BITCOIN BTC - ROADMAP EN UPDATE. TARGETS 29000-30000!
Dear traders,
Here is a fresh update on Bitcoin on the 2-hour chart.
In the symmetrical triangle, the price of Bitcoin has already developed several patterns. Our latest head shoulder formation can already be extended to a larger size again.
Note that the small HS shoulder formation also remains valid as does the bearish rising wedge.
The scenario could go as follows but as always, this is a hypothesis, my idea formed during the formation of the price.
1 The price of Bitc follows the red trajectory.
2 The price of Bitc follows the orange trajectory.
Some bearish facts at the moment.
1 BTC is moving in a berish symmetrical triangle.
2. A larger bearish rising wedge has been formed with also target the older previously formed bottom.
3. A strong resistance has come in at 37324 USD.
4. BTC has formed a smaller double top.
5 There is no panic or volume climax yet. This indicates continuation of the downtrend.
6. On higher timeframes Bitcoin is particularly bearish. weekly macd, MAs and so on.
7 Volume increases in the decline and decreases in the rise which is bearish.
8. A slightly larger bearish head shoulder formation has formed with the target being 29000
Important Support and resistance at this time.
- Upper and lower triangle trend lines
- 37268, 37414 33396, 31045 and 30000
There is not much point in starting to analyze all kinds of ALTS at the moment because the prices are hanging heavily on the leader Bitcoin and the possible test of a double bottom.
Remember that the money management rule of 1% applies to NOT correlated coins. There is no such thing so 10x 1% risk = 10% risk and that is way too much if stops are hit. Solution: reduce the risk per trade if you still want to trade ALTS or use shorter stops but you have more chance to get stopped out time after time. Stops need to be placed on strategic places to reduce risk of too early stopped out while price returns without your position.
By the way, I post a new chart here so that you guys can press the right button and follow price on the chart. That is not possible with a screenshot.
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💚!
Here is a fresh update on Bitcoin on the 2-hour chart.
In the symmetrical triangle, the price of Bitcoin has already developed several patterns. Our latest head shoulder formation can already be extended to a larger size again.
Note that the small HS shoulder formation also remains valid as does the bearish rising wedge.
The scenario could go as follows but as always, this is a hypothesis, my idea formed during the formation of the price.
1 The price of Bitc follows the red trajectory.
2 The price of Bitc follows the orange trajectory.
Some bearish facts at the moment.
1 BTC is moving in a berish symmetrical triangle.
2. A larger bearish rising wedge has been formed with also target the older previously formed bottom.
3. A strong resistance has come in at 37324 USD.
4. BTC has formed a smaller double top.
5 There is no panic or volume climax yet. This indicates continuation of the downtrend.
6. On higher timeframes Bitcoin is particularly bearish. weekly macd, MAs and so on.
7 Volume increases in the decline and decreases in the rise which is bearish.
8. A slightly larger bearish head shoulder formation has formed with the target being 29000
Important Support and resistance at this time.
- Upper and lower triangle trend lines
- 37268, 37414 33396, 31045 and 30000
There is not much point in starting to analyze all kinds of ALTS at the moment because the prices are hanging heavily on the leader Bitcoin and the possible test of a double bottom.
Remember that the money management rule of 1% applies to NOT correlated coins. There is no such thing so 10x 1% risk = 10% risk and that is way too much if stops are hit. Solution: reduce the risk per trade if you still want to trade ALTS or use shorter stops but you have more chance to get stopped out time after time. Stops need to be placed on strategic places to reduce risk of too early stopped out while price returns without your position.
By the way, I post a new chart here so that you guys can press the right button and follow price on the chart. That is not possible with a screenshot.
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💚!
Trade active:
Dear traders,
Nothing really new yet. We are getting closer to the lower boundery of the bearish traingle and we also have a neckline of the HS patten as a resistance.
As long as we are in this triangle it has not choosen its main direction.
That comes only when we breakout the triangle to the downside or the upside.
When the price test the lower or upper boundery of the triangle you can expect a bounce or a break. If so and for sure in this situation you need a confirming candle to close. Preferable the 4 hour candle at least. Otherwise we can see the usual tricks to put traders on the wrong side.
