MMBTtrader

BTCUSD some range and rise is needed after that huge dump

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We are near one of major support that we talked about it on daily charts that targets reached:

and we may have some range or rise here on this area too I know market is strongly bearish now and can break this local support that mentioned on chart but lets take short-term analysis after while .

we have rise from 47500 and best entry point for long now are 0.5% and 0.6% Of Fibonacci that are :
0.5% = 48600$
0.61% = 47800$

market can gain strength if touch these supports and continue to rise (0.5 already touched).

else we may have some more shorts and continuation of falling .

DISCLAIMER:.
1.trade carefully and have stop loss for sure
2.Past performance is not indicative of future results.


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Trade active: after these targets we are looking for some range and rise :
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Comments

It will probably go to the 38-42k area in the coming weeks, but trying today would surely be met with support earlier so you are most likely correct we'll get a small rally later today or on Friday and for the week-end with bearish trend resuming next week.

But IF it does go to 38-42k this week... after the rally, bear target might be 25-32k over the next few weeks.... time will tell....
+10 Reply
MMBTtrader RamzaBehoulve
@RamzaBehoulve, it can why not market has strong reversal pattern at top and it can fall
+1 Reply
MMBTtrader RamzaBehoulve
@RamzaBehoulve,

new analysis about BTC

and if one support break we may have more fall and we are now looking for that zone that remain valid
Reply
I think strong selling pressure is going to continue today and maybe a few more days a with few breaths in between. People just entered disbelief or denial. Not sure which, you get my point ;). Quality content, as always MMBT!
+5 Reply
@apsnt, thanks a lot bro and yes it can continue and i will update 4H and daily charts soon but we may have some correction and rise in this area too and that's good for short-term traders
+4 Reply
tvcross MMBTtrader
@MMBTtrader, we will be grateful if you can share any new update about your last call.
Reply
I think we are at the begining of a down trend
+2 Reply
MMBTtrader OptimoomFX
@OptimoomFX, i had same idea too but this analysis is for short-term traders and consider falling too and said which condition is needed for price to go lower
+1 Reply
tvcross MMBTtrader
@MMBTtrader, as far i know short-term means less then a Year. :) Agreed +++
Reply
sxott72 OptimoomFX
@OptimoomFX, I hope so. I traded all my BTC for stable coins at 53k. I want to buy back twice as much :)
Reply
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