Bitcoin currently riding the line of the previous breakout low, trying to consolidate and move upward.
Weekly RSI entering oversold territory. Still room for a further move to the downside but now that downside is limited.
Do not be hasty about moving into a position. Rather than catching the exact bottom, wait for a higher high and higher low to form. Reclaiming 43.5 and finding support on 42.5k would be a good start.
Support bounces should continue to be sold until a proper low is established. A couple levels of interest highlighted in green, no guarantee we get down there but thought I'd share.
thank you for showing your support lines. I'm still hesitant on taking up any long positions myself until this new moon comes to a close. Maybe 1 near 40K if I get it. High risk to jump in when the liquidation machine is in full overdrive :). Also, I love that all the HODLer trolls on this site are gone, hopefully for good haha
ClearOpenDoor
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@Tonpanzee, I'm running gameplan tonight, I will close my short around 40.4k and flip long. Starting to look pretty scary keeping short with all this consolidation and ltf accumulation. We have a pretty classic bottoming formation trying to form.. price is trying to break out. Thinking we might get a good Asian session drop followed by a strong spring back up to 43.5k. Ultimately I think we then dive back under 40k for a short period before the next true wave to the upside begins, like maybe 38k or so. I haven't figured out how high we go from there, but I'm thinking it will probably be a lower high from the ath. This is turning out to be a long and grindy range that we may end up playing out for the next year or so before we finally capitulate then rocket up to +100k. Thinking long-term here.
Tonpanzee
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@ClearOpenDoor, sounds good. Ive already closed all my short, i have a feeling we wont see those 40K prices again or if we do we will go even lower. Kind of like that 53K price point that everyone wanted to buy last month. Looking for a long anywhere sub 41.5K as of now myself
ClearOpenDoor
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@Tonpanzee, Yes, price is squeezing and looks on verge of breakout
bzkoin
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Notyet big buyers in. Retailers selling pressure are high.fear of rumoured crash...
ClearOpenDoor
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@bzkoin, Get ready to buy the fear... sentiment at 10? Insane! Sub-40k bitcoin is likely to become a rapidly appreciating asset :)
HayeTrading
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BTC is looking seriously weak right now, we're used to seeing volatile declines followed by immediate bounces on lower timeframes, but the big drops are only seeing small bounces as buyers aren't able to get a good foothold before sellers recharge and push further down. We haven't seen the bottom yet 👍
entheogen
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37 range looks possible by mid-month
ClearOpenDoor
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@entheogen, I was thinking so as well. However, we don't necessarily have to go deep into the 30s just yet. If we are playing this range for some time then a bounce should come soon, a lower high made and then when we run out of steam we float back down to the strong support. Barring a major crisis I think the energy of the market may play out as such.
entheogen
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True. Wave 4 corrects up so sentiment can improve (glimmer of hope) enough for a 5 into the 17th. If this is a Primary 4 we'll need more despair and capitulation vol before we can bottom. NASDAQ will probably find a bottom at the same time.