botje11

Bitcoin towards double bottom at 8K/7,5K, but first 10K

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Think Bitcoin             will follow this pattern, first it will make an attempt for the 10K and ater that it will probably fall out of this wedge to drop towards the previous low for a chance to make a double bottom . Now short term i think it will make a last small drop towards 8800 to rise up quickly towards the 10K
Comment: It's trying to turn up from the 9000 low. I think it will drop out and go towards the 8800
Comment: LTC, this move is what i mean, there is still much more buying interest in LTC than BTC since the low.
Comment: This flag confirmes my target around 8800
Comment: I have lowered ny stop to my entry level around 9150
Comment: It almost reached the 8800, it's probably already on its way towards to the 10K
Comment: Bitstamp chart (first chart is also from Bitstamp),
If it stays above the line we could be going towards the 9K highs
Comment:
Now it has dropped this short term uptrend. I am waiting this time, this sideways action can be tricky. I am waiting for a better moment later today,
Comment: And again the sideways action is fooling most. Looked like it was really turning up and ready to break out upwards, npw it's at the 8800 and looking to drop further. I am still flat and waiting. If i missed than i missed :) Cant have them all
Comment: Other exchanges have dropped below the uptrend support line, Bitfinex just bounced off it. I am still flat and will stay the rest of the day i think. I dont think they will let it go, but thats based on a (gut)feeling, nothing more actually :)
Comment: For the bears i would say, watch this read area, downwards breakout level, should be resistance now
Comment: Back home again, so I completely missed this drop. I really thought it would make one more upswing, like a fake breakout upwards. For now it did exactly what I thought, drop to make a double bottom. When I started this idea, I thought it would go up again after the double bottom, but since it did not even get above the 9500, the weakness is even worse than I thought! This could get very very ugly for the bulls. There is no telling to where this could go the coming weeks/months. I thought a quick drop to 5k would be to much, but now? It could be done easily. But I am not getting in the market now, maybe short is if it rallies back up towards 8800. There is no bounce here, so big chance it drops even further. It’s alle guessing now
Comment: Looks like it will break this short term downtrend
Comment: Broke out upwards, now it should stay above the 8200
Comment: I closed half with 230 points profit, just to sure, sto for the rest at entry level
Comment: I am jumping back in around 8310 with the half i closed, all with a stop at 8150
Comment: Why did i re enter at the level of 8310? There was a little fight at that level a few minutes ago, so i assumed it would find some support there, ofcourse a small guess, but still based on something as you can see.
Comment: I think these 2 options are possible now. Go towards the 8600 where there is some resistance and drop down again towards the low of today. Or it makes a bigger H&S and breaks through to go towards the 9K again. It is making a bullish flag now. It should stay above the 8200!
Comment: Last support
Comment: It's taking to long
Comment: I am out at 9270
Comment: Like i said before, it was taking to long, therefore i closed the remaining with a small profit. Now i will probably make another attempt somewhere around the 8100/8120
Comment:
Comment: 8100 it is, stop just below 8000
Comment: Lowest green area is my stop now
Comment: Stop at 9740 now, close one
Comment: Its making a flag, not looking good!!
Comment: Lets see if it can get above that resistance line again
Comment: I have closed half at a bit above even money. Got a bad feeling, seems to be making a flag
Comment: I am out, minimizing the loss
Comment: could be making a very nice double bottom here.
Comment: i think one more drop towards the 7850, i will go long around that level
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thank you once again! :)
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When you said stop at 9740 now and close one, does that mean buy or sell? Kinda confused lol. Thanks.
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botje11 vspectra
@vspectra, I bought at 8100, 9740 is my stop
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vspectra botje11
@botje11, Ah, I'm stupid. For some reason I thought 9740 said 7940. lol. Thanks man.
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jackb85 botje11
@botje11, You must mean 7940 stop?
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botje11 jackb85
@jackb85, hahaha yes, i dont sleep enough because of these markets :)
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up or down ... 50/50 change
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botje11 MrNarmerk
@MrNarmerk, At the moment short term, up is a bigger chance, turning point is around 8200
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Thanks for your updating!
So, do you think it will go diper than we expected?
Reply
@TeoGG, Unless something big changes on the short term, for now the chances for breaking the low at 7500 are much bigger now. There is one bullish option! If BTC could go towards the 9500 and break it with volume, than it could go towards the 11K. But only to (probably) turn downwards from there. For now it should break the 8600, otherwise we make new lows coming days
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