Over the last month and a half BTC has been extremely bullish by placing new highs and by once again reaching the top of it's long term channel.
This is a deciding point for BTC. There are multiple scenarios that could play out, here are a few that I believe are the most probable.
Scenario 1:
Many of us know that history tends to repeat itself, therefore BTC could very well be rejected by this trendline and either
a) form a new, more gradual trendline that will follow the top of the channel (not likely)
b) follow its volatile instincts and start a retracement
If (b) plays out, I would wait for a break of $4,488 to confirm the retracement. From there I would not hesitate to place my short orders, taking profit at the prior trendlines and fib levels shown.
Based on this chart, my final target would be around $4000. That is IF the bottom channel line actually acts as support. If the channel does not hold, we could experience lows closer to $3,000 before finding major support.
Scenario 2:
Some people say that rules are meant to be broken, and well, so are trendlines.
If the top of the channel breaks and BTC pushes though, we will likely experience ever higher highs.
My first target would be $5431, and if that would break $6,685.
Now I do not believe this last scenario is very likely, however some analysis say that BTC will be over $100,000 in the years to come. I suppose if they are right, it must get there some way.
Regardless of which scenario plays out I will try to post updates as frequent as possible.
I wish you all luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
This is a deciding point for BTC. There are multiple scenarios that could play out, here are a few that I believe are the most probable.
Scenario 1:
Many of us know that history tends to repeat itself, therefore BTC could very well be rejected by this trendline and either
a) form a new, more gradual trendline that will follow the top of the channel (not likely)
b) follow its volatile instincts and start a retracement
If (b) plays out, I would wait for a break of $4,488 to confirm the retracement. From there I would not hesitate to place my short orders, taking profit at the prior trendlines and fib levels shown.
Based on this chart, my final target would be around $4000. That is IF the bottom channel line actually acts as support. If the channel does not hold, we could experience lows closer to $3,000 before finding major support.
Scenario 2:
Some people say that rules are meant to be broken, and well, so are trendlines.
If the top of the channel breaks and BTC pushes though, we will likely experience ever higher highs.
My first target would be $5431, and if that would break $6,685.
Now I do not believe this last scenario is very likely, however some analysis say that BTC will be over $100,000 in the years to come. I suppose if they are right, it must get there some way.
Regardless of which scenario plays out I will try to post updates as frequent as possible.
I wish you all luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Comment:
BTC Daily Candle closed above the trendline. $5,000 is looking very likely at this point
Comment:
WRONG CHART: correct one is below
Trade active:
BTC broke support.
My first target is $4389, and if that fails to find support, $4249. I will cut losses if we close a full candle back above support.
Pleasse note that I am a day trader, this is a game of ladders to me. For some it may be more benifitial to avoid my profit levels, and hold your positions open for longer periods of time.
This is not my trading advice for you, I am merely showing that BTC has broken an important level, and these are my following steps.
I wish you all good luck!
My first target is $4389, and if that fails to find support, $4249. I will cut losses if we close a full candle back above support.
Pleasse note that I am a day trader, this is a game of ladders to me. For some it may be more benifitial to avoid my profit levels, and hold your positions open for longer periods of time.
This is not my trading advice for you, I am merely showing that BTC has broken an important level, and these are my following steps.
I wish you all good luck!
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
