BTC has not yet broken the lower uptrend line. It has bounced off it twice which is also around the 0.6 fib, which looks positive for now. The longer it tests this trend line the weaker it get and if the trend line and 0.6 fib is broken, then the next support is at $7736.
MACD is looking bearish. RSI is oversold, however, it's acting like the last time BTC dropped to 7k. So chances are that we might see another drop for BTC to $7736.
Just my opinion and not financial advise. DYOR.
Trade active
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Bitcoin Bear Flag spotted on 15 min chart $7736 very likely. Perfectly lands on 0.786 fib.
Trade closed: target reached
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Target of $7736 reached. Based on the trend seen so far, since we reached 6k we have seen higher lows even when we see a drop in price. It tends to float around the lower uptrend line. Based on this, it is likely that the price should now bounce back up. There is also a possibility for the price to drop to $7350 to create a double bottom which is a sure sign of market reversal. But the first scenario is more likely to happen.
I can’t show my idea because it doesn’t appear in Trading Ideas, but have a look at this:
Andbcoin
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Bitcoin to $3000 more or less. After that price is touched, wait for it to bounce a little, go back to this price and slow grow, since it’s a correction.
GBBBKSA
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@Andbcoin, Whenever the price has gone sub 7k this year we have always seen a bounce back. This is possibly because this is what the market thinks is a good price for BTC. I personally cannot see it dropping to 3k without any FUD. The G20 summit was quite positive as well.
There is always a small chance that it can drop further than 6k but in my opinion, I don't think it will happen. I guess time will tell :)
Andbcoin
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@GBBBKSA, Yeah, I think it's difficult to think it's going to this price, but you'll remember my posts in some months.
Just remember that: everything that goes up, has to go down. Or... Every action has an equal and opposite reaction.
Be smart and don't invest now. :)
Btw... There will be some pumps before the end of the correction.
GBBBKSA
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@Andbcoin, I'm never discounting any possibility. After all this is crypto and anything can happen.
I try to keep a close eye on the charts and buy at dips and sell at higher prices to raise money for further dips. Aim is to get as many coins as possible before the prices go up. If it does drop to 3k, I will be loading up then and in between.
Andbcoin
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@GBBBKSA, Oh, okay. Nice strategy. I wish I could buy at dips, but I'm frightened just in case it goes up just one or two dollars and goes down again. I don't want to hold bags...
GBBBKSA
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@Andbcoin, I was in the same position initially. But now, I try to keep a very close eye on the charts always. Look at indicators and what they are saying. Also the more you look at it you get a feel of what will happen.
Finally, if I do get it wrong and the price goes down, I just hold till the price goes back up. Because even if it takes a year or 2 the trend is still up. Thinking like that has made me make less rash decisions and have seen an improvement in my trades.
I am still relatively new to this but trying to learn as much as I can from others. There must be ways to do better and improve but the more I spend time on this I feel the better I become.
There are so many opinions on here but the best I've found is if you can take it all in and do your own analyses and go with the conclusion that you come up with. That's what has worked for me best.
Andbcoin
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@GBBBKSA, Thank you for your advices. I know how to analyse and I take a look at Stochastics. I can see the pumps coming, but I’m like... what if it doesn’t pump and I lose it all? And it pumps...
I’m like... okaaay, another one...
Just fear.
GBBBKSA
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@Andbcoin, Some people invest just a proportion of their funds in such cases. So you don't risk everything and if there is a profit you have made some. I haven't started using those yet as I still need to work those out.
Also before actually investing money maybe look at the various strategies, adopt one and test it without investing actual money. Then you will know success and failure rates and then u can decide to implement it or not.
Andbcoin
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@GBBBKSA, Thank you for sharing it. I really appreciate it.