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 , I see the following possible scenario happening.
A re-test of the head shoulder formation and then a decline with the next lines:
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 or 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 had been broken through but also by personal experience, you notice that the market was struggling with little . 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!
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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!
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).
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!
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!
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!