Bitcoin All Set To Retest Previous Market Structure

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is all set to test its previous market structure that it broke in November, 2018. This zone is one of the strongest resistance zones and the price is extremely unlikely to breach it. If the price runs into this resistance zone under current conditions, the probability of it facing a strong rejection is close to 1. The number of margined shorts for BTC/USD is still too high which further increases the odds of a rally towards $5,800. That being said, the big picture remains intact. I still see $BTC at $1,800 or lower before it bottoms.
Let's see how it goes!

@JefeCaan Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
+1 Reply
JefeCaan IgorPorokh
@IgorPorokh, Retest of previous market structure, rejection and then the big fall. Could take a lot of moving around in circles but that's what it is eventually going to come to.
I agree with your hard dump.. it's hard to see the level of the capitulation.. believe me when I say it will be deep! On the other side of it we will see a nice push up first. NVT... it's got some breath left in it.

Your humble servant..
+1 Reply
JefeCaan AdamFleish
@AdamFleish, I agree, the NVT has some room left in it. RSI and Stochastic RSI have also cooled off. Some people don't like to think of it this way because they think it's like the tail wagging the dog as most of these indicators lag behind, but still to each their own. I've been trading for a long time and I still get more out of indicators than I can out of price action alone.
AdamFleish JefeCaan
@JefeCaan, I agree, I chart with a purpose the 50, 200MA ..and the money follows..
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I keep thinking we are in a giant multi year ABC and if so, it means we are in the middle stages of a b wave. I'm targeting $6,400 but anything past that would be a welcome surprise. I do see the possibility of $10k but I think that's the highest we go.
+1 Reply
JefeCaan mc_peewee
@mc_peewee, I think that's a tad too optimistic. Lol. The price action during the past few months seems to have convinced people such rallies are sustainable but they are not. The resistance zone around $5,800-$6,000 is too strong to be breached under current overbought conditions.
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Where you been man? Glad to see you posting again. Also glad to see that we mostly agree. $1800 though? Wow, that seems so low. Are you going to do a post on the S&P by chance? Interested on how you feel about what it's doing at the moment.
+1 Reply
JefeCaan millert25
@millert25, Hey! Sorry been busy with some stuff. I will do a post on S&P 500 soon. Nothing much to talk about on that front yet. I'm waiting for the Iran Oil Waiver deadline of May 02, 2019. About BTC, frankly I'm thinking lower than $1,800.
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