We are inside of a rising wedge that is lasting way too much, while there is a clear bearish divergence, the ADX is entering a no fuel territory plus the momentum is getting away. If you add that Bitcoin did the best performance in almost a year from April 1st and still have all the necessary to continue growing, the answer is that a corrective wave is coming.
This wave could take as low as 4200, however I´m considering to close my shorts in 2 parts from 4900 to 4600, in fact 4538 is the 38.2 fibo level, which for uptrends with strength like this one is a key point. What I´m going to do is just prevent loses with a quick reverse of the price by closing my positions at conservative levels since the overall uptrend has strength. Once the price gets to my targets I´ll just wait for the best entry to go long.
After the correction the price could get as high as 6500, however a conservative target would be around 5750. I wont enter any short at around 5750 since the potential for a big wick is high, so I´ll be alert monitoring those levels and keeping my subscribers updated. The fact that Bitcoin was able to blast up the EMA 200 it doesn´t mean that we are mooning IMHO. There is a lot be probed yet, and I´m still very bearish in the medium term, as well as I´m bullish in short and long term. A bottom at 3150 is very unlikely, specially if you go back to past corrections. As I see the chart, we will need to open a weekly candle above 6500 to put all in. Meanwhile we are bullish, yes, just wait for this corrective wave to be done and we are all set up to go long.
In my Telegram group we are short in both BTC and ETH with profits in this last one since I sent a signal to enter in a range between 180-182, so that position is already safe with a stop loss at entry price. Feel free to join my free (trial) group and get the best signals with an excellent risk management ratio.
This wave could take as low as 4200, however I´m considering to close my shorts in 2 parts from 4900 to 4600, in fact 4538 is the 38.2 fibo level, which for uptrends with strength like this one is a key point. What I´m going to do is just prevent loses with a quick reverse of the price by closing my positions at conservative levels since the overall uptrend has strength. Once the price gets to my targets I´ll just wait for the best entry to go long.
After the correction the price could get as high as 6500, however a conservative target would be around 5750. I wont enter any short at around 5750 since the potential for a big wick is high, so I´ll be alert monitoring those levels and keeping my subscribers updated. The fact that Bitcoin was able to blast up the EMA 200 it doesn´t mean that we are mooning IMHO. There is a lot be probed yet, and I´m still very bearish in the medium term, as well as I´m bullish in short and long term. A bottom at 3150 is very unlikely, specially if you go back to past corrections. As I see the chart, we will need to open a weekly candle above 6500 to put all in. Meanwhile we are bullish, yes, just wait for this corrective wave to be done and we are all set up to go long.
In my Telegram group we are short in both BTC and ETH with profits in this last one since I sent a signal to enter in a range between 180-182, so that position is already safe with a stop loss at entry price. Feel free to join my free (trial) group and get the best signals with an excellent risk management ratio.
Comment:
Epic long squeeze, seems that the last leg up that I thought it could happen is just happened. Bulls will need to keep above 5350 to avoid further drops. Most likely we will more declines tomorrow.
Comment:
We need to break 5150 level to start seeing a further drop. Anything above this level is bearish but still neutral. I believe we will see the breakdown today/tomorrow.
Comment:
So 5150 is broken and the price did a nice wick down. In my group we have closed partially our shorts positions, ETH at 162.5 and XBT at 5030. Now while we have our SL at entry price in XBT and a trailing stop in ETH, I’m waiting to see wether this pattern gets confirmed as a wave 2 corrective to send another short signal. Seems that the correction downwards is not done yet, and we could see further declines tonight/tomorrow, however the length of this wave 2 up is not clear yet.