Please be advised that this is only an idea, so you are responsible for any losses yourself.
First of all, don't forget to follow and like my ideas. Don't hesistate to ask me questions or to post your chart below. I like to discuss charts in a normal way. :)
This is an update of my previous BTC idea and this time I provide you with 3 long-term strategies for BTC .
We are shorted BTC since $11300,- and we have reached our first two targets. Please, find the ideas in the related ideas or on my channel. Personally I'm short in steps since around $15.000,-. (Red dotted line) This was a level were a lot of people were making analyses with price targets of $100.000,-, totaly insane in my opinion. If you are short since the original idea, congrats with your profits!
BTC is in a downtrend since the $20.000,- top. We broke several main supports (dotted line) and we set higer low (HL) after higher low. Today we broke our main and very important support line (1) intraday that I mentioned in my previous analyses a lot. If we close with a candle below this support today, we'll reach our next targets soon. First we'll reach the old spike around $6200,- and a quick bounce is possible here, before we remain our way down. We take our last partial profit here. On our way down we find a very strong , I'm convinced that this will be our reversal zone. Why?
We find 3 strong support levels here (I included the weekly and monthly chart to explain it): The first support is support (A), the 50ma weekly and our final short target. I'll close all my short positions here and will start to buy Bitcoin again. The second level is support (B), a raising main support line, like the dotted lines and support (1) in the . The last strong support is support (C), this is the 20ma monthly. The combination of these support levels forms our possible reversal zone. ($3990-$4600)
If you are short since my original idea, stay short till we reach our final targets. Take partial profit at $6200,- again and close all your short positions at $4600,-. I changed this TP with 200 points to don't miss the boat for the reversal. Besides that, I'm satisfied with my huge profit then.
Target 1: 9600 (Reached: Previous idea)
Target 2: 7650 (Reached: Previous idea)
Target 3: 6200
Target 4: 50ma weekly ($4600)
After this, I made a great profit with this strategy and I can start with strategy 2.
I expect a (short term) trend reversal in this zone. So I'll start to buy Bitcoin here again. The has a range of 3990-4600. So I'll set orders at various levels.
Buy 1: $4600,- (partial)
Buy 2: $4400,- (partial)
Buy 3: $4200,- (partial)
Buy 4: $4000,- (partial)
If we reach all our buy targets, we are in this trade for an average of $4300,- (Buy 1;2;3,4/Total buy levels). If we don't reach all our buy levels, we are in this trade with a lower amount, but we bought at the bottom or near to the bottom!
TP 1: $6952
TP 2: $7867
TP 3: $8782
Take partial profit at each target. I expect a continuation of the downtrend after reaching target 3. So, this will open short chances again. I'll provide you with a new chart if this scenario happens.
If we close with a candle on the below the reversal zone ($3990), sell all your positions immediately and take your loss. The reversal has failed and we go further with strategy 3.
This strategy is valid if we close with a candle on the below our .
Sell: Below $3990.
Final profit target: 50ma monthly ($759 now)*
*If this scenario happens, I'll update this idea with extra profit targets between the short level and the final target.
Please, follow and like for more trading ideas.
Questions? Feel free to ask and your feedback is welcome!
We saw some recovery of BTC past days. BTC broke another resistance 2 hours ago and a golden cross is incoming on the hourly chart. This cross might push BTC higher. This means that we are bullish for the short term. A recovery towards the 2 blue resistances in the chart is possible before we continue our strong bearish downtrend. We are still in a heavy bearish market and we can't go down in a straight line. No worries for the shorters.
Alright, BTC failed to recover towards $9400,-. After that we saw the bears coming back and we bounced around $8300,-. It looks like we just formed a new lower high and all signs are turning bearish again. Besides that MACD is giving us a bearish sing, volume is decreasing and RSI looks good. I think it's just a matter of time before we see the next sell-off.
Seatbelts on please :)
Alright, we broke 8300 today. This old support might be new resitance now and that's good news for us. A bounce towards this level is possible, before will we will test 7800 and 7345. The Death Cross will trigger the bears to continue the sell-off.
It's not a bad idea to secure some profits around those levels.
Furthermore.... Are we forming a big inverted cup....?? :)