CryptoAman

R.ACEACEACE #BITCOIN #BTC #BTCUSD BEAR MARKET $20,000 - $6,000

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I believe the top for Bitcoin is in and a bear market has begun. I don't think it will be a long bear market as we saw after the 2017 all time high.

I believe it is likely that the market will dump and then continue to a new all time high this year.

Resistance: $42,000

Support: $20,000, $6000

I will admit that I saw signs of bearishness earlier but gave the bulls a chance. Unfortunately, they could not come thru with a push.

I traded the entire run up and you have seen it in my published ideas page. It was an incredible experience with incredible profits.

I have already sold all of my crypto and intend to buy again at the end of the correction.

I will trade the lower timeframes and post updates when I can.

On the lower timeframe, I will take short scalps all the way down to $20,000 support. If the price does not maintain support at $20,000 on the larger timeframe, I will continue to scalp short trades on the lower timeframe down to $6000.

It's the same old song. Some people never learn.

Invalidation: if the price moves to a new all time high above $42,000, this trade idea will be invalid.

Please do your own analysis, responsibly manage your risk, and stay safe.

THANKS FOR HITTING THE LIKE BUTTON!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Comment: The price will likely dip down to near $30,000 and could make a bounce up to around $37,000. Do not get trapped in the wrong position. The current price is not a good place to open a swing short trade, in my opinion.
Comment: PRICE LIKELY TO RETEST $37000 REGION
Comment: Expecting the price to continue chopping over the weekend and for the downtrend to continue on Monday. I will be flat until Monday and will avoid longs on the lower t.f
Comment:
Please see updated idea
Comment:
Please see updated idea for ETH
Comment: I believe that the Bitcoin price will very soon head down to $28,000 on the lower timeframe. Please see my most recent update for the lower t.f.

Comment: I believe Bitcoin may retest $37k. Please see latest long trade idea.
My technical analysis is lit. Self-made and self-taught. They don't make 'em like me. Beyond T.A. for life. Follow me on Twitter.

Comments

I bought in about 5k worth of btc when it was at 39k... do you think I should continue to hold and wait for it to go back up or sell and re enter once it goes much lower and bulls return and hopes to recover some of my loss?
+2 Reply
CryptoAman SharkGuy
@SharkGuy I’m not a financial advisor. I follow my ta and have sold everything. In a bear market there is no guarantee that the price will come back up because the market makers must trap buyers. I could be wrong. $6k was the time to buy, not $39k. Better safe than sorry, in my opinion. No need to try to recover the loss if you don’t know how to trade. I would be happy with the small loss and stay out. I wish I had sold at the 2017 top but I kept holding on for the price to come back up, but it went down to $6k. That’s my biggest life regret.
+3 Reply
SharkGuy SharkGuy
@CryptoAman Thanks for the informative response back, I appreciate it! I will likely just cut my losses like you mentioned. Take care!
+1 Reply
CryptoAman SharkGuy
@SharkGuy your welcome. If you have not read the two books Trading In The Zone and Reminiscences of a Stock Operator, you should not be in the markets. You are putting yourself at extreme risk. Please read them
+1 Reply
@CryptoAman, Sorry, I thought that Trading in the Zone was garbage. There are no books that can teach anyone how to trade because some people do not have the right heads or risk tolerance to be traders. Playing poker on a nationally-ranked level is a good indicator of success in trading, but books....not so sure.
Reply
You’ve earned my respect.
+1 Reply
@abel11 thank you :)
Reply
After reading your response to comments, I'd probably feel the same way about BTC since you lost a ton of money in 2017. But given that Covid has put the world into extreme debt, institutional investors continue to enter BTC, and soon there will be ETFs, I'm thinking that 2017 was a different time for BTC. In 2017 it was a fad for decentralized currency fans, and it sucks that you got caught up in that disaster. However, BTC is now considered by many more people to be an actual investment. My problem with it is that it's incredibly manipulated (ex: two weekends ago when it dropped $12k to $30k in almost no time), and that investors will have a tough time pushing this over $42k. If it does approach that level, lots of people will be very nervous no matter how the technicals look. I also wouldn't buy at current levels, and I've booked 90% of my profits so I'm essentially playing with house money. If it does drop, if will happen fast, and I don't see much support except perhaps at $27k, but after that it's straight down to $20k, as you said.
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