BTC has for the most part stayed under the 4k but slowly gaining volume. I am still weary of it going to 3550$ but some risk are just worth taking. This isnt a long term trade, my monthly chart still valid in a short entry.
You know the drill, your money your choices.
Be mindful if you dont have experience margin trading, dont try it. It is better to do exchange because there is no risk of liquidation.
In the battle field, some time you have to duck others to jump, but never stop moving.
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Dont get caught up in the little waves. We have no volume yet but I hope as the day goes by we pick it up. If you didnt enter below 3.7 just watch it carefully. Other than that, trade with caution and happy trading. I will be back once something major happens. Now is just normal development. Support still at 3550ish. We are not out of the ditch yet. :)
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something to consider. Shorts got stocked up to a high percentage. perhaps we will see a reaction for the divergence shortly.
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Bigger picture
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This is my last update for this one. I am holding my longs due to rsi recovery as expected. We could still hit the 3500 levels given some momentum for the longs to fill. Shorts are still stacked up to a high %. Playing the short squeeze strategy is a high risk high reward one. I still don’t have a reason to believe we are going down again but if I do, I will come post it. Just make sure you set your stop losses where you feel confortable and if you are not margin trading I would think of allocating to increase holdings.
This isn’t a trading advise, your money your chirices. Trade with caution. Happy trading.
MY MONTHLY CHART STILL ACTIVE FOR FINAL LOWER TARGET.
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Getting ready to jump ship. 3450 my exit. Trade with caution.
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Trade active
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We have arrived at our first resistance. It is still looking strong. 4100 must hold if not 3500 would be a possible support. Trade with caution. Merry Christmas and happy new year.
Trade active
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Things have changed a little bit. Best target now is 5500$. Monthly first cross just happened. Price will relief the market before a new low. Still holding my long position till we hit some targets. Happy new year.
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Back to square one, this time just a little tough to stay optimistic. As the daily was gaining some strength, the weekly definitely was opposed to see it happening. The more we continued in this price levels, the more likely we will see the monthly chart giving us a cheap btc. I already have set my 220$ BTC buy orders. Good luck.
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Welcome back bears. I almost thought you would take a little longer to come back
Do you see 8-12k + as possible before going lower ?
Ecua_Trader
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@MagdyEl-Nidany, yes I do. just going to take time to get there. I am still longing from lower 3200. I will get out if we fall back to that price and reenter at 2850$ I am not shorting this market
MagdyEl-Nidany
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@ChartsOnTime, thank you very much, application
Amjadsid
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@ChartsOnTime, how u find the low 3200 price for buy? through ichi cloud?
Re:
News today: "Despite a warning from the SEC, Bitcoin soared 9% overnight to above the $4,000 level, heading for its biggest daily jump since July." seekingalpha.com/news/3412643-bitcoin-regains-4000-nears-best-day-since-july I cannot reiterate this enough -- unless we get 'positive' comments from the SEC, Bitcoin will continue to fall lower. This is yet another 'dead-cat-bounce.' This is an example of the crypto-bulls being hopeful. I understand. My point is, wait for stability, or get caught offsides. Remember, the majority of 'Ideas' on TV said ~6K was the floor and good level to buy for the long-term. Meanwhile, I've been saying ~3K was more likely for all the reasons I cited above. What about the NASDAQ looking into Bitcoin Futures? Let's remember what happened last time Wall Street got involved. My advice: Don't buy into this rally. It makes no sense to step in here. The trend is still to the downside. Rest assured that I will update my thesis as new information/data comes in. I'm not married to my call on shorting/staying away from Bitcoin/Alt-coins. I'm just objectively looking at the facts. Blood is spilling, but we are not at the bottom. How will we know we reached that point? The Fed/SEC (the government) will give the green light (hate it all you want, it's just facts). Cheers!
Ecua_Trader
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@Akhokhar86, I’m a swing trader. I don’t care what the news say. I read charts and set targets. We failed to hold support. This was my target from March.
New target is below 1k. On the mean time I will take the bears money too. Lol. Bulls already paid.
rocinante1985
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People are charting all the way back to 20k on the larger wedge, which puts the target under 0. But the target from the smaller triangle on the right was right about where you put it. Personally, I think we can only trust the most recent large pattern, but time will tell.