Hello Traders!
This is an update of my chart from the other day, in which I suggested we would be dropping from $6500. This played out nicely. Admittedly, I closed this trade because I was not comfortable with the probability of Bitcoin exploring the top of the 1.618 Fib channel ($6900).
However, I factored this greatly into my Ethereum short which is looking great right now! You can find that chart I have up from the other day as well.
Alright, Bitcoin! Well, Volume on this dump is not quite as heavy as it was two weeks ago, and I think because of this, we are close to the bottom. No matter what the doom guys on tradingview tell you, BITCOIN is here to stay! And the $6k support is very very strong. I expect a strong bounce from this area, and if we can manage that, $8600 is easily within sight! There, we can reevaluate where we are.
I do think it is possible for us to go lower, but for now, I think we may just probe the bottom of this channel before resuming an uptrend. We seem to be breaking our 6260 support zone, so I just think that another test of $5900 area is likely.
If we go lower, I have a sneaking suspicion that roughly $4900 area could be a surprise final bottom area - but I don't like posting long term charts, and that's just something of an opinion that has been developing over the last couple months in my head.
I will stay out of this trade for now - but will watch this closely. I will also be reevaluating my Ethereum short position later on this afternoon.
Good luck, traders!
This is an update of my chart from the other day, in which I suggested we would be dropping from $6500. This played out nicely. Admittedly, I closed this trade because I was not comfortable with the probability of Bitcoin exploring the top of the 1.618 Fib channel ($6900).
However, I factored this greatly into my Ethereum short which is looking great right now! You can find that chart I have up from the other day as well.
Alright, Bitcoin! Well, Volume on this dump is not quite as heavy as it was two weeks ago, and I think because of this, we are close to the bottom. No matter what the doom guys on tradingview tell you, BITCOIN is here to stay! And the $6k support is very very strong. I expect a strong bounce from this area, and if we can manage that, $8600 is easily within sight! There, we can reevaluate where we are.
I do think it is possible for us to go lower, but for now, I think we may just probe the bottom of this channel before resuming an uptrend. We seem to be breaking our 6260 support zone, so I just think that another test of $5900 area is likely.
If we go lower, I have a sneaking suspicion that roughly $4900 area could be a surprise final bottom area - but I don't like posting long term charts, and that's just something of an opinion that has been developing over the last couple months in my head.
I will stay out of this trade for now - but will watch this closely. I will also be reevaluating my Ethereum short position later on this afternoon.
Good luck, traders!
Trade active:
I am short now Bitcoin and Ethereum.
Let's see if we push to the $6k support level.
Let's see if we push to the $6k support level.
