BTCUSD: 2D timeframe implies the weekly downtrend is not over
This is a follow-up idea to my weekly forecast. We're curently short with expectations of price bottoming near 6404 over time.
The longer term chart signal is invalidated if prices break the 6400 support zone strongly, so once we do hit it, an immediate rebound would be good for bulls. Stop loss is 5269 for the long term long entry, once we cover shorts. If that stop is hit eventually, then Bitcoin is dead for sure...
Bakkt volume is gradually starting to pick up, my guess is it will explode once we hit the bottom. This coupled with udpates from the Mt Gox situation and other events that might happen by the end of October make me think we will see a big move. I would like to see Bakkt volume surpass CME, for a clear indication of bulls outpacing bears (since CME is cash settled futures market, it favors short selling...in fact, the ex CTFC chair Giancarlo was quoted today, saying how the Trump administration weaponized the BTC futures market to kill the bubble back in 2017, which in fact is quite feasible).
I like it when markets offer such a low risk entry, after an over extended decline, with sentiment eventually becoming one sided. Bulls seem confident in loss here, from what I gather, so sentiment confirms further downside. I'm short and hedged, looking to add to short on a small reaction, and ride it down towards the target on chart.
Cheers,
Ivan Labrie.
The longer term chart signal is invalidated if prices break the 6400 support zone strongly, so once we do hit it, an immediate rebound would be good for bulls. Stop loss is 5269 for the long term long entry, once we cover shorts. If that stop is hit eventually, then Bitcoin is dead for sure...
Bakkt volume is gradually starting to pick up, my guess is it will explode once we hit the bottom. This coupled with udpates from the Mt Gox situation and other events that might happen by the end of October make me think we will see a big move. I would like to see Bakkt volume surpass CME, for a clear indication of bulls outpacing bears (since CME is cash settled futures market, it favors short selling...in fact, the ex CTFC chair Giancarlo was quoted today, saying how the Trump administration weaponized the BTC futures market to kill the bubble back in 2017, which in fact is quite feasible).
I like it when markets offer such a low risk entry, after an over extended decline, with sentiment eventually becoming one sided. Bulls seem confident in loss here, from what I gather, so sentiment confirms further downside. I'm short and hedged, looking to add to short on a small reaction, and ride it down towards the target on chart.
Cheers,
Ivan Labrie.
Trade closed manually:
This move implies the bottom is in, bearish signal in the short term failed, so we should go to 10k next.
This move implies the bottom is in, bearish signal in the short term failed, so we should go to 10k next.
