Hello traders,
I have posted numerous ideas regarding the potential bearish breakout since $8500 region, and finally bears are regaining the control.
Looking at the 4 hour chart, we see that Bitcoin went below black trendline today and currently testing $8000 area. $8K-$8.3K is a somewhat tricky area to trade in as it acted both resistance and support in the past 2 weeks. So here is my game plan for next few days:
1) In case Bitcoin is trading above purple trade zone, most likely Bitcoin will test red + black trendline. (likely it will be rejected)
2) I still think bearish momentum is not gone yet. Although we are seeing some buying pressure in past 1 hour or so, it seems like bulls are not buying a dip anymore. I am not sure what the majority of professional traders or whales are thinking, but I am looking to get back in around $7.4-$7.6K, where next support leve is. After testing this region, Bitcoin will most likely test $8K again (so quick 7% profit).
Happy trading!
I have posted numerous ideas regarding the potential bearish breakout since $8500 region, and finally bears are regaining the control.
Looking at the 4 hour chart, we see that Bitcoin went below black trendline today and currently testing $8000 area. $8K-$8.3K is a somewhat tricky area to trade in as it acted both resistance and support in the past 2 weeks. So here is my game plan for next few days:
1) In case Bitcoin is trading above purple trade zone, most likely Bitcoin will test red + black trendline. (likely it will be rejected)
2) I still think bearish momentum is not gone yet. Although we are seeing some buying pressure in past 1 hour or so, it seems like bulls are not buying a dip anymore. I am not sure what the majority of professional traders or whales are thinking, but I am looking to get back in around $7.4-$7.6K, where next support leve is. After testing this region, Bitcoin will most likely test $8K again (so quick 7% profit).
Happy trading!
Comment:
7.6K order filled! Expecting some bullish momentum in the next few hours.
Comment:
Here is my game plan.
Back testing $7.8 is necessary to confirm bearish trend. If Bitcoin confirms $7.8K as a resistance, Bitcoin needs to test mid 7K again.
In case Bitcoin goes above ascending trendline, Bitcoin will most likely test $8k region.
Back testing $7.8 is necessary to confirm bearish trend. If Bitcoin confirms $7.8K as a resistance, Bitcoin needs to test mid 7K again.
In case Bitcoin goes above ascending trendline, Bitcoin will most likely test $8k region.
Comment:
Comment:
It seems that Bicoin is running out of fuel at $8000. Testing $7400 may be necessary again. Odd movement in USDJPY pair as well.
