PREVIOUS CHART:
Although it took some days. Here we are. My blue line followed slowly but perfectly and my buy zone completely wicked.
To patient swing traders, I salute you!
I have now removed previous resistances, fibonacci retracements and predicted price path as we are now at block 0.
So! Lets get to it:
<All RSI/MACD on all time frames looking great except on weekly and monthly.
<Support holding at 6750. Buyers coming into place.
<+20k BTC sold very fast. Meaning big players are expecting a long squeeze most likely, although this can not happen without perma bulls buying "the dip". We see 30k+ longs vs a little over 21k shorts. I expect longs to increase.
<Horizintal resistances at 73 and 71. Watch that area. I havent set sell targets as we are bottoming out and need to determine the markets mood. Although I expect for sll time frames to reach an eventual top and follow down with the remainder of the bearish weekly/monthly. So, if market goes up slowly and struggles at that range, short. In the scenario i described we will most likely fly right under our 6k range support that we have now tested 3 times. It gets weaker and weaker.
I believe the true bottom will be around 4.5k. Although we must wait!
Swing trade to maximize profits.
I shall keep you posted!
P.S: if you want me to chart ither cryptos leave a comment and follow!
Although it took some days. Here we are. My blue line followed slowly but perfectly and my buy zone completely wicked.
To patient swing traders, I salute you!
I have now removed previous resistances, fibonacci retracements and predicted price path as we are now at block 0.
So! Lets get to it:
<All RSI/MACD on all time frames looking great except on weekly and monthly.
<Support holding at 6750. Buyers coming into place.
<+20k BTC sold very fast. Meaning big players are expecting a long squeeze most likely, although this can not happen without perma bulls buying "the dip". We see 30k+ longs vs a little over 21k shorts. I expect longs to increase.
<Horizintal resistances at 73 and 71. Watch that area. I havent set sell targets as we are bottoming out and need to determine the markets mood. Although I expect for sll time frames to reach an eventual top and follow down with the remainder of the bearish weekly/monthly. So, if market goes up slowly and struggles at that range, short. In the scenario i described we will most likely fly right under our 6k range support that we have now tested 3 times. It gets weaker and weaker.
I believe the true bottom will be around 4.5k. Although we must wait!
Swing trade to maximize profits.
I shall keep you posted!
P.S: if you want me to chart ither cryptos leave a comment and follow!
Comment:
I forgot to include this! Although our likelihood of falling under 6k for the next couple of days is low and I have been quite accurate in the past, do know that this is a game of math and logic. And the ilogical can happen. We have tested the 6k range 3 times now. Always excercise cautikn by putting a stop loss where you feel comfortable just in case.