Hi guys, turning mecard is back! today is such an interesting day! yes, as i predicted few days ag, targerting 68/70 and it went up! however, this is still a BEAR FLAG, rising wedge, which has a top around 7.1k, which can fall heavy anytime!
i got in shorts at 6750, added more at 6960, i plan to add up to 7.1k. if it overshoots, the limit will be only 7.4~7.5k top of the triangle, my plan is to short this all the way down to 6k, and 5.7~8k.
so we have a rising wedge in play, top is around 7.1k. now BTC is resisted by 50MA, which is 6950~60, so this price is where you can short firsthand. second, even though it comes up more, short at the top of the descending triangle at 7.4~7.5k area will be in play.
Many beginner level investors think, this is the start of the bull run. NO! Guys, if you buy alts that fine, but this will be short lived so i assure you not to hold those alt coins so long! if you hold an alt coin, i do too, i bought tron. i plan to sell them today, or tomorrow, to see if this overcomes the 50MA daily. in theory, we are already pretty much at the top level, so it can drop heavy anytime. however, i do think, since 67/68 is a support now, it will try upper levels. so do not be greedy and sell them at 7.1k max. no need to risk more than that. if goes up, buy at pullbacks. do not hold alts like it will go up forever!
i told you about the green cloud, and yes, i think now they have more chance to break this upwards. that does not mean, it is the start of the bull run guys. if i see a high volume spurt above 50ma, like to 7.2k and above, i will really change my view. but, i really thought, at break of 6800ish, it will soar up high, but it got caught at 50MA.
however i do think, below can play out this year. i think we will still visit low zone, twice, or even more in the coming months, and go for bullrun from november, touch 11~14k.
so trade safe, especially do not get trapped in longs, do not FOMO in at just buy because it goes up. if we go over 7.8k, and 8k. let's think about going long, heavily investing in alts. now, WE are still bearish, do not FOMO in. still, playing shorts are better.
good trading!
i got in shorts at 6750, added more at 6960, i plan to add up to 7.1k. if it overshoots, the limit will be only 7.4~7.5k top of the triangle, my plan is to short this all the way down to 6k, and 5.7~8k.
so we have a rising wedge in play, top is around 7.1k. now BTC is resisted by 50MA, which is 6950~60, so this price is where you can short firsthand. second, even though it comes up more, short at the top of the descending triangle at 7.4~7.5k area will be in play.
Many beginner level investors think, this is the start of the bull run. NO! Guys, if you buy alts that fine, but this will be short lived so i assure you not to hold those alt coins so long! if you hold an alt coin, i do too, i bought tron. i plan to sell them today, or tomorrow, to see if this overcomes the 50MA daily. in theory, we are already pretty much at the top level, so it can drop heavy anytime. however, i do think, since 67/68 is a support now, it will try upper levels. so do not be greedy and sell them at 7.1k max. no need to risk more than that. if goes up, buy at pullbacks. do not hold alts like it will go up forever!
i told you about the green cloud, and yes, i think now they have more chance to break this upwards. that does not mean, it is the start of the bull run guys. if i see a high volume spurt above 50ma, like to 7.2k and above, i will really change my view. but, i really thought, at break of 6800ish, it will soar up high, but it got caught at 50MA.
however i do think, below can play out this year. i think we will still visit low zone, twice, or even more in the coming months, and go for bullrun from november, touch 11~14k.
so trade safe, especially do not get trapped in longs, do not FOMO in at just buy because it goes up. if we go over 7.8k, and 8k. let's think about going long, heavily investing in alts. now, WE are still bearish, do not FOMO in. still, playing shorts are better.
good trading!
Comment:
one hope for the bulls is the monthly candle close. see, we have only three days left, and if we belong here, monthly candle will be very bearish. i do not know what the whales would want to do, but, last month, we though we would close the candle above 8k, but whales pushed it down to 7.8k the day before that. so now, in turn, whales might think of maybe a green candle, closing above or near would be favored for their purpose, or just drag the price down as usual, whatsoever. these crazy moves cannot be TA'd by charts indicators, that is what whales do. so watch for that monthly close incoming 3 days.
Comment:
let me add little bit more to the chart above. you see monthly, we had a bullish hammer on july, so whales, usually, challenge that price even though it might be short reached, highly reached whatsoever. support levels are 6789/6840, 50, i think, guys, you can try some long until 29th, 30th? target is 7.1/7.4/even above levels. i will try some also.
Comment:
one more thing, today may not be good time for trying longs. 29th? 30th? we need some retracement before, so let's see how the market plays this out. but by patterns, august 31th would be a day for green.
Comment:
Btc broke out!it touched the top of the wedge at 7.1k. Lers see if it can go above or retrace to bottom levels.
Comment:
ok guys. if btc give a pullback here, it will most likely to revisit 6750+/6800, sell your short there, and we can consider going long at that level. btc now, overbought in almost every indicators, need that pullback.however, i think it will not fully retrace, just some to regain little power to push higher. if there is no pullback, just a massive run, from there next target can be 7.4k. if 67/68 do not hold,we stoploss right away at 6730.
Comment:
guys, here are some scenarios that can happen, for your reference. nothing is more likely, but number 1 is what i think can happen now(or maybe 2?!! keke)
BULLISH SCENARIO
1.7.17 DOUBLE TOP->6.8->7.4+MORE(7.7/8)
2.NOW RUN TO 7.4/5->7.2 retrace(6.8/7.0 LOWEST)->7.7/7.8
BEARISH SCENARIO
3.7.17 DOUBLE TOP->6.5 SUPPORT->bounce back over 6.8k
4.7.17 DOUBLE TOP->6.3~4 level FALLING WEDGE->7.1K+RUN
5.Now run to 7.4/5->double top after retracement->6k
BULLISH SCENARIO
1.7.17 DOUBLE TOP->6.8->7.4+MORE(7.7/8)
2.NOW RUN TO 7.4/5->7.2 retrace(6.8/7.0 LOWEST)->7.7/7.8
BEARISH SCENARIO
3.7.17 DOUBLE TOP->6.5 SUPPORT->bounce back over 6.8k
4.7.17 DOUBLE TOP->6.3~4 level FALLING WEDGE->7.1K+RUN
5.Now run to 7.4/5->double top after retracement->6k
Comment:
okay, i think this is my scalping scenario, for your help~ i do not think it will go low to 6.8 zone today, if lucky yes, but it will try upper zone within 7000 support for today, just a speculation. good trading!
Comment:
i went long at 7030, btc rebounded from 7020, i would like to buy more below, btc doesn't want to come down, let's see.
Comment:
so todays plan is go long first, and short btc at 7120~7170 level, i will check rsi if it makes a bear div, most likely a double top here but we never know. if this plan goes as thought sell target is 69/68, and go long there. i will stoploss at 7200.