Bitcoin is breaking through $4000 (Resistance Level 1 as I previously identified) as I write this post.
I am republishing this post because I am showing you NEW INFORMATION which is the YELLOW AREA which I regard as DANGER ZONE where it can fail and retrace.
So i'm looking to ride it up to this price as it breaks through Resistance 1 and 2 but, as it approaches the YELLOW DANGER ZONE I strongly suggest tightening up your stops. Some of you may also have noticed an H&S pattern forming.
IF it hits this price zone we reassess and form a Plan.
Make sense. Hope that helps.
Sean Vengan Professional Trader and Trading Educator
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It is similar to what happened at end of 2013 and beginning of 2014 when the rumor of Chinese government banned bitcoin out. At that time, it definitely was a dead cat bounce while attempting to test high...and failed miserably. (see the chart from 3 years ago)
This time around, I hope it is different, but...only time will tell.
Thank you for your post again.
UnknownUnicorn1063189
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@sifeij, Thank you for sharing your view @sifeij
alejandroscotti
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@sifeij, without going so far back; it also looks like the June/July 4-week correction; we're on week #4 now
CovidScamIsAnIQTest
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@scottialex, very true. Not sure if it will make a lower low though.
alejandroscotti
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@sifeij, this is so annoying; I only invest long so, this slow consolidation is so annoying
BLACKNOVA
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@scottialex, lol that's why they call it LONG ... XD -- sudden rallies are rare, BTC spoils us with them, and they come at a cost: ridiculously high volatility swings
hazex
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@sifeij, it most certainly isn't the same as BTC these days has LOADS of mainstream traction and potential investors, it still has thousands up to go before crashing down.
UnknownUnicorn1063189
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@hazex,
I agree with @hazex as you know from my long-term forecasts but we must expect VOLATILITY.
So long term, YES defintely significantly up - I see $11,000 for me is very realistic but we can expect some drops along the way. Just take a tight grip as we head into unchartered waters.
******* The great news is with such wild swings we can make MONEY TRADING UP $$$ and we can MAKE TRADING MONEY $$$, all we need to do is READ THE MARKET correctly. *******
hazex
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@SEAN_VENGAN, Volatility is necessary if we want +100% and similar numbers on a yearly basis.
Manipulation that causes volatility is the reason we see such high rises in such short times. It is the key to quick growth like Bitcoin has, so yes, if you're smart you can make money on it, but one day we all might crash and burn so make sure to at least cash out some money and ride out the rest. :)
UnknownUnicorn1063189
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@hazex, I have traded some pretty volatile markets over my time in Forex Futures and Options
Cryptocurrencies volatility are like no other financial instrument I have seen so far (specific Equities aside).
The key folks to trade volatile markets is to trade PRUDENTLY. KNOW WHAT YOU ARE RISKING
This time around, I hope it is different, but...only time will tell.
Thank you for your post again.