Ether2020

BITCOIN TARGET NOW 30000 USD. A roadmap towards the target!

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
Dear traders,

I have created a new 2 hour chart of Bitcoin so that you can better follow the price movement by clicking on the arrow on the right side of the chart.
With the breakout of the neckline and bearish rising wedge , I see the following possible scenario happening.
A re-test of the head shoulder formation and then a decline with the next support and resistance lines:

37604
37110
36177
33900
31287
30226

According to this analysis, the final goal of the possible decline is 30000 / 30226 USD.
After that, another analysis will follow.

Keep in mind the ALTS can fall faster than Bitcoin itself due to bitcoin dominance. Money then flows out of the ALTS back into Bitcoin .
Trying to catch bottoms can be very risky and often require day trading and constant monitoring. After the bottom at 30000 we will most likely get another rebound but everything depends on the situation at that time. I trade what I see and not what I think. Totally without bullish or bearish bias. Just because that doesn't help you in trading. That is perfect for long term investors but we as traders will never sit so long in a position that can fluctuate 50% up and down.

I myself had closed all my long positions long before the neckline was broken. This was because the Bearish rising wedge had been broken through but also by personal experience, you notice that the market was struggling with little volume . So because we had a heavy decline the possibility was already very high that it was going to be a countertrend move in a downtrend. That made it all that much more suspicious.

As long as Bitcoin doesn't rise back above 42600 every rise remains suspicious and you have to take into account a sudden reversal.

Good luck guys and as always, trade safely with stops and use money management to make sure you'll still be trading next year. Leverage is only for experienced traders who perfectly know what they're doing and use good moeny management. This is my personal opinion and experience not everybody have the same idea and that is perfectly fine.

Please share your idea's what you think of Bitcoin and very important why you think that. Then we get an interesting discussion which can imporove your own trading.

Wish you all good luck!

Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!

--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Comment: Please do check also my previous analysis here:

Comment: Now Bitcoin will probably re-test the neckline before we see another downleg.

Succes guys!

Comment: Dear traders,

Patterns change all the time and situations also. That is why this need constant monitoring to see if not something different is more likely to happen.
It was the same in Litecoin. There was a perfect inverted HS. Too good to be true almost. But the leader was not healthy and I choose to close all my longs before this new decline and I hope you did this also with me.

Here is a new chart and we see a new HS formation. The most interesting thing... it point straight to the old bottom.
Wat happens after that? That is something for a next time ;-)
Traders, I say it all the time. This is no trading advice, I just post here my own trading idea's and everybody is free to look at it.

Please do share your comments and write why you think this or that will happen. That way we get new idea's and it is only good to know.

Untill the next update!

Happy and safe trading guys!

Trade active: Just look at the chart while I was posting this and see that Bitcoin already is below the neckline. So first target is the blue triangle boundery. Then I think it will go back to re-test the neckline and afterwe will see soon the lst low.

Comment: Dear traders,

In Ethereum we see also a head and shoulders. Neckline was broken and is re-testing. In Bitcoin the beckline pierced it bu came back. Patience because it is a tough resistanse but it will probably happen.

Lower targets also for ETH toward the last low. And the rest of the market more or less the same with exception of some pumped and dumped coins (BEAM).

Comment: The move to the upside is caused by divergence in the RSI, stochastic and more.
We are still making lower lows and lower highs so the trend is still down.
The markts move like a sawtooth and of course in shorter timeframe we have a oversold situation which cause a countermove.
I ask myself always, who is taking the risk to go long right now. The answer is day traders in the short timeframe. You can have a downtrend in the 4 hour while the trend in the 15 minute is bullish.
Happy trading guys!
Comment: Dear traders,
I see the trendline break rather sooner then later. The RSI is also turning very negative. Another thing what is not bullish is that the market is steady going lower without panic. Looks like everybody is expecting this and therefore no panic. Wath out for panic because it can signal a temporarely or even a longer term bottom if it happens around 30000. If however there is still no heavy volume I expect to decline even more. Too early to say right now. We are following it ;-)

Good luck guys!

Comments

Great analysis
100 coins
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@spikew thanks so much dear!
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@spikew, Wow I just see you sent 100 coins. Thank you se very much my dear friend. This keeps me super motivated! Wish you great trading!
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spikew Ether2020
@Ether2020, You are welcome, I am keeping learning from your analysis. Thanks for your best wishes, although I did bad on trading.
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@spikew, :-) I know my dear that if you use stops, targets and not risk more than 1 max 2% in total of your funds for all trades together on Crypto you will make it and start to get better and better! If you trade what you seen and not what you think yo will have no fear, and less emoitions. Emotions also come from not knowing if you are right or wrong. Looking at the charts and let them tell you waht you need to do is the only way. Thanks again my dear friend!
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Good work! The correction (or something else?) we are patiently waiting for is finally here, and it fits quite well using the EW and Wyckoff Patterns.

Our patience for another 2-7 days will be rewarded!

Thanks and happy trading!
+1 Reply
@cch5081 thanks so much dear! Really motivates me! Yes it can go pretty fast indeed. Sit a little more on the hands;-). Wish you good profits and happy trading!
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I like how you always adapt to the trend, great work!
+1 Reply
Ether2020 metalalchemist
@metalalchemist, Thanks my dear friend! Yes I am trying to do that. Of course I am not 24 hours per day at the computer. I always say, trade what you see and that is what I am trying to do always. On the other hand. Nothing is 100%. This market is full of landmines and bull and beartraps! The art is of course to anticipate every move.
Let us hope this thing goes down fast and we have some more celar picture what will happen after that.
The last upleg in Ethereum was 63%! So counter trend moves can be fast and go higher than you think!
HAppy trading mate!
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@Ether2020, yup 👍 , I think we will have a big bounce in 20k region.
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