Welcome followers, friends, foes, haters and everyone in between. Let's jump right into the analysis and see what's going on. BTC looks to be creating a REALLY similar pattern to last time. Scarily close even. I will keep this short and to the point as I think my chart does most of the talking.
IF this pattern holds true we are going to chop around in this channel a bit more for another week before dumping. You can see that MACD looks really close to last time as well as RSI, which leads me to believe that we are going to continue to chop around in this upward channel. We will look for moves to either confirm or invalidate this pattern moving forward.
Some things to keep in mind.
1. IF this pattern hold true, our next downward target will be 5600. So we want to put buys in just above that area and ladder down from there, not at 6.5k area.
A. It also means we want to preserve our profits and get out at the next pop up or use a stop to accomplish this.
2. We could break down sooner, this yellow trendline is what we want to keep an eye on to lock in profit or minimize losses to what should be close to break even if you are following me.
Happy Trading,
Sherem
IF this pattern holds true we are going to chop around in this channel a bit more for another week before dumping. You can see that MACD looks really close to last time as well as RSI, which leads me to believe that we are going to continue to chop around in this upward channel. We will look for moves to either confirm or invalidate this pattern moving forward.
Some things to keep in mind.
1. IF this pattern hold true, our next downward target will be 5600. So we want to put buys in just above that area and ladder down from there, not at 6.5k area.
A. It also means we want to preserve our profits and get out at the next pop up or use a stop to accomplish this.
2. We could break down sooner, this yellow trendline is what we want to keep an eye on to lock in profit or minimize losses to what should be close to break even if you are following me.
Happy Trading,
Sherem
Comment:
a previous analysis for reference:
Comment:
With the Tether news coming out we could see a push higher than the channel and I will targetting 7200 for now. that area has substantial resistance. I still think the end result will be a drop and we'll keep an eye on it.
As mentioned in the comments, you want to wait for these patterns to form up before you short it.
As mentioned in the comments, you want to wait for these patterns to form up before you short it.
Comment:
It's not really a good sign that this isn't going up with the tether news, it just isn't doing anything. Like last time, make sure you have you stops set accordingly.
Trade closed: stop reached:
Stopped out with profit. Get ready, this could get ugly sooner than anticipated.
Comment:
We broke this 6.3k lows, just a matter of time before we go down to 5.5k.
If you are short, look to that area for profit
If you are looking to go long, start laddering around that area. I will post an update tomorrow with more detail when I have more time.
If you are short, look to that area for profit
If you are looking to go long, start laddering around that area. I will post an update tomorrow with more detail when I have more time.
Comment:
We're getting some volatility back in the markets which is a good sign. It bounced just off our first area we were looking at, remember to use caution right now. It is just coming to a point where you could short it.
Comment:
I was asked what price targets were in the comments. In case anyone was wondering: I had a ladder at $5751, and it didn't hit my price :( So the good news is the area I had was a really good one and it bounced hard off of it, the bad news is that number already played so I moved my ladder down to $5,251 and increased it a bit. This is, of course is assuming the downtrend remains intact
Comment:
update:
