We all know that the 200 weekly SMA is very important. It has never been broken in so many years (The yellow line shown in image below)
As I mentioned in the previous post. BTC has to touch this line again as the support.
So, here is what I see how BTC is going to roll in the next few weeks. First, it is going to form the descending triangle to make people think that it will go down. ( See image below.)
Then, it goes up to stop all of SL and form the ascending triangle to make all the moon boys think it starts to go up. ( See image below).
After that, it will have a huge drop to take all SL of long positions from 9.5K to 4.5K. This huge move down will hurt a lot of bulls.
+++ WELL, IF THIS DOES NOT WORK OUT, THEN WE WILL SEE IT AT 20K IN THE END OF 2019 :) +++
Protect your money and control your risk. Good luck!
***Disclaimer: This is a technical analysis not a financial advice.
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BTC has closed below the 100 daily SMA. This is a signal to short.
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BTC is doing a stone skimming now. If you know what I mean. Eventually, it will break the 10K support and go significant lower.
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2 stop losses are out. 2 more to go.
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It comes very close to stop out the SL 7.5K and 7K. We still have 2 more weeks. Let's see how it plays out.
@PinkCryptoVN, Hmmmm... You should have went long at $7,600-$7,700 several hours ago. But the problem is, you would have had to think quick!
PinkCryptoVN
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@mightytrader, No worry. I will short it at 8.8k and wait to go long again when it comes back down to 7.1k-7.4k. From that, I will be long until 9.3K.
mightytrader
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@PinkCryptoVN, Wow, you really know how to play the lottery... Picking all these magical numbers and sequences of events. LOLOL! =D And I am trying to short now, btw.
PinkCryptoVN
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@mightytrader, Not yet. I am waiting for 50% fib to short.
PinkCryptoVN
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@mightytrader, Sorry that I didn't respond to this. Yes, I went long from 7.7K when I saw the divergence in daily chart.
mightytrader
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@PinkCryptoVN, Sorry for what? My original post on Sept. 14th?
I changed my mind. I think you are right and it can definitely go to 4.7k. I closed my position with a small profit. The Whales are playing mindgames with me. LOL!! :D
This Bitcoin game is a joke. Especially you see what happened on Kraken today? LOL!! 8k and 12K EXACTLY.