Look for these levels for potential reversal signals as well for opening a new positions (reload).
After the that started on the 6th February was broken, we now enter a new wave where we start to trade lower. So this ok, we will watch to see where Bitcoin will go next and the price range below is where our next support is found.
We are likely to find strong support around the $9,577 and later $8,211 price levels. Within this range $8,200 - $9,500, based on Fibonacci levels from the run from the 6th to the 20th of February.
After we reach these levels we look for reversal signals, if these levels can't hold, we look for the next support. If the levels hold, we try and give a second run at our "strong resistance line", which is the red dotted established on mid-December when Bitcoin reached its top.
I also shared a different range based on the & price levels as well as other indicators, you can find these in my earlier posts on the "Related items" section below.
So we sell at the top of the channel, near resistance, and we buy on the next support.
As you can see from the , the price can go lower but so far Bitcoin has been holding strong, and before going anywhere in the very low price range, Bitcoin needs to go through the levels that I just shared.
Enjoy your day...
Message (2222) - Think & Grow - This is You
What you see is what you get.
What you see is what you think.
What you think is what you are.
Think and see, with your minds eye.
Think and feel, with the right mind.
Think and grow, now and everyday.
Use your thoughts for your life, don't waste them on something else.
What you can see, in your mind, you can get.
What you can see is up to you, you decide what comes next.
So stop for a very long minute, and think of yourself full of love.
Think, see and feel it, and your wish, TRUE, will become.
We are still on the very same descending channel we have been now for over two months. So this support level is a stop, but based on the trend we are in, after this stop, we can decline more and more.
So please allow time for Bitcoin to do its full correction, we can do quick trades based on this support, but this is not a long term analysis, this is short.
Keep the bigger picture in mind, we go down as far as we can go. We then build up from the bottom, to start a very strong and positive bull run.
P.S. I am a long term Bitcoin holder. So I buy Bitcoin each and every time the price is low.
Here is a quick chart:
I am waiting for the lower range of the "Buy zone" in order to open new positions. When we reach this lower buy zone, we will have two options to look for:
1) See if the price will bounce and how strong the bounce will be, in order to sell for profits.
2) See support won't hold and if it will keep on going down. To find the next support and open more positions there (buy the dips).
We can definitely look farther ahead if we want, but the next few days is enough for me, as we have the ability, time and opportunity to look at these charts daily.
Expect this new downtrend to start a while. Remember that the uptrend latest over 2 weeks.
Here is the 4h chart (you can see that we've been bouncing off the higher end of the buy in zone, the first strong support):
If there are signals that the price will bounce from there I will open some positions. If I see signals that it is going to keep on going down then I will hold and wait for confirmation to buy more lower.
For now we can keep on watching from the sidelines while it keeps on going down.
- SMA50 and Downtrend line (strong resistance) around $10,660.
- EMA21 and Fib level around $9,950 - $10,020.
- SMA20 around $9,550.
- EMA200 around $8,950.
- SMA200 and Fib level around $8,400 - $8530.
Some resistance and support levels based on different tools for the daily (24 hours per candle) time frame.
You can use the update above to basically know where Bitcoin is headed on the short term based on what it is doing now.
If we start going down, you know the price level we are going to be testing next.
We are now trading above this line and closing above it will signal huge strength. We are focusing on the daily chart so we need to close the trading day above $10,550 to maintain this new trend. The downtrend that started back in mid December will be finally broken and a new uptrend established...
Here is the daily chart (red dotted line is the strong resistance):
Daily (zoomed out):
Daily chart (zoomed in):
4H chart (seeing the resistance line shortly working as support):
I will be posting a new and fully updated trade idea on Bitcoin, I hope that you enjoy it.
Thanks a lot for your support thus far.
Thanks a lot for reading this again.
I appreciate you all the way.
Remember that you are special.
Always remember that you deserve everything positive that comes your way.
And regardless of what happens, YOU DESERVE THE BEST!
This does not negates Bitcoins strength in the past few days, but it does give us a wider perspective and can explain some of the market sentiment that I've not been seeing in correlation with the charts. I enjoy this additional information, thanks a lot for the suggestion. I keep on learning more every single day.
Here is the daily chart with this other perspective as well, so we are in between two very important points right now...
You asked where the next long entry point was.
Here is your answer
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You are good but this guy is even better - at least for day traders.
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The TRUTH is out there...let's help eachother to find it