Ever since the 128-200 Death Cross on the daily here (www.tradingview.com/...lish-Medium-bearish/) BTC is finally heading back to the weekly downward trendline. I'm convinced we will see lower lows in the next month or so. Currently it's way too hard to day trade for me personally in the current environment, the risk to reward ratio is awful, especially since I only trade on GDAX and do not short.
The short squeeze on April 12th created an artificial spike and Bull run which made it easy to day trade for a little while, however this past month all traders have just been active inside of a drawn out double top / bull trap. We are returning to the norm for the short - medium time period.
So I'm going to just patiently sit back and wait for this swing trade to come to me. We will most likely break 8200 soon which means 8k won't hold and we will test and probably break 7800-7200. Once we get back to the former low we will break that too and once that breaks... BTC is falling into a sinkhole as there is no support for another $1000 till possibly the high 5k range. If that doesn't hold then 3k is the next real support. 6k-3k is my Swing Trade target where I will be scaling in buys, anything below 3600 I'm just going to buy like no tomorrow and dollar cost average.
We will see Bitcoin return to ATH and past 20k either by the EOY or early 2019. Instead of bleeding out in day trades with too much risk just going to sit and wait like a patient sniper.
#NotAFinancialAdvisor
The short squeeze on April 12th created an artificial spike and Bull run which made it easy to day trade for a little while, however this past month all traders have just been active inside of a drawn out double top / bull trap. We are returning to the norm for the short - medium time period.
So I'm going to just patiently sit back and wait for this swing trade to come to me. We will most likely break 8200 soon which means 8k won't hold and we will test and probably break 7800-7200. Once we get back to the former low we will break that too and once that breaks... BTC is falling into a sinkhole as there is no support for another $1000 till possibly the high 5k range. If that doesn't hold then 3k is the next real support. 6k-3k is my Swing Trade target where I will be scaling in buys, anything below 3600 I'm just going to buy like no tomorrow and dollar cost average.
We will see Bitcoin return to ATH and past 20k either by the EOY or early 2019. Instead of bleeding out in day trades with too much risk just going to sit and wait like a patient sniper.
#NotAFinancialAdvisor