BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
6.5k at most is what it looks like until I believe we drop . Ill just use this chart as opposed to Binance from now on, as more people trade on BitFINEX.

My guess of 5786 was close, but slightly off by 30 dollars. Which doesn't seem like a lot, but it is still a little over .5%. So it could have been better, but the area was impeccable.

Anyway lets get this bois and girls. im looking for 5438 after a drop from 6.6 if we even reach that.

Then id like to see a drop to 5.1. I think 5.4 is a safe spot, because even if BTC drops all the way to 5.1k, It looks god to go back to test at 5.4. So the easiest way to recover would be to have funds in an alt that has positive ta alongside BTC . Refer to IOTA chart for example. You will see during the most recent drop to 5750, that on IOTA's chart it was close to htiting the .25 retracal.

Though i believe in this scenario that BTC will have too much resistance and will be on its way to between 4473-4700

My faith in this area is from two things. The easy to read movements of the past based on the 3.5k fib and that this drop was the most recent drop to actually dip and confirm it did not want to go under the old highs.

To me, the drop from 7.5k in Nov. '17 did not touch the old highs of 4961

Anyway the lowest im calling (barring some new tech coming out and making BTC worthless) is 4k. And most likely I would see this happening on a short term panic sell down, before the price explodes up.


In case someone wants to go hindsight. Ill link the video that shows the targets i had from the 15th of June before the recent drop . Its just basic lines after all. No need to complicate something basic.


Maybe boy Sminem will save us, or maybe the phone will ring...

"Hello?"
"Initiate CRAB-17"


Take care yall
-KTown
Comment: I think at this point, it is safe to say that we have gotten ourselves into a new downwards channel. The nice thing about this one seems to be that it is becoming wedged quite fast.

Possible top at 6300 down from the .1 at 6.6k. I don't think its really likely. It's more of a "manipulated market, wouldn't be surprised, i'd rather wait until under 6k to short kind of thing."

at 7:22 am EST, BTC is currently finding resistance under the 4 hr 20 MA. The 6300 target is because of the channel and that the 4 hr 50ma is at 6300.

Feeling good, Can't wait to drop to new lows. Maybe we can get some more people actually interested in buying again.

Trade closed: target reached: So, we've hit the target of 6300 bois and girls!

It now may be a decent time to open a new trade at this point, seeing as we are right above the channel. I would almost certainly say that falling back under 6200 will put us in the motion to fall back down hard again. So a buy at 6231, with a stop at 6190 seems like the best bet at the moment. This would put one at about a .7 loss if it fell. Though if a trailing stop loss can put implemented, that would certainly be the best strategy at the moment.

Good luck trading yall! Hope you found this useful once again!

Comment: Is this what winning feels like bois and girls?
Careful though now, I would look for a good flag or the price to be closer to the .1 for another buy back in.

Comment: Whoops wrong picture last time lol
Comment: Quick update. I already think were going down, but I don't really want to express a super negative sentiment about btc atm. Im more negative-neutral than anything.

But i did see recently on the 1 and 3 minute a death cross. the 1 minute has it forming and it is about to form on the 3 minute.

Its just the low time frames, so it might not be that bad of a signal.

Comment: Its still just the 3minute chart. We see a flag above the 200 minute MA. Id like to see the price go above 6420 before i consider buying in. Every time i reaches above there it is merely an extension. A rise up and a flag ontop of the 6420 mark would be an easy buy though.

But i doubt there will be a indicator that east to spot here.

THOUGH I MUST SAY! It looks like a nice spot for a buy and a stop or trailing stop underneath, seeing as we are so close to the base and will most likely fall a considerable amount. In this case at 6400, only .5% down (6368) is beneath all the local support we have.

Comment: Not looking so good as time goes by. The lack of movement is affecting the MA and making it seem very bad. (even lack of movement can change the direction of a ma, because of the data sets being registered and taken out)

Eg: growth being taken out and stagnation put in creates overall reduction in the average. 2 3 4 3 5 6 7 5 6 5 4 4 3 5 6 7 5 6 5 6 4 4 4 4 4 4 4 4 4 4 4 4.

It may seem odd, but especially on the 1 minute, this can easily happen. Its just a lagging indicator anyway.
Comment:
Comment: 3 Minute has had the death cross. We are now onto the 5 minute. We see the normal drop followed by the normal 200MA showing support. I doubt it will hold but ill see in a bit. I wanted to put this update out now that it has dropped and indicators are showing.


Comment: Looks like well continue our ride down. Ill switch to the 15 minute now. Last 5 minute chart for now.
Comment: You're on your own for a bit. Im going to take a nap.

The price is still under the previous lows. Same as usual, passing up above is good sign, staying under is bad. Im still negative-neutral for this cycle of BTC movement.

Comment: As always trade as you wish. Im simply presenting my ideas.

I see the channel and the top of the .1 (6589) as the resistance levels. We have some local resistance, but I feel that the current sentiment may be to test the tops of either of these levels.

I wouldn't be surprised if the price just jumped while I sleep, but it would feel much more fluid and normal to see the price drop to the 50 or 200 MA.

I personally am waiting on a drop and do not care if the price rises. Just as i said for ppt, I look for growth and an entrance on the pull back. Or a buy on the 50 and 200 MA. I wouldn't expect much from it (easily on) though if it does fall. But a fall to the MA and a rise back to the channel, followed by a fall back down to test new lows would seems normal.

Something possible of this nature.

Regardless I wouldn't trade it until it moves.

Comments

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