yesterday I made a recommendation on when to short BTC. Everybody who followed my advice should have made some money.
Enough of the self-praise though, let's get to the analysis.
By now you should notice that the similiarties between now and 2013/2014 are NOT neglectable.
It's pretty obvious that BTC is moving much faster nowadays. What took us 297 Days in 2013/2014 only took us 108 Days this year.
The blue arrows illustrate where BTC price is currently moving.
The main thing I want to talk about is this 5.800$ Double Bottom everybody is anticipating.
To be honest with you, I highly doubt that 5.800$ will be the bottom.
In terms of market cycles, we haven't witnessed capitulation yet, which is an important compoment, when it comes to an overall trend reversal.
Capitulation usually feels like apocalpyse is happening.
Also notice how during the 2k14 drop, BTC fell straight through the previous bottom and gave us a fake bottom around 20% BELOW the previous one, spiked up, and rolled over again to the actual bottom, which was around 150$.
Personally, I think we will see the same thing in the near future.
From a measured move perspective, we could see some bottoming behaviour at around 4.700$, price shooting upwards BEFORE the actual bottom, which could be around 2.600$.
Take it for what it is and make sure to prepare yourself.
I'm going to hold my shorts and take partial profits until we've reached 5.000$. Once we've reached that level, I'm watching out for some sort of bottoming behavior in order to take some long positions and close them before the final wave down.
Have a nice day & safe trading!
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Current consolidation is pretty bearish if you ask me. Look how BTC usually bounced at the yellow support line. No sign of strength here.
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BTC's volatility is on an all time low. No buyers at all. Expecting a major drop pretty soon.
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What I see happening in the near future:
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Bearish rectangle forming. If we break through 6.500$, 6.300 $ - 6.200$ can be expected. Going to put a sellorder at 6.480$
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Just the usual saturday pump.
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Facing key resistance(s)
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Sweet bearish divergence on 30M.
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Remember when 6.900$ used to be a support? :) BTC currently facing THREE resistances. 1. Red downtrend channel 2. 50 MA 3. 6.900$ resistance
Volume is declining. Patience guys, patience.
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There are many green candles on the way down. Currently testing the channel's resistance + 50 EMA & 50 MA Resistance. In addition to that, we might have a H&S forming.
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Make sure to observate 0.618 FIB Level.
Sustainable breakdown and I'm going to add to my short position.
There's a Camera-Symbol in at the lower right bottom.
Once you've pressed it, you're given an URL for your Snapshot, which you can add to your comment :).
At the upper right, left to "Unnamed" you can select a layout. There is the option of having 2 graphs side by side.