What we also see is the steady decline of the price without any panic at all. That can be a good signal it just continues to decline because a real change of the trend will probably happen with a lot of volume so that all stops are taken out and even the last traders closed their positions.
Bitcoin dominance is rising and that let money from the ALTS flow in to Bitcoin.
Traders, let us discuss all your opinions. What are you thinking about the situation right now? Please explain also why you think your prediction with some facts because feelings alone proof to be often wrong in trading!
I Wish you all great and safe trading guys!
Nothing really new yet. We are getting closer to the lower boundery of the bearish traingle and we also have a neckline of the HS patten as a resistance.
As long as we are in this triangle it has not choosen its main direction.
That comes only when we breakout the triangle to the downside or the upside.
When the price test the lower or upper boundery of the triangle you can expect a bounce or a break. If so and for sure in this situation you need a confirming candle to close. Preferable the 4 hour candle at least. Otherwise we can see the usual tricks to put traders on the wrong side.
What we also see is the steady decline of the price without any panic at all. That can be a good signal it just continues to decline because a real change of the trend will probably happen with a lot of volume so that all stops are taken out and even the last traders closed their positions.
Bitcoin dominance is rising and that let money from the ALTS flow in to Bitcoin.
Traders, let us discuss all your opinions. What are you thinking about the situation right now? Please explain also why you think your prediction with some facts because feelings alone proof to be often wrong in trading!
I Wish you all great and safe trading guys!
Comment:
Traders,
Something which could happen is this scenario. Why? Because we are forming a bullisch falling wedge and we have some serious positive divergences in some indicators like RSI etc.
Not a trading advice guys! just my idea and is not even confirmed yet.
Patterns do change all the time. This fits perfectly in the puzzle of the symetrical triangle. we did not test the lower boundery yet but we where close.
Need to be followed.
Good luck guys!
Something which could happen is this scenario. Why? Because we are forming a bullisch falling wedge and we have some serious positive divergences in some indicators like RSI etc.
Not a trading advice guys! just my idea and is not even confirmed yet.
Patterns do change all the time. This fits perfectly in the puzzle of the symetrical triangle. we did not test the lower boundery yet but we where close.
Need to be followed.
Good luck guys!
Comment:
Traders it is going as expected. The price is at resistance now level now.
Comment:
You see it here:
Comment:
Just see that I posted the wrong chart. It need to be BTC not ETH. Anyway the situation is almost the same.
Comment:
Dear traders here we have another update for Bitcoin.
Bitcoin has formed an inversed HS formation. with target the blue boundery on the symetrical triangle.
You can buy at a breakout with good volume but of course more safe is when price re-test of the neckline.
This is no advice to trade but just my idea! Please check the charts and see if you agree with the idea!
As you know, I have NO bias. I am no bull nor a bear, just trade the things I see ;-)
I wish you all good trading and profits!
Bitcoin has formed an inversed HS formation. with target the blue boundery on the symetrical triangle.
You can buy at a breakout with good volume but of course more safe is when price re-test of the neckline.
This is no advice to trade but just my idea! Please check the charts and see if you agree with the idea!
As you know, I have NO bias. I am no bull nor a bear, just trade the things I see ;-)
I wish you all good trading and profits!
Comment:
Hello traders,
The above scenarion dit not play out because the trendline from the inverted HS formation was not broken however, the pattern is stil valid.
We are now approaching the lower boundery of the triangle and this is an important one. If it breakout then only act when there is more than average volume and the close of a bar at least. That is for now not the case and a bounce is expected to complete the pattern but as always, only act what is happening not what we think or fear.
Good luck and happy trading
The above scenarion dit not play out because the trendline from the inverted HS formation was not broken however, the pattern is stil valid.
We are now approaching the lower boundery of the triangle and this is an important one. If it breakout then only act when there is more than average volume and the close of a bar at least. That is for now not the case and a bounce is expected to complete the pattern but as always, only act what is happening not what we think or fear.
Good luck and happy trading
Comment:
Comment:
Probably it will go something like this scenario:
Comment:
Traders, do you think long term support has been broken?
Not yet and here is why.
Not yet and here is why.
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!