Me: An intellectual, "Top"/"Pro" Traders: still short.
- 11-12k major resistance.
Any Longs from 4k are aiming fibonacci retracement (1.6) at 12-13k.
Stop loss set at 9,600 per BTC.
I am not trading this. My spot trades were placed months ago. Any buy under 10k is good moving forward.
Potential to switch to bearish if SPX continues overarching bearish trend. IT IS CLEAR that the markets are unsure about reopening the economy. All of this correction that has occurred is natural and will break downwards resulting in more losses for bulls across all markets.
Previous halving's have been great for bulls, but this time there is only FUD being spread by people who hardly understand the nature of things. Around 7.9-8.2k bitcoin I was receiving texts and calls about what cryptos to buy. I'm generally uncomfortable with disclosing which alt coins are worth the money since they are even riskier. If they want high risk I recommend Tezos on XTZ/USD. Otherwise I tell everyone to buy BTC, ETH, or LTC. Safe bets across the board will net you more.
IGNORE ELLIOT WAVES. Traders using Elliot Waves when analyzing Bitcoin are using a tool designed for a different kind of market.
WATCH TREND LINES. These are the only way to technically analyze Bitcoin effectively. Fibonacci retracement provides insight into where to take profits, don't rely on rejections.
I'm seeing all of these bears writing in broken English about how smart they are shorting 3,900-9,000. Get rekt idiots.
Comment:
If price is stable for a week, consider being bullish if RSI indicates strength.
Comment:
Bitcoin returns to the high of the previous trendline. Bull trap possibly was miner's selling for profit at pre-halving. Bullishness indicated by failure to break below 8k.
Comment:
Perfectly riding the trend line. Broke above just now, expect more bullish action.