Bitcoin was rejected for the 3rd time on the 8,200 - 8,360 zone, making a Triple Top rejection formation on 4H (turned neutral with RSI = 51.868, ADX = 28.597 as it is trading close to the 0.500 Fibonacci level). We are expecting the rebound zone within 6,400 - 6,800 assuming that the decline rate on every rejection increases by 0.40. There is also an obvious long term Support, which if respected will accumulate buyers for the next leg up towards 10,000.
just like the whales play with the bitcoin and can easily draw any nonsensical pattern on the chart, i think it's better not to expect anything at all. it could easily become a four-fold or five-fold top after that a sudden rise to 12k. the best short-term trading strategy for bitcoin at the moment is to toss a coin ;-)
Ruckusman
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@ReallyMe, I am also thinking of trying to daytrade on this market with a flip of a coin to decide long or short :) At least I won't be angry of wrong decisions ;)
BR R.
InvestingScope
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@Ruckusman, We do not suggest to day trade this market. Quite contrary we focus on strategic medium/ long term buy entries.
Ruckusman
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@InvestingScope, Thank you for your explanation. Basically I am also long term investor.
For my fun I would like to play with 10-20% of my portfolio on short term.
But as I can see this is very dangerous game ;) You can burn (get rekt) very easily. Only for if your nvers are made from stell :)
BR R.
p.s. Question: What does medium /long term mean for you (6 months, year, 10 year ???) ? .
I know that crypto market is much faster than traditional markets - so shorter periods.
h_btc
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Inverse Head and Shoulders Patterns maybe will plot
kardia
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"Expect 6,800 - 6,400"? Not necessarily.
h_btc
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Inverse Head and Shoulders Patterns maybe will plot
Ruckusman
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Hi!
I can't agree with you 100%. Why? Because I watch Bitstamp, which had a bit different pattern.
I checked highs of hourly and also 4H candels on Bitstamp, and I got following numbers
top 1 max: 8335
top 2 max: 8390
top 3 max: 8300
So I can assume that we have H&S which is little bit descending.
At the end of the day: Yes I agree all numbers are predicting fall. According to bitcoin history it will do something else :)
Br R.
InvestingScope
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@Ruckusman, Indeed Brian there is a slightly different pattern on Bitstamp. Still bearish tough. P.S. That wick on the May 17 1D candle was the result of the buy opportunity investors saw based on the other exchanges by the way and was one of safest buy opportunity on Bitcoin lately.
D4rkEnergY
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Here Are The EVIDENCE: BITCOIN Will GO into PARABOLIC BULL RUN! MUST SEE...