ChuckBanger

Is crypto winter coming? Is BTC about to do a leg down?

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
So many famous Youtuber and Trader talk about the drop that is coming. It makes me believe we are have a chance of going higher from here. Bitcoins loves fake out...

But if BTC breaks support at $7750. Next support is around $6300 but because people like to front run I don't think we go that low. Therefor in my opinion the bottom is in the vicinity of $7200.

If the scenario that we go higher plays out i think we first will see a fake out ( a dip below $7750) or BTC makes a 1k candle like we saw back at April:

Ether way this is not going to play out in the next few hours, it's going to take weeks maybe months. So we have an interesting next few weeks ahead of us...
Trade active: Right now we are in a range:
It is possible Bitcoin will remain in this range for long time but I'm still bearish even if Bitcoin decide to the top of the range. If Bitcoin go to the top of the range at around $8750 we have to pay attention to price action. It is important to see how the price reacts when it hits $8750. If the price go right throw it and then down to the line to confirm it as a support it is very likely we continue higher. But this scenario has low probability:
I'm prediction is still intact. It is in my mind 80/20 that Bitcoin will go lower before the big rise to new all time high
Trade closed manually: I take profit here. It has not reached my target at $7250 but it is close enough. It has room for more downside so I only take my initial position as profit. And leave the rest with a trailing stop for now
Comment: If price an wave do something similar to what draw here what. I switch to long.
My free indicators http://bit.ly/2s828h6
For a list of payed indicators: http://bit.ly/2Yr7wI1

Tip jar, if you want to support my free indicators work
BTC: 3EV8QGKK689kToo1r8pZJXbWDqzyJQtHy6
LTC: LRAikFVtnqY2ScJUR2ETJSG4w9t8LcmSdh

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