Woolhead

BTC looks bad short-term

Short
POLONIEX:BTCUSDT   Bitcoin / Tether USD
BTC broke out of its resistance, but then swiftly broke through several layers of support, as you can see in my previous analysis here:
This is my prediction of how the future movements will be.
I expect 11.8k support to hold, with perhaps a long spring to 11k. If that support does hold, it will recover all the way to 16.2k.
Comment: It hit support at 13.4k, keep closeful watch now!
Comment: Perfect bounce from 13.4k to about 14.6k. Easy 9% profit.
Comment: Followed my first arrow perfectly. This is the second test of support however. It's quite possible it'll break through and hit 11.8k. If it holds: it'll follow my second arrow.
Comment: Second arrow was followed too. Get ready for the 3rd arrow!
Comment: If it closes above the previous short term high at 15k, the downtrend is most likely broken. If it doesn't reach that, it'll likely bounce downwards to 11.8k. Be careful with your entries, the market seems very insecure about taking a direction.
Trade closed: target reached: Target reached. Hopefully it will now bounce off it, for all our sakes.
Comment: In case that it doesn't: 11k and 10k will provide some support. Big support at 9k for sure.

Comments

It's crunch time for BTC. Awesome job calling the shots so far. I'll send you some LTC soon...happy to buy you beers / pay your bar tab off :)
+1 Reply
@Smoak, Thanks, happy to help :) I'm looking forward to it!
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Your chart is still spot on. 11.8k here we come...
+1 Reply
Thanks for insight. Spot on !!!
+1 Reply
Chart has nailed it thus far.
+1 Reply
You're calling it so far, I'm going to keep a close eye on your chart. Thank you!
+1 Reply
For all our sakes!
Reply
we may see it as low as 8k
Reply
This is bad. With folks waking up and seeing this 8500 we may see it at 8.
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I've placed a limit order at 12k
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