Bitcoin going down some more...Real problems occur at $4000
What this is is a very interesting technical analysis created by me in my 1-2 years trading bitcoin 0.44% and other cryptos. I use Fibonacci ratios and trend-lines to determine the price action and where I should enter and exit the market. I only trade on the 4 hour charts because I found that it is the most consistent and this method works for any market that has volatility .
To begin with the price could move anywhere inside of the blue triangles. It's best to buy at the bottom of the triangles and sell at the top. The darker the blue triangles are determines how bullish the current trend is. If the price rises up and out at the top of the blue triangle that would indicate an extremely strong buy and a high chance of the price to rise. If the price goes down and breaks out at the bottom of the blue triangle it would indicate a strong sell. The small green rectangle is where I predict the price with go and is where I would buy. The small red rectangle is where I predict the price would go and where I would sell.
My position right now is currently a short position my target being $5500
To begin with the price could move anywhere inside of the blue triangles. It's best to buy at the bottom of the triangles and sell at the top. The darker the blue triangles are determines how bullish the current trend is. If the price rises up and out at the top of the blue triangle that would indicate an extremely strong buy and a high chance of the price to rise. If the price goes down and breaks out at the bottom of the blue triangle it would indicate a strong sell. The small green rectangle is where I predict the price with go and is where I would buy. The small red rectangle is where I predict the price would go and where I would sell.
My position right now is currently a short position my target being $5500
Trade closed: stop reached