Make sure to limit your exposure according to your risk profile.
Comment:
Took some profits at 9800$ (10% profits from 10600 entry), however I am not convinced that 9700 was the bottom just yet. Bitcoin needs to rally above 10400 for the bullish scenario to become more likely.