Trades999
Short

I'm sorry to ruin the BTC party again! $4400 target!

BITTREX:BTCUSDT   Bitcoin / Tether
Risk: Medium

Please be advised that this is only an idea, so you are responsible for any losses yourself.

Dear followers,

First of all, sorry for not posting much past months. I'm very busy these monts, but I'll try to post and update as much as I can. As a second, I've serious plans to build an online platform/ traders community with TA-training, TA-material Crypto, (penny) stocks and currency ideas, videos a forum, etc. I hope to finish it this summer. I'll give updates about this on my Twitter account. Your input is very welcome! So, don't hesistate to send me a message or leave a reply under this idea.

Well... Here is the new plan:
After reaching all our targets from my previous BTC analysis, it's time to set some new targets. We reached and bounced our previous target 200ma as expected. What we see now is a normal market reaction and a lot of people are thinking that we will see 20.000 again. Well.. I don't and I try to advise you to be careful with this. I just added a new short position and I might add some more on BTC . I know there will be a lot of people that will disagree with this idea like they were with my two previous BTC ideas, because we are going up now. But we did reach all short targets as expected. But don't hesitate to post your ideas why you think we will go the other way. It's good discuss these different ideas in a normal way I hope and we'll both learn from it :).

What we see is a recovery in a downtred where we are in since 12-30 after we broke a main support line. (Dotted line). That downtrend was confirmed again after we broke another strong support. (2-16, red dotted line). We might recover till the 0.382 fibonacci level (11377) and further. 0.382 fibbo is our first resistance in the temporary uptrend and I'll add another short position there. After this we will see the 50ma (yellow line) as a next resistance. I'll add my third short position there. Our last resistance is resistance (2). I'll add my final short position there. So remember there is still room to recover towards resistance (2). From there we have to look to the downside again.

Support 1 is a strong support level , but I wouldn't be suprised if we will break it next weeks/ months. Around this support level we find the raising 50ma (our previous final target). This makes this level even stronger. A break through these support will accelerate a sell of towards the raising weekly 50 ma (3591 now). I expect the 50ma weekly around 4400 when we reach it. A bounce from support 1 might give us the chance to expand short positions again around resistance 2.

Profit targets:
Target 1: 9100
Target 2: 7800 (support line 1)
Target 3: 6200
Target 4: 50ma weekly (Now 3591, then around 4400?)

In summary, we still have room to recover towards 12.700. I'll add short positions around resistance levels and I'll take profit at the profit targets.

I'm sorry for the Bitcoin lovers again and good luck!

Please, follow and like for more trading ideas.

Questions? Feel free to ask and your feedback is welcome!
Comment: Target 2: Needs to be 7500.
Trade active:

Old support (a) is a new resistance for BTC. A break of support (b) will lead us towards the 200ma hourly quickly.
Trade active:

Added short positions. Recovery almost finished.
Trade active:

Correction started. Next support is 200ma (hourly)
Trade active:

We will reach our first target soon. We just saw a Death Cross. 200ma crossed 50ma. Another bearish signal.
Trade active:

A break of support b, might trigger a free fall towards support 1. Everything is going according to plan. Al my short positions turned from red in the green. It looks like we can secure our first profits soon.
Comment:

We failed to break support (b) as mentioned in my last update thrice. I expected a test of the 200ma, but we just made a formed a lower top at the old support zone (31th of january). 200ma is our next resistance. Line (a) might be a new support. If this support holds, reaching our first target will take a little longer, but everything is still according the plan :)
Trade active: Line (a) needs to be line (c) in my previous update.
Trade active: Another test of resistance 2 might be possible. Strong support is 50ma (15m) now. We need to break this, to reverse our trend.
https://www.tradingview.com/x/XerwSHJG//...
Trade active:

Please find the explanation in my previous update.
Trade active:

The moment of truth for BTC. We are testing resistance (2) right now. I have drawn a red line in the chart. We need to close below this, because a close will form a higer top. This will be a strong bullish sign, because we haven't seen that since the 20.000 peak. This is likely to lead to a continuation of the bullish trend of bitcoin. When this is the top then I was right and it will lead to a trend reversal. This means that we can start earning a lot of money. And I really think that this the top. I just opened more short positions, because the risk is very low now.
Trade closed manually: I just posted an updated idea of this to keep a clear overview with updated targets.

You'll find the new updates about this idea there.

You should make a new idea, can't tell if you're short or long anymore at that point.
Reply
@MrRenev, I just posted an updated chart ;). But I'm still short and expanded my positions at 11.318 (avg) yesterday. I'll post updates in the new idea.
+1 Reply
Test
Reply
I'm surprised by the resistance around 9k6-9k3. Bitcoin have hard time pushing down. What's your point of view about that. All indicators are flat at bottom. I expected a more agressive downfall to 8k.
Reply
Trades999 wolffoss
@wolffoss, I also didn't expect that as a though resistance. We need a little more patience. I agree with you that a break of this support zone will trigger an acceleration towards these levels (support 1).
Reply
Thank you very much @Trades999
+1 Reply
Trades999 Aikido_1
@Aikido_1, No problem :)
Reply
what is your target? i'm still holding with tight s/l but missing some retracements. agree with your idea but would not short now as market is ( a little bit too) bullish right now.
Reply
Hallemahalle Hallemahalle
@Hallemahalle
And your s/l?
Reply
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