We have loads of support before we see 'chaos' so we can trade some alts make a pocket full of cash then worry about bitcoin later.
Now as you will see we are trading in a channel that has around an $800 range, we have a number of support lines inside this channel, bitcoin movements between the red and green lines isn't going to affect our alts too much. Channel is Green line down to the red.
If we break the top green line we have a very quick trip to $9,600 and alts will shoot up and we will have some green days. Hitting target 1 and 2 in the blue lines here should be quite easy.
Right at the moment though the chart tells us we would be dreaming if that was to happen and the most probable event to take place is to drop to the red line, we may not break this as we have strong support there but if we do we will be on the way to achieving targets in purple, less buyers will be there to catch the fall and this could be the $6K drop we were looking for.
For those of you wanting to trade bitcoin I personally wouldn't trade in this range I would buy the bounce on red line or sell the break of the red line. I would buy the break of the green line and collect profits at targets in blue. I would not trade within the range of Green and Red line, this can take us quite some time and I prefer not to have funds tied up in that mess when we get to the red or green line we will make money much faster.
While we aren't trading BTC in this renege come join cash is King for some alt trades I will have another few today!
Cash Is King!
This is a good short set up if we break
